Master data management (MDM) is the core process used to manage, centralize, organize, categorize, localize, synchronize and enrich master data according to the business rules of the sales, marketing and operational strategies of your company.
Master data can take the form of product, customer, supplier, location and asset information, in addition to any information sources that drive your business.
The efficient management of master data in a central repository gives you a single authoritative view of information and eliminates costly inefficiencies caused by data silos.
It supports your business initiatives and objectives through identification, linking and syndication of information and content across products, customers, stores/locations, employees, suppliers, digital assets and more.
The key to making master data both trustworthy and insightful is transparency, delivered by an accountable organization which specifies data’s meaning, purpose and governance policy.
MDM defines and implements these policies to certify data’s origin, accuracy, coherence, accessibility, security, auditability and ethics are under supervision and best serving business purpose.
Success in the digital economy means giving customers what they want. One thing they want more of: trustworthy data on product ingredients, origin, environmental impact and more. Master data management (MDM) enables the controlled visibility to deliver it. Ready to start creating a more transparent world?
Master data management connects, masters and shares data from all your systems, including ERP, CRM, ecommerce and more. It allows you to create a 360° view of your information, including everything from the buying history of your customers to product availability and supplier interaction.
Master data management (MDM) allows businesses to:
Harness the power of data transparency and start making better business decisions using trusted data. Read Transforming Business with Master Data Management For Dummies and learn about using MDM to ensure data is accurate, updated and shareable across the enterprise value chain.
Customer experience, time-to-market and your ability to compete depend on the quality and availability of your data. A master data management solution capable of managing data across domains, on one platform, enables you to drive new digital initiatives and put your data to work where you need it most to ensure your success.
As businesses grow, IT infrastructure gets more complicated. Acquisitions and expansion into new markets and countries can result in multiple systems, applications and technologies. This fragmented environment creates significant data management difficulties.
MDM provides an organized approach to data management and increases the value and quality of data. It connects information, people and processes to help businesses achieve objectives and improve results.
A report from Demand Gen reveals nearly 85% of businesses said they’re operating databases with between 10-40% bad records, while 62% still rely on prospect data that is 20-40% incomplete or inaccurate.
Master data management (MDM) is a centralized solution to bring data together from across the enterprise, enabling businesses to maximize the value and quality of data by eliminating silos, implementing governance and sharing it with everyone that needs it. The results enable them to:
The process of identifying and purchasing enterprise solutions needed to operate a business can vary widely, depending on the size and industry focus of the organization and the nature of their current infrastructure. Explore this useful guide to help you identify the right solution and/or partner.
The thing that has made Kellogg’s implementation unique is that it has been global from day one. When we evaluated solutions, it had to have that capability and be able to accommodate all the languages and nuances for our markets around the world."Global Director IT Marketing | The Kellogg Company Read the Success Story
How can all of the CxOs come together to maximize the organization’s data? This brief will help you navigate each role in the new data economy.
Gaining a single view of customers is challenging due to data being scattered across multiple, disconnected systems. The inability to provide trustworthy customer data and insight can lead to a poor customer experience, lost revenue and customer churn. Customer Master Data Management connects, cleanses and enhances customer data, providing a foundation for personalized experiences. As well as enhancing the ability to adhere to and provide data transparency to support privacy, governance and regulatory compliance.
Also referred to as product information management, Product Master Data Management enables businesses to create a single source of truth for product data, and to share it with speed and confidence with customers and business ecosystem partners. The ability to enable and manage data transparency empowers businesses to address growing consumer demand for information and insight into product ingredients and origin, fueling engaging, trustworthy relationships while maintaining complete privacy and control.
Master data management delivers core data capabilities that connect and provide information to every point in the business, enabling teams to drive innovation and digital transformation, including:
Acquire: Consolidate data from multiple disconnected, often siloed systems to produce a complete trustworthy picture.
Profile: Link entities to create new information.
Cleanse: Generate accurate, well-structured data that is validated, up-to-date and easy to use in other systems.
Manage: Streamline and automate business processes, fuel decision making, implement data governance, ensure compliance and more.
Share: Drive collaborative efficiency and growth by ensuring consistent, reliable, transparent access for customers and value chain partners.
Protect: Know where your data is to make it easier to secure and ensure privacy.
The more you understand the complexities of your business challenges, the more deliberately you can begin to choose your master data management solution. To help, here are four basic things you’ll need to take into consideration, before you embark on your journey to MDM and business success:
Build the business case
Since there are many stakeholders and factors involved in any large-scale IT project, the below guide will help you build the business case.
Align with your mission
Consider how your plan aligns with the purpose of your business. You should also develop your roadmap to highlight the obstacles you need to overcome.
Choose the right approach
Consider the available delivery options. For example, choose either a linear or an agile approach.
Quantify business value
Consider what success looks like to you and establish clear, attainable metrics to track and measure results.
The challenge of acquiring, managing and sharing accurate, updated information continues to grow, as the volume and variety of data expands at an exponential rate. Meanwhile, the growth of disruptive technologies, such as AI and quantum computing, makes the ability to maintain data quality, consistency and clarity more important than ever before.
At the same time, your business partners, suppliers, customers, end consumers, shareholders and regulators are demanding greater visibility and transparency into data such as material sources, ingredients, locations and the socio-economic and environmental impact and performance of your company, products and brands throughout their lifecycles.