Master Data Management: Benefits of Unified Data
Simply collecting and storing data isn’t enough for modern businesses. Inconsistent data results in operational inefficiencies, increased costs, increased compliance risks, weaker market penetration and lower digital innovation. Making the data-driven decisions required to stay competitive requires data that is unified, connected, and accessible.
Master data management (MDM) offers a solution. By creating a single source of truth known as master data, MDM improves decision-making and prevents the problems that stem from disjointed and inaccurate information.
Additionally, master data management ensures both technical and business users have access to data that updates in real time. This powers agile business processes and allows organizations to use data to create hyper-personalized customer interactions.
Here are just a few of the benefits of master data management:
1. Improve Data Quality and Consistency
A good MDM solution helps companies avoid problems stemming from poor data quality. Its data cleansing, standardizing and enriching tools turn dirty data into organized information that you can trust. Not only are the resulting master data records more usable, they’re also easier to maintain over time.
Cloud data management platforms like Reltio use machine learning to find and resolve matches at a large scale. This allows them to eliminate the redundancies that often come with new data sets before the data is used.
2. Improve Customer Service
MDMs are extremely helpful for customer data management. They track customer records, including history and preferences, across channels. Businesses can use the resulting data to create a hyper-personalized experience across channels, resulting in improved customer satisfaction.
With the improved data integration and customer segmentation MDMs help businesses create precise personas. This helps them target customers with personalized offers and loyalty programs while avoiding costly ineffective marketing campaigns.
Additionally, MDMs can improve the accuracy of fraud detection to protect customers from scams.
3. Make Informed and Effective Strategic Decisions
It’s difficult for decision-makers to get a holistic view when data is scattered across siloed business units. By integrating data into a single platform, MDM offers leaders a 360-degree view of the business. MDMs make tracking KPIs, performance metrics and other business-critical information easy, which improves strategic decision-making.
Additionally, MDMs include data analytics, machine learning and AI tools for decision-makers. These tools help them identify new market opportunities, reduce costs and make informed decisions.
4. Increase Operational and Business Process Efficiency
Inconsistent data leads to inefficiencies and costly errors. MDM platforms ensure consistency by providing a centralized platform for storing, managing and integrating data.
By unifying data into a single master record, a master data management system ensures that all stakeholders have accurate, real-time information. Additionally, it provides agility to different business operations and processes by allowing organizations to respond quickly to changes in the market. This makes MDM ideal for clinical trials data management.
Master data management solutions also automate many of the tasks involved in data management such as data quality improvement, data matching and deduplication. This helps to improve operational efficiency by reducing the time and resources required to manage data, while reducing human error.
5. Simplify Compliance
Regulatory compliances are getting stricter and hackers more sophisticated, making MDM an increasingly valuable tool today for many organizations. It helps organizations meet data compliance requirements like CCPA, GDPR, HIPPA, SOX, etc. by ensuring that all the data is accurate, complete, consistent and secure.
6. Provide High-Quality Data Governance
Data governance is the process of ensuring that data is accurate, complete and consistent across all systems. It includes both the people who are responsible for managing data and the business rules they follow.
A multi-domain MDM platform creates a single version of your data, minimizing duplication and ensuring consistency. It also automates many data governance tasks to make your data self-maintaining.
MDM also helps to reduce the risks associated with data governance by providing visibility into how data is used.
7. Improve Business Agility
In today's fast-paced business world, the ability to rapidly adapt to changing market conditions and customer demands is essential for success. However, true agility requires coordination and synchronization between technical and business users in all domains.
By centralizing and standardizing data, MDM systems ensure all stakeholders have the same information. This makes responding to changes quicker and easier.
In addition, MDM can help to automate processes and workflows, further improving efficiency and agility while improving the speed and quality of decision-making.
8. Provide Supply Chain Visibility
Supply chains are convoluted, with many different moving parts. As such, it is essential for organizations to have visibility into their supply chains in order to manage them effectively. They need to track where inventory is, when it will be delivered, and stages of production while anticipating any threats to the process.
MDM solutions can help to provide this visibility by unifying all the data in one place, making it easier to track and manage the supply chain.
Discover the Benefits of Master Data Management with Reltio
Organizations today face rapidly-growing challenges, and they need to stay on top of their data to keep up. A master data management solution like those offered by Reltio can help.
Reltio’s Connected Customer 360 is the first cloud-native SaaS platform that offers comprehensive multi-domain master data management. It makes it easy to manage data originating from omnichannel transactions, customer interactions and social media.
Reltio’s platform helps your organization to deliver hyper-personalized and connected experiences across all touchpoints. It helps accelerate digital innovation, control costs and simplify compliance.
Get a personalized demo tailored to your specific business needs and see it in action!