Stibo Systems - The Master Data Management Company

How to Improve Back-End Systems Using Master Data Management

Master Data Management Blog by Stibo Systems logo
| 5 minute read
September 19 2020

In the global marketplace, where data is a critical business asset, industry leaders struggle to maximize back-end IT, including CRM, ERP, e-commerce, marketing automation, and point of sale. Organizations deploy these IT systems to meet customer expectations, differentiate on digital experiences, streamline operations and achieve regulatory compliance while still delivering growth strategies and competing, in many cases, in a global market.

The challenge facing companies is how to get the most out of back-end systems, which often operate in silos and result in impartial or duplicate data that is low quality and costly. In fact, the cost of inadequately performing enterprise systems is significant, with the Harvard Business Review reporting that poor-quality data in the U.S. alone cost businesses $3.1 trillion annually.

One of the most significant steps you can take to improve your existing systems without having to rip and replace legacy systems or multiple instances of ERP and CRM is to centralize, organize, localize, synchronize and enrich common data – or master data. By improving the master data that feeds these systems, you dramatically improve their value without having to spend significant time and resources in building a new infrastructure. You effectively ensure better business outcomes for product planning and launch, marketing, sales, operations and other functions—all while using your existing investments.

Many businesses around the world today are turning to master data management solutions to meet these needs because they provide authoritative data and eliminate inefficiencies caused by data silos. Master data management solutions improve data quality, reduce costs and, most importantly, should take a business-first approach to enhance downstream initiatives, meaning the data specifically improves business outcomes.

Gaining business value from Master Data Management

Deliver business value enterprise-wide

You can leverage master data management for all product, customer, life cycle and other master data, supplying a single version of the truth for all of your systems. What separates cutting-edge master data management platforms from the competition is that it provides a significant business value for an organization by helping teams work with speed and insight to enhance customer and product on-boarding, product design and planning, operational oversight, supply-chain management and more. Master data management acts as the digital business core that fuels strategic initiatives and operations, including digital transformation programs, customer 360 initiatives, loyalty programs, mission-critical enterprise applications (e.g., CRM, ERP and e-commerce) and more.

6 benefits from improving existing systems using master data management: 

1. Increase sales and marketing

Master data management fuels marketing and sales by giving organizations a precise data foundation for segmentation and personalization. It takes customer data from several sources and creates an accurate and up-to-date record to use across the CRM, customer service, marketing automation and other systems. In addition, it enriches data from third-party sources, including Loqate, Dun & Bradstreet and Experian. The data includes details such as customer address and organizational size, revenue and industry. You know more about your customers (whether an individual or company) to boost customer retention, increase customer lifetime value, as well as amplify cross-sell and upsell opportunities. For instance, sales reps can use a complete customer record for sales calls as well as glean greater understanding of businesses within their territory for planning purposes. Businesses that take advantage of AI and machine learning can use the best possible customer data to predict future purchases, provide hyper-personalized content and much more.

2. Deliver exceptional customer experiences

According to an article from CRM provider SuperOffice, which cites a study from the Walker consulting firm, customer experience will overtake price and product as the most critical brand differentiator by 2020. The key to delivering great experiences involves using a complete, reliable view of customers to supply real-time, customer-centric targeting and omnichannel experiences. A master data management solution deduplicates customer records to avoid personalization mistakes so that you offer the right person the right product, service or discount at the right time. You avoid using incorrect data that might treat a prospect like a customer or send offers to the wrong address or email. For marketing, users can perform customer segmentation and analysis that looks at value, behavior and sentiment to deliver more targeted, multichannel campaigns faster as well as unique one-to-one experiences. In addition, they can turn anonymous website traffic into customer contacts. Customer service departments can leverage a customer contact to answer questions and service calls.

3. Launch new products faster

Businesses can optimize product design and go-to-marketing strategies by on-boarding, cleansing and enriching product and customer information that provides market insight. They can establish product deadlines, manage order changes in seconds, tailor product availability for international versions of the website and more. Manufacturers, engineers and suppliers receive accurate updates on product detail changes. Everyone, from shipping to receiving, has real-time access to product specifications.

4. Optimize the supply chain

You can improve supplier processes using a 360° view of related customer, product, inventory and other information. Suppliers can easily input information into the self-service master data management, which supports the creation of large numbers of products directly within the web interface or via Microsoft Excel Smartsheets. Suppliers are guided through each stage of the on-boarding process and will receive alerts if data is missing or requires changes. You give your suppliers what they need to share information while developing a deeper understanding of them, their corporate hierarchy and the products they provide. In addition, cleansing and enriching supplier data helps facilitate the creation of an improved customer record for use throughout the organization.

