A good business owner knows that data is a company’s most valuable asset. Business owners also know that it can be unwieldy, and many don’t have a good handle on it. A company may decide to use multiple applications to store and manage data, which, many don’t share master data definitions and standards for the same entity.
For example: Without full and consistent knowledge of a customer across all business units, a company might try to upsell a customer on a product they already have.
Enter master data management, or MDM.
WHAT IS MASTER DATA MANAGEMENT?
The process of Master Data Management (MDM), is that it holds the technology and tools that ensure master data is coordinated across the company. Data governance (DG) is the overall management of the availability, usability, integrity and security of data used in an enterprise. Businesses benefit from data governance because it ensures data is consistent and trustworthy. MDM provides a unified master data service that ensures accurate, consistent and complete data across the business.
There are many advantages of using master data management software.
Below are 7 other benefits of using data management:
Redundancy is bound to happen if every department or customer maintains specific data/information. This has to be one of the most important master data (MDM) benefits! One of MDM’s benefits is that it removes data redundancy and makes it centrally located within the program to complete coherence and specifics.
Not having a data editing option can be a major issue while maintaining multiple data records. Making a change to data at one location remains isolated, and doesn’t reflect at other place. This leads to data discrepancies which could result in a total major business and customer catastrophes. When you use MDM software, you can enable master edits or changes that will update all related record or information at every single location. This ensures data consistency throughout the company’s records.
Most businesses are run on multiple platforms. MDM mandates data availability on these platforms in a timely and has easy access for users. MDM allows data to be available on all business platforms that includes physical, online, cloud, etc.
When you are given wrong data analysis, it may prove fatal for a business, such as, similar, un-coherent and unrelated data. MDM guarantees consistency of data, which eliminates confusion, redundancy and creates easier and consistent data.
Data storage, changes, availability, and usage are easier to manage with MDM.
Assigning Access Roles
Master Data Management makes it easier to grant access rights based on an individual’s job/role. This ensures business owners that only specific information is provided to an individual’s functional requirements, and not get data into the wrong hands.
Backup can be a pain fora person’s personal data. When you dealing with centralized data sources, using MDM makes it easier to make backups. You never know when you will need access to backup. This can be helpful during a disaster, or loss of data due to a corrupt storage source.