Master Data Management - An Ultimate Guide

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Master Data Management - An Ultimate Guide

• The organization needs to implement different
  applications for managing data like Enterprise
  Resource Planning (ERP), Business Intelligence
  (BI), Customer Relationship Management (CRM),
  Marketing automation, etc. This is where Master
  Data Management comes to play.
• Master Data Management (MDM) allows for data
  synchronization. It acts as a single source of
  data across multiple systems for managing the
  ever-increasing volumes of data.

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Benefits of Master Data Management Solution

• 1. Business Agility
• For any type of business, it is essential to stay
  ahead in the competitive world. The business
  should provide reliable, true, accurate, and
  real-time data that will help in having improved
  visibility. MDM allows for controlling the exact
  source of disruptions along the supply chain or
  can focus on any particular customer segment at
  any specific location in real-time.
• Having the details of the real-time data will
  enable the organization to handle the risks and
  deal with the threats before they grow.
  Implementing the MDM provides the advantage of
  incorporating innovations.
• 2. Using Digital Innovation
• The MDM platform helps in making use of the
  unstructured data through calls, chats, and
  videos that can act as the new frontier for
  customer-centric development. The MDM platform
  helps in building the big data architecture for
  capturing the different interactions and
  transactions.

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3. Business Process Efficiency As the data
increases, the data complexity and its
unstructured nature also increase. Implementing
the MDM incorporated the use of artificial
intelligence for managing the data. This involves
the inclusion of the upfront cost for the MDM
platform but considering the long-term usability,
it helps in saving time, money, effort, and
untold cost involved in manual processing of the
master data. 4. Use of Real-time
Insights Implementing MDM allows for providing
direct access to the end-users and stakeholders
within and outside the organization to interact
with the real-time data. It enables providing a
rich single view of the details related to the
product, customer, supplier data, etc. This helps
in deciding the new business process, product,
target, or customer segment. It provides the
insights that will help in taking improved
decisions for the development of products and the
growth of the business.
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• 5. Informed Strategic Decision-making
• MDM system provides access to the different teams
  to the master data and this helps in enhancing
  the speed of decision making. The details are
  shared with the different teams thus enabling
  making the informed decision based on consistent
  data.
• 6. Reduced Compliance Security Risk
• Implementing the MDM system allows for secure
  sharing of the master data with the different
  users within and outside the organization. It
  follows sophisticated and strict regulations that
  prevent the hacking of data. It also makes the
  process of tracking compliance and backing
  records easier.

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• 7. Using Privacy Consent
• MDM allows for meeting the regulatory as well as
  the customer expectations. This MDM system is
  agile and ensures continuous updates to newer
  privacy regulations. It ensures that all the best
  practices for master data management are taken
  care of. This will lead to enhanced compliance
  and security with decreased risk and threats.
• 8. Breaking Down Silos
• MDM provides a centralized single source of
  master data providing true, accurate, and
  real-time data to the different teams helping in
  efficient decision making. It also leads to
  increased operational efficiency, reduced time to
  market, enhanced organizational culture,
  continuous improvement of the process, increased
  profits, etc.

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• 9. Supply Chain Visibility
• A robust MDM enables the organization to compile
  the details from the suppliers and vendors for
  visualization of the supply chain without
  affecting the security of the data. It helps in
  determining the disruptions in the supply chain
  that can be constrained at an early stage and
  provides a quick response.
• 10. Customer Centricity
• Customer expectations keep on increasing and the
  enterprise needs to provide the best product to
  them to gain their loyalty. MDM helps in
  supporting customer centricity by executing
  loyalty programs and gaining insight into
  customer needs and demands to get a 360-degree
  customer view. MDM enables easy tracking of
  orders, purchases, product returns, etc.
• 11. Using Hyper-personalization
• MDM helps the marketing teams in targeting
  specific customer segments with the help of data
  integration using unstructured data from social
  media. This provides a newer level of
  hyper-personalization that allows for effective
  connection with the customers.

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• 12. Discover New Markets
• MDM helps in curating the data from the different
  areas and provides a new perspective. This
  solution can provide innovative methods by
  implementing the machine learning technique for
  understanding the relationship between the
  customers, products, vendors, locations, etc.
• With the help of a master data management guide,
  you can build an MDM system that allows for
  identifying the top-performing and potential
  customers and market segments. It helps in the
  identification of the products that will have the
  best margins, which product will have enhanced
  performance, and how its growth will be
  anticipated.

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Leverage Successful MDM Implementation with This
Master Data Management Guide

• The MDM solution has become mandatory for any
  enterprise aiming for efficient growth and
  development of the business. This MDM solution
  includes the people, technology, processes, and
  tools essential for data management and sharing
  across the enterprise.
• MDM solution provides a centralized data storing
  system with a unified master data service for
  providing updated, error-free, consistent, and
  accurate data across the organization.
  Considering the several benefits provided by the
  implementation of the MDM system, the
  organization can select any of the MDM strategies
  for handling their data efficiently based on
  their requirements.

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