5. Meet regulatory requirements

You can achieve regulatory compliance to meet industry mandates using master data. This avoids fines and penalties as well as lowers operational costs by ensuring that each department and business unit in your enterprise has the most up-to-date and accurate information about your customers. Master data management helps comply with the General Data Protection Regulation (GDPR) compliance, which mandates that companies delete personal data upon request or provide personal data if customers ask for it. In addition, personal data now includes general details as well as possible items like photographs and social media content. Because customer, location and other information are accessed, deleted or edited from a single point, it’s easier to meet GDPR and other requirements with master data management. This helps with identity resolution (is the customer real), consent management (what have they consented to), data governance and identifying and document processing purposes.

6. Improve data management and governance

Better data ultimately fuels all these business drivers and benefits. Master data management provides advanced data hygiene and data profiling, including data deduplication for volumes of complex data regardless of language, duplication levels, omissions or errors. You can match, improve, cleanse, stage and secure your data and then seamlessly manage it across the enterprise. You can do this with leading master data management solutions, such as Stibo Systems’, which includes features to implement data governance policies and processes including audit trails, approval processes with integrated workflows and business rules and version control that enables governance to master data of all domains.

Building world-class governance requires a new level of data-quality policies that enable data stewards to proactively monitor, control and maintain customer data using master data management. In addition, the solution should be aware of what quality data looks like and enable users to sustain data-quality levels according to business expectations. It’s through governance and enforcement of policies that master data management makes its mark, because it ensures business process integrity and drives positive business outcomes.

Moreover, world-class master data management gives you the opportunity to enhance your data lakes or any other method that’s used to gather big data and apply business intelligence tools for analytics and reporting. Citing Gartner analysts, a Forbes article reported that approximately 80 percent of today’s data is unstructured in the form of emails, chats, audio and video. With a single, trusted 360° view of a customer, you have everything you need to extract insight from large quantities of unstructured data from a myriad of sources and formats.

 

 

A scalable, seamless solution

What makes improving existing systems possible using best-in-class master data management, such as the solution from Stibo Systems, is its seamless integration and scalable platform. Specifically, IT leaders can take advantage of the multidomain master data management capabilities, with a suite of solutions that make it easy to expand from one domain - such as customer or product life cycle - to other data domains.

IT departments don’t have to worry about problems with paradigm mismatch, which is commonly found when trying to integrate multiple disparate systems. They can achieve faster time-to-value by deploying master data-related projects within the systems, making data and infrastructure reliable, less expensive and more efficient. With rich master data management functions, strong data modeling and powerful workflows, organizations can build and maintain a robust, authoritative information supply chain.

Ultimately, master data management compliments and extends resources by:

  • Eliminating silos of single-domain master data
  • Improving collaboration between business teams and partners
  • Leveraging a seamless, scalable platform
  • Maintaining control, flexibility and configurability
  • Benefiting from on-premises installation and managed services

Your systems, improved with a reliable data foundation

Business success and digital transformation are as entwined as ever. For companies seeking a competitive edge in the global marketplace, optimizing back-end systems using master data and master data management is the intelligent choice. You remove silos, integrate people and processes, deduplicate records and extract a single, authoritative view that feeds downstream initiatives. With multidomain capabilities and master data for products, customers, suppliers, stores/locations, employees, digital assets and more, you gain a reliable data foundation that improves decision-making and delivers value to the organization and its customers.


Topics: 
Master Data Management Blog by Stibo Systems logo

Jignesh is an innovative product management professional with extensive experience and knowledge of data quality, master data management and data management solutions. He's responsible for the product strategy and direction for Stibo Systems' Customer and Supplier Master Data Management solution’s and has a passion for helping organizations realise the value of arguably their greatest asset, data.

Discover Blogs by Topic

  • MDM strategy
  • Data governance
  • Customer and party data
  • See more
  • Retail and distribution
  • Manufacturing
  • Data quality
  • Supplier data
  • Product data and PIM
  • AI and machine learning
  • CPG
  • Financial services
  • GDPR
  • Sustainability
  • Location data
  • PDX Syndication

The Difference Between Master Data and Metadata?

