Doug Kimball

Make sure MDM includes matching and linking, business rules, governance, data privacy, enrichment and consent management

If you’re evaluating master data management (MDM) solutions, what are the basic features it should offer and why? More importantly, how will each of these elements come together to benefit you and your organization? Following are six master data management tools and capabilities you should look for before selecting and investing in a solution for your organization.

In times of global, business and economic uncertainty – when data points are changing on an hourly basis and supply chain responsiveness and flexibility are more critical than ever – being able to trust your company’s data is paramount.

Every year, NRF provides a window into the future of retail and NRF 2020 did not disappoint. Stibo Systems had a strong presence at the event and our team was inspired as always by the keynotes and informational presentations. Even more impactful were the variety and number of conversations with existing and potential customers as well as global industry leaders we met at the show.

It’s quickly approaching that critical time of year for retailers. Marketers are finalizing their campaigns to attract more consumers into their stores – and to shop with them online – this holiday season. A recent survey conducted by The Harris Poll/OpenX estimates that holiday spending will be up 5% this year compared to last year, with online shopping accounting for more than 50% of all purchases.  

Across industries and trades, master data management (MDM) solutions result in positive business outcomes through improving efficiency and enabling new business. In addition to that, master data management is necessary to ignite digital acceleration and facilitate data governance.

People who want to lose weight study nutrition facts. They want to know the total amount of calories, percentage of calories from fat, protein, carbohydrates, cholesterol, allergens and many other facts. The higher the awareness, the more scrutiny of information the consumer will exercise.

For online retailers, one of the biggest challenges that directly impact the customer experience is inaccurate product data. If the image doesn’t match the description, reviews aren’t associated correctly, dimensions are inaccurate, or the description doesn’t live up to the actual product then chances are good that the product will be returned. This leads to additional costs for freight and extra handling and maybe even loss of customers. By consolidating and mastering your product data, product returns can be reduced by 25%, creating tremendous opportunities for cost savings and improving customer loyalty.

Being an MDM manager certainly means being in demand and at the center of attention. The reason is as simple as it is awe-inspiring: as an MDM manager, you’re leading the charge for providing high-quality data, developing the master data strategy and overseeing system acquisitions and integrations. You collaborate with a variety of stakeholders – planners, program managers, product developers, marketing professionals, supply chain managers, senior management and executives. If your organization has a chief data officer (CDO), it’s likely your work contributes to the decisions that person is making.

Last Sunday, on my first walk through the Expo Hall at the NRF's 105th Annual Convention & EXPO, I came across a vendor handing out a piece of booth collateral titled, “The Idiot’s Guide to Omnichannel.”