Every decision a business takes should be firmly rooted in solid data. Good data means better decisions, while bad data can mean complete disaster. Master data management (MDM) is the process of maintaining perfect data as a single, accurate record of truth across an enterprise.
Master data management solutions aim to categorize, localize, organize, and centralize data according to the rules and requirements of your organization. Data may be product information, supplier, customer, or asset data; or any of a number of different data points a business may use to manage its assets and augment its decision-making abilities.
The rise of so many sources of data, methods of analysis and collection, and ways to access information have created serious challenges for businesses across all industries. Data is often polluted, mismanaged, dated, or prone to errors as a result of poor management methods. MDM exists to eliminate these issues and provide a single source of truth that serves clean, accurate data from a central location to your entire global business.
The growth of every business results in a more complex and more demanding IT landscape. Multiple systems, applications, technologies, and languages combine to create a fragmented environment impossible to efficiently manage.
As a result, data silos can begin to form unexpectedly. One of the largest problems of organizational data, these silos hold their data in isolation—preventing the core business from accessing critical information and actionable business intelligence. As a result, information across the organization is often inconsistent or incomplete; resources are wasted on collecting unusable data; and the business is unable to maintain a comprehensive view over operations.
Another common problem arising from bad data management is the occurrence of data errors as a result of poor data entry or collection methods. Even small errors can have catastrophic consequences when applied to the wider system. Data errors can result in flawed analysis, poor business intelligence, and faulty decision-making.
Being unable to access or trust the data collected from various branches of your organization can blind you to issues and opportunities arising within the environment. Out-of-date data is one of the most frustrating challenges to face on a personal level as better decisions could have often been made had a complete and accurate source of data been located in time.
MDM combines and masters data from all your systems: from IoT devices to CRM and e-commerce environments. It enables you to create a complete view of your business data in real time to ensure you can focus your efforts on products and services generating revenue for your organizations.
What you can accomplish with a solid Master Data Management Strategy:
Align organizational and operational data to improve efficiency
Use insights to drive business performance
Automate and streamline essential data processes
Reduce regulatory compliance risks by maintaining a single data source with fewer issues
Master data management solutions provide an organizing approach to data management. Designed to increase the value and quality of your analytics, it often extends the value of existing IT investments by integrating and scaling with existing business systems.
Trianz are world leaders in master data management consulting. Creating and implementing sound MDM strategy for industries around the globe, our mission is to see your data deliver value and results that exceed your expectations.
We can help align your data solutions with your business goals and choose an approach tailored to your specific business needs. Our specialization is in taking organizations from the initial business case to implementation, while evaluating the results on success metrics that make sense for you.
Get in touch with our master data management team today to achieve clear and accurate data that adds high value to your organization.
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