Companies must implement a Master Data Management strategy

CIO Review Europe | Wednesday, February 17, 2021

The rise in data churn necessitates comprehensive quality technologies to improve operational excellence in the organization, from the expansion of channel partners to thorough catalog information

FREMONT, CA: To understand the changing market needs and/or client preferences, most businesses have re-aligned their business models to expedite digital transformation and revive data analysis tools. While collecting and managing data from many sources is now becoming a standard practice for businesses, there's a good possibility that it's fragmented, segregated, or even uncleaned. Any type of data inaccuracy can hamper a company's capacity to make decisions across channels, stifling corporate growth and decreasing consumer happiness.

Many firms have had to overcome losses in recent years, frequently at the expense of their data management systems. The rise in data churn necessitates comprehensive quality technologies to improve operational excellence in the organization, from the expansion of channel partners to thorough catalog information. For data handling, governance, processing, and visualization, legacy processes are insufficient. By consolidating data into a single source of truth and giving it the correct structure, hierarchy, and versioning, Master Data Management (MDM) plays a critical role in allowing smart business processes.

Having a golden record in place streamlines multi-channel data domains and repositories, from real-time validation to uniform generation throughout the business' ERP. It enables the company to derive actionable insights from data in order to respond to ever-changing market demands and seek new income prospects. It also allows for the creation of a unified picture of products, customers, suppliers, materials, and other data sets, as well as the synchronization of customer data across systems and the organization's supply chain.

To better identify important success elements and clear realistic targets – functionally, technically, and financially – an organization's master data vision must match with its business vision. To begin, the business case must outline the MDM exercise's Whys, Hows, and Whos in order to identify and acknowledge business pain points and data concerns. Addressing these concerns early on aids in gaining the buy-in and consent of all key stakeholders to support the venture. The conceptual architecture of the MDM strategy must be prioritized while being drawn and tested, keeping in mind policies that must be drawn inside the company for enterprise-wide consensus.

See Also:

Business Management Review 

Read Also

follow on linkedin follow on twitter

Copyright © 2022 CIOReviewEurope. All rights reserved.         Contact         |         Subscribe        

Top