5/26/24

Master Data Management Roles and Responsibilities

5/20/24

8 Best Practices for Customer Master Data Management

5/16/24

What Is Master Data Governance – And Why Do You Need It?

5/12/24

4 Common Master Data Management Implementation Styles

5/10/24

Guide: Deliver flawless rich content experiences with master data governance

4/11/24

Risks of Using LLMs in Your Business – What Does OWASP Have to Say?

4/10/24

Guide: How to comply with industry standards using master data governance

4/9/24

Digital Product Passports - A Data Management Challenge

4/8/24

Guide: Get enterprise data enrichment right with master data governance

4/2/24

Guide: Getting enterprise data modelling right with master data governance

4/2/24

Guide: Improving your data quality with master data governance

4/2/24

Data Governance Trends 2024

1/30/24

NRF 2024 Recap: In the AI era, better data can make all the difference

1/19/24

Building Supply Chain Resilience: Strategies & Examples

12/19/23

How Master Data Management Can Enhance Your ERP Solution

12/14/23

Shedding Light on Climate Accountability and Traceability in Retail

11/29/23

What is Smart Manufacturing and Why Does it Matter?

10/11/23

Future Proof Your Retail Business with Composable Commerce

10/9/23

5 Common Reasons Why Manufacturers Fail at Digital Transformation

10/5/23

How to Digitally Transform a Restaurant Chain

9/29/23

Three Benefits of Moving to Headless Commerce and the Role of a Modern PIM

9/14/23

12 Steps to a Successful Omnichannel and Unified Commerce

7/6/23

CGF Global Summit 2023: Unlock Sustainable Growth With Collaboration and Innovation

7/5/23

Navigating the Current Challenges of Supply Chain Management

6/28/23

Responsible AI relies on data governance

5/11/23

Product Data Management during Mergers and Acquisitions

4/6/23

Master Data Management Definitions: The Complete A-Z of MDM

3/14/23

4 Ways to Reduce Ecommerce Returns

3/8/23

Asset Data Governance is Central for Asset Management

3/1/23

How to Leverage Internet of Things with Master Data Management

2/14/23

Manufacturing Trends and Insights in 2023-2025

2/14/23

Sustainability in Retail Needs Governed Data

2/13/23

What is Augmented Data Management?

2/9/23

NRF 2023: Retail Turns to AI and Automation to Increase Efficiencies

1/20/23

What is the difference between CPG and FMCG?

1/18/23

5 Key Manufacturing Challenges in 2023

1/16/23

What is a Golden Customer Record in Master Data Management?

1/9/23

The Future of Master Data Management: Trends in 2023-2025

1/8/23

Innovation in Retail

1/4/23

5 CPG Industry Trends and Opportunities for 2023-2025

12/5/22

Life Cycle Assessment Scoring for Food Products

11/21/22

Retail of the Future

11/14/22

Omnichannel Strategies for Retail

11/7/22

Hyper-Personalized Customer Experiences Need Multidomain MDM

11/5/22

What is Omnichannel Retailing and What is the Role of Data Management?

10/25/22

Most Common ISO Standards in the Manufacturing Industry

10/18/22

How to Get Started with Master Data Management: 5 Steps to Consider

10/17/22

What is Supply Chain Analytics and Why It's Important

10/12/22

What is Data Quality and Why It's Important

10/12/22

A Data Monetization Strategy - Get More Value from Your Master Data

10/11/22

An Introductory Guide: What is Data Intelligence?

10/1/22

Revolutionizing Manufacturing: 5 Must-Have SaaS Systems for Success

9/15/22

An Introductory Guide to Supplier Compliance

9/7/22

What is Application Data Management and How Does It Differ From MDM?

8/29/22

Digital Transformation in the Manufacturing Industry

8/25/22

Master Data Management Framework: Get Set for Success

8/17/22

Discover the Value of Your Data: Master Data Management KPIs & Metrics

8/15/22

Supplier Self-Service: Everything You Need to Know

6/15/22

Omnichannel vs. Multichannel: What’s the Difference?

6/14/22

Digital Transformation in the CPG Industry

6/14/22

Create a Culture of Data Transparency - Begin with a Solid Foundation

6/10/22

The 5 Biggest Retail Trends for 2023-2025

5/31/22

What is a Location Intelligence?

