Master Data Management – a widely heard term these days and the latest fad in the IT world caters to the vital necessity of informed decision making for the proper functioning of an organization. Size doesn't matter; whether you are big, medium or small company, MDM is an absolute must. Contrary to popular belief, MDM is not a one-time project, it is not confined to the IT department and it can definitely not be done away with just because you have an ERP solution implemented.
MDM is what makes the effort you have invested in your ERP solution worthwhile. It is what clears the clogs in your business processes. It is what identifies fraudulent behavior, predicts trends in business and gives you a clear head start in outdoing competition. MDM is built on the strong foundation of quality data and data analytics. The benefits are unmatched and many. Some are:
MDM gives customer retention efforts the twist in revolution it needed. A customer is not a collection of data, is not just a tiny statistic, but is an individual with choices and decisions. For the same reason, learning to understand their specific needs, demands, trends, habits and behavior is what will give you the leverage needed to retain them. Customer loyalty and satisfaction can only go as far as the knowledge you have of what satisfies your customer, how it does and when it does.
Increased productivity and decreased fraudulence
Predictive analysis goes a long way in detecting fraudulent behavior, underlying opportunities and even upcoming losses. What makes a management exceptional and proactive is the coalition of heads involved. What makes the heads outstanding in performance is the quality of data available for decision making. MDM collects raw data from multiple sources, standardizes it, checks it for relevance, uses it to assess present functioning and predict future outcomes while providing insight into areas of improvement.
Business process remodeling
Based on discoveries made through effective MDM implementation, several key restructuring opportunities can be identified and executed. Identifying new ways of streamlining, locating new niche areas to focus on, replacing weaknesses with strengths or even discovering additional revenue sources are just some. Decisions for improvement no longer have to be based on incomplete data, gut feeling or assumptions. Decisions can be made keeping both eyes open, with a panoramic view of past merged with present and future.
There is a fine line between risks and opportunities. The difference between a win and a lose boils down to the quality of data and the analytics made available to management. With MDM, identifying harmful risks and acceptable risks becomes more defined. Many threats, harmful decisions and breach in security or protocol can be avoided thru the careful monitoring and analysis of company data.
For more information on how to achieve the above results for your organization, contact Quartiz's MDM team.