Customer Centricity
Within our digitally powered economy, striving for better data is not enough – it needs to be sustainable. But as businesses continue to hoard data, it becomes almost impossible to separate the valuable from the valueless.
Without a rigorous approach to governance and management of Data, all of it is useless. Master data management (MDM) can help you mitigate this from the very start.Â
What is Master Data Management?
Master Data is the data at the core of your business. Detailing your customers, your suppliers, your products, and your employees – the entire reason for your business’s existence. Master data management allows you to identify and control your master data from multiple source systems – providing a single point of reference to essential data through implementing processes, governance, and standards.
This enables companies to avoid duplications and data conflicts so departments can work together in synchronicity.Â
For example, Business X has two source systems for customers, and each has a different email address for their customer Sam Brooks. As these systems are not managed properly, Business X runs the risk of upsetting Sam with irrelevant emails or information that is sent to the wrong place.Â
If a MDM initiative was in place, their systems would share the same information as the Data would have been managed properly, avoiding damaging customer relations.Â
Once implemented, MDM can support them in their journey towards becoming data driven.