5/31/22

Omnichannel Customer Experience: The Ultimate Guide

5/30/22

Location Analytics – All You Need to Know

5/26/22

Omnichannel Commerce: Creating a Seamless Shopping Experience

5/24/22

Top 4 Data Management Trends in the Insurance Industry

5/11/22

What is Supply Chain Visibility and Why It's Important

5/1/22

6 Features of an Effective Master Data Management Solution

4/30/22

What is Digital Asset Management?

4/23/22

The Ultimate Guide to Data Transparency

4/21/22

How Manufacturers Can Shift to Product-as-a-Service Offerings

4/20/22

How to Check Your Enterprise Data Foundation

4/16/22

An Introductory Guide to Manufacturing Compliance

4/14/22

Multidomain MDM vs. Multiple Domain MDM

3/31/22

Making Master Data Accessible: What is Data as a Service (DaaS)?

3/29/22

How to Build a Successful Data Governance Strategy

3/23/22

What is Unified Commerce? Key Advantages & Best Practices

3/22/22

How to Choose the Right Data Quality Tool?

3/22/22

What is a Data Domain?

3/21/22

6 Best Practices for Data Governance

3/17/22

5 Advantages of a Master Data Management System

3/16/22

A Unified Customer View: What Is It and Why You Need It

3/9/22

Supply Chain Challenges in the CPG Industry

2/24/22

Data Migration to SAP S/4HANA ERP - The Fast and Safe Approach with MDM

2/17/22

The Best Data Governance Tools You Need to Know About

2/17/22

Top 5 Most Common Data Quality Issues

2/14/22

What Is Synthetic Data and Why It Needs Master Data Management

2/10/22

What is Cloud Master Data Management?

2/8/22

How to Implement Data Governance

2/7/22

Build vs. Buy Master Data Management Software

1/28/22

Why is Data Governance Important?

1/27/22

Five Reasons Your Data Governance Initiative Could Fail

1/24/22

How to Turn Your Data Silos Into Zones of Insight

1/21/22

How to Improve Supplier Experience Management

1/16/22

​​How to Improve Supplier Onboarding

1/16/22

How to Enable a Single Source of Truth with Master Data Management

1/13/22

What is a Data Quality Framework?

1/11/22

How to Measure the ROI of Master Data Management

1/11/22

What is Manufacturing-as-a-Service (MaaS)?

1/7/22

The Ultimate Guide to Building a Data Governance Framework

1/4/22

Introducing the Master Data Management Maturity Model

1/3/22

Master Data Management Tools - and Why You Need Them

12/20/21

The Dynamic Duo of Data Security and Data Governance

12/20/21

How to Choose the Right Supplier Management Solution

12/20/21

How Data Transparency Enables Sustainable Retailing

12/6/21

What is Supplier Performance Management?

12/1/21

What is Party Data? All You Need to Know About Party Data Management

11/28/21

What is Data Compliance? An Introductory Guide

11/18/21

How to Create a Marketing Center of Excellence

11/14/21

The Complete Guide: How to Get a 360° Customer View

11/7/21

How Location Data Adds Value to Master Data Projects

10/29/21

How Marketers Should Prepare for the 2023 Holiday Shopping Season

10/26/21

What is Supplier Lifecycle Management?

10/19/21

What is a Data Mesh? A Simple Introduction

10/15/21

How to Build a Master Data Management Strategy

9/26/21

10 Signs You Need a Master Data Management Platform

9/2/21

What Vendor Data Is and Why It Matters to Manufacturers

8/31/21

3 Reasons High-Quality Supplier Data Can Benefit Any Organization

8/25/21

4 Trends in the Automotive Industry

8/11/21

What is Reference Data and Reference Data Management?

8/9/21

What Obstacles Are Impacting the Global Retail Recovery?

8/2/21

GDPR as a Catalyst for Effective Data Governance

7/25/21

All You Need to Know About Supplier Information Management

7/21/21

5 Tips for Driving a Centralized Data Management Strategy

7/3/21

Data Governance and Data Protection, a Match Made in Heaven?

6/29/21

Welcome to the Decade of Transparency

5/26/21

How to Become a Customer-Obsessed Brand

5/12/21

How to Create a Master Data Management Roadmap in Five Steps

4/27/21

What is a Data Catalog? Definition and Benefits

4/13/21

How to Improve the Retail Customer Experience with Data Management

4/8/21

How to Improve Your Data Management

3/31/21

How to Choose the Right Master Data Management Solution

3/29/21

Business Intelligence and Analytics: What's the Difference?

