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Discover how MDM has helped some of the world's most successful companies in their digital transformation.
Discover how MDM has helped some of the world's most successful companies in their digital transformation.
What underpins these benefits is that Master Data Management enables you to:
Eliminate silos of master data that exist in different departments or business units.
Improve operational efficiency by aligning organizational and operational data.
Increase collaboration between internal and external groups.
Enhance the customer experience by using insights to drive business performance.
Save resources by automating a number of essential data processes.
Reduce risks associated with regulatory compliance such as the GDPR.
A World Without MDM is a strange place indeed. A place where the things your customers order are not always what they get, where you’re often bombarded with the same offer multiple times and where sometimes there’s a mix up with your products …
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Perhaps the most common type of master data is customer records, which include names, email, postal addresses, and customer preferences.
Customer data fules the creation of amazing experiences, which have the potential to increase customer satisfaction by as much as 20%.
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Description, cost, unit of measure and image are examples of product data that help your customers make informed buying decisions.
Studies show that giving people better product information boosts online sales from 17% to 56%.
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You can view all elements of your supply chain using an integrated, accurate, and up-to-date view.
It results in greater control, closer relationships and an improved supplier and product onboarding process.
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Recording party data allows you to create the relationships that are vital to gain an accurate understanding of the value of each of your records. It gives you a significant competitive advantage.
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Location information is essential for analyzing customer purchasing habits based on geography, gaining a deeper understanding of product, store, and competitor locations, as well as improving the management of your chain of physical stores.
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Keeping reference data fields such as country, currency and conversions up-to-date is critical because to making key business decisions, undestanding their impact on the performance of your systems and meeting regulatory compliance.
By considering common impediments to large-scale IT projects before implementation, you ensure a fast, efficient path to success.
there’s a risk of MDM being seen by users as purely an IT initiative. Educate your business stakeholders on the benefits of MDM for their work.
MDM involves considerable change, therefore securing support through quick wins is paramount.
you must become a champion for a data-driven business culture. Articulate the importance of MDM to individual stakeholders, the company and customers.
while gathering MDM requirements, remove unnecessary requests to avoid bad design decisions that could be difficult to reverse.
with every discovery that occurs during the implementation phase, immediately assess the budgetary impact and what the change means for the business.
as with any enterprisewide IT project, things change. It’s essential to keep your plan flexible and adaptable by communicating with stakeholders regularly.
One of your greatest assets in overcoming these challenges will be your ability to communicate the long-term business benefits.
Many of these factors will define the elements of the MDM solution you select:
Will the solution solve your particular business challenges?
Do you have a CAPEX budget dedicated (choose on-premise), or would you rather fund through OPEX (choose MDM in the cloud)?
Are you focused on product, customer or multidomain MDM?
Is the scope of the project local or global?
Can the MDM solution scale and futureproof your data requirements?
Is the MDM solution flexible and does it have a broad set of data integrators?
The more you understand the complexities of your business challenges and needs, the more deliberately you can begin to choose your Master Data Management solution. To help, here are 7 steps to making your MDM project a success:
