A range of companies does not have a single clear view of their customers – who they are, where they are, what their pain points are, and what they are looking to purchase. This is one reason master data management was created.
Master data management (MDM) is a technological innovation in which business and IT work together to ensure the uniformity, accuracy, semantic consistency, stewardship, and accountability of the enterprise’s official shared master data assets.
Many years ago, a popular soft drink company developed a slogan that said “things go better with” their product. Who can really tell what the positive effects of a soft drink are, by considering the various tangibles and intangible factors but we do know the packaging is much better now than before right?
Recently, a global distributing company lost a key distribution plant to an unforeseen event, that is, a big cyclonic storm that occurred in the Island nation that it was located.
The CEO, eager to maintain profitable relationships with customers, decided to send a letter to key distributors and stakeholders letting them know why their shipments were delayed and when service would return to normal even though he was not sure when it would.
Now, imagine if the manager had not employed the use of Master Data Management for his company, there would have been no way at all for him to reach all of his customers, stakeholders, and distributors within such a short time.
Here are some reasons why Master Data Management is Crucial
- It is at the heart of digital transformation because most digital technologies provide multiple possibilities for customer intimacy and efficiency gains.
- It improves data quality because according to IBM Harvard’s report, poor data quality costs around 3.1 trillion, and the management of data is very important to the success of any established business.
- It provides customers with a good long-lasting experience that makes them want to keep coming back to enjoy your products and services.