3/25/21

Spending too much on Big Data? Try Small Data and MDM

3/24/21

What is a Data Lake? Everything You Need to Know

3/21/21

How to Extract More Value from Your Data

3/17/21

Are you making decisions based on bad HCO/HCP information?

2/24/21

Why Master Data Cleansing is Important to CPG Brands

1/20/21

CRM 2.0 – It All Starts With Master Data Management

12/19/20

5 Trends in Telecom that Rely on Transparency of Master Data

12/15/20

10 Data Management Trends in Financial Services

11/19/20

Seasonal Marketing Campaigns: What Is It and Why Is It Important?

11/8/20

What Is a Data Fabric and Why Do You Need It?

10/29/20

Transparent Product Information in Pharmaceutical Manufacturing

10/14/20

How to Improve Back-End Systems Using Master Data Management

9/19/20

8 Benefits of Transparent Product Information for Medical Devices

9/1/20

How Retailers Can Increase Online Sales in 2023

8/23/20

Master Data Management (MDM) & Big Data

8/14/20

Key Benefits of Knowing Your Customers

8/9/20

Women in Master Data: Kelly Amavisca, Ferguson

8/5/20

Customer Data in Corporate Banking Reveal New Opportunities

7/21/20

How to Analyze Customer Data With Customer Master Data Management

7/21/20

How to Improve Your 2023 Black Friday Sales in 5 Steps

7/18/20

4 Ways Product Information Management (PIM) Improves the Customer Experience

7/18/20

How to Estimate the ROI of Your Customer Data

7/1/20

Women in Master Data: Rebecca Chamberlain, M&S

6/24/20

How to Personalise Insurance Solutions with MDM

6/17/20

How to Democratize Your Data

6/3/20

How to Get Buy-In for a Master Data Management Solution

5/25/20

How CPG Brands Manage the Impact of Covid-19 in a Post-Pandemic World

5/18/20

5 Steps to Improve Your Data Syndication

5/7/20

Marketing Data Quality: Why Is It Important and How to Get Started

3/26/20

Panic Buying: Navigating Long-term Implications and Uncertainty

3/24/20

Women in Master Data: Ditte Brix, IMPACT

2/20/20

Get More Value From Your CRM With Customer Master Data Management

2/17/20

Women in Master Data: Nagashree Devadas, Stibo Systems

2/4/20

How to Create Direct-to-Consumer (D2C) Success for CPG Brands

1/3/20

Women in Master Data: Anna Schéle, Ahlsell

10/25/19

Women in Master Data: Morgan Lawrence, Infoverity

9/26/19

Women in Master Data: Sara Friberg, Acando (Part of CGI)

9/13/19

Improving Product Setup Processes Enhances Superior Experiences

8/21/19

How to Improve Your Product's Time to Market With PDX Syndication

7/18/19

8 Tips For Pricing Automation In The Aftermarket

6/1/19

How to Drive Innovation With Master Data Management

3/15/19

Discover PDX Syndication to Launch New Products with Speed

2/27/19

How to Benefit from Product Data Management

2/20/19

What is a Product Backlog and How to Avoid It

2/13/19

How to Get Rid of Customer Duplicates

2/7/19

4 Types of IT Systems That Should Be Sunsetted

1/3/19

How to Use Customer Data Modeling

11/15/18

How to Reduce Time-to-Market with Master Data Management

10/28/18

How to Start Taking Advantage of Your Data

9/12/18

6 Signs You Have a Potential GDPR Problem

8/16/18

GDPR: The DOs and DON’Ts of Personal Data

6/13/18

How Master Data Management Supports Data Security

6/7/18

Frequently Asked Questions (FAQ) About the GDPR

5/30/18

Understanding the Role of a Chief Data Officer

4/26/18

3 Steps: How to Plan, Execute and Evaluate Any IoT Initiative

2/20/18

How to Benefit From Customer-Centric Data Management

9/7/17

3 Ways to Faster Innovation with Multidomain Master Data Management

6/7/17

Product Information Management Trends to Consider

5/25/17

4 Major GDPR Challenges and How to Solve Them

5/12/17

How to Prepare for GDPR in Five Steps

2/21/17

How Data Can Help Fight Counterfeit Pharmaceuticals

1/24/17

Create the Best Customer Experience with a Customer Data Platform

1/11/17
Did you like this blog post?

Sign up to get the latest blog content in your inbox.