As companies leverage new technologies to gain insights about processes and operations, IT infrastructure, customers, vendors, and other stakeholders, they do it from two deliberate perspectives – analytical and operational. The analytics POV covers reporting and compliance aspects and optimizes partner and channel engagement. The operational POV assimilates the organization’s ‘best-version of truth’ via accurate and consistent data across the lines of business. Both of these perspectives pivot around efficient data management – a key to strategize business moves effectively.
In the digital day and age, Master Data Management (MDM) is no longer an additive. It is a crucial component for all enterprises, not only those who rely on inaccurate management reports or are awash in data deluge.
MDM allows companies to accelerate insights by delivering accurate, real-time views of critical master data, thereby increasing the innovation strike rate. Additionally, it increases revenue growth, improves productivity, customer satisfaction, and supply chain optimization.
In times of rapid growth and the resulting complexity, efficient MDM systems are sought after by organizations desirous to anchor decisions in high-quality managed information and accurate analytics. Amidst all these ‘data-fixing’ endeavors, often businesses – to their detriment – forget that implementing Master Data Management may be a technology decision, but its overall approach is a business one. Like any other enterprise-wide implementation, MDM, too, focuses on two approaches – the ‘rear-view’, and ‘windscreen view’ (the past and the future). So, enhancing past data purity is equally essential as altering business processes and reinventing organizational governance to ensure future data does not degrade.
Continue reading: https://customerthink.com/best-ways-to-implement-a-master-data-management-system/
In the digital day and age, Master Data Management (MDM) is no longer an additive. It is a crucial component for all enterprises, not only those who rely on inaccurate management reports or are awash in data deluge.
MDM allows companies to accelerate insights by delivering accurate, real-time views of critical master data, thereby increasing the innovation strike rate. Additionally, it increases revenue growth, improves productivity, customer satisfaction, and supply chain optimization.
In times of rapid growth and the resulting complexity, efficient MDM systems are sought after by organizations desirous to anchor decisions in high-quality managed information and accurate analytics. Amidst all these ‘data-fixing’ endeavors, often businesses – to their detriment – forget that implementing Master Data Management may be a technology decision, but its overall approach is a business one. Like any other enterprise-wide implementation, MDM, too, focuses on two approaches – the ‘rear-view’, and ‘windscreen view’ (the past and the future). So, enhancing past data purity is equally essential as altering business processes and reinventing organizational governance to ensure future data does not degrade.
Continue reading: https://customerthink.com/best-ways-to-implement-a-master-data-management-system/
