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MASTER DATA MANAGEMENT

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Managing your data impacts your finances, customers, suppliers and products. With Master data management (MDM) you define, manage, centralize, organize, categorize, localize, synchronize and enrich master data. This allows you to create a single source of truth according to the business rules of the sales, marketing and operational strategies of your company.

WHAT IS MDM

Master Data Management (MDM) is the process of collecting, managing and publishing of master data according to your operational, sales, marketing and business strategies. It is a strategy and method to link all your critical data together in one single place.

With master data management you can centralize, categorize, localize, synchronize and enrich your master data. This can include information about products, customers, suppliers and employees in addition to other information sources that fuel your business.

The efficient management of master data in a central repository gives you a single authoritative view of information. This eliminates costly inefficiencies caused by data silos. MDM also supports your business initiatives through identification, linking and syndication of information across products, customers, stores/locations, employees, suppliers, digital assets and more.

Master Data Management can be used in multiple domains. A solution that covers multiple domains is called a multi-domain MDM. A key domain within MDM is Product Information Management (PIM), also referred to as Product Master Data Management (PMDM). Read more about PIM.

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WHY MDM

Many companies in different industries are facing challenges related to managing their business data. Hence, business data can be an untapped resource that can potentially deliver business value.

Managing your data impacts your finances, customers, suppliers and products. With Master data management (MDM) you define, manage, centralize, organize, categorize, localize, synchronize and enrich master data. This allows you to create a single source of truth according to the business rules of the sales, marketing and operational strategies of your company.

Without a solid MDM strategy and solution in place, data challenges will arise. For example, different sources of the same data, manual actions, inconsistent data pushed to different channels, etc. Issues like these can come in many forms, but the four main challenges related to MDM are:

DATA SILOS

Multiple versions of data sources used throughout within and outside the organization. Lack of a single source of truth.

DATA QUALITY

Inconsistent, incomplete and erroneous data used throughout the business and pushed to different channels. 

DATA SYNDICATION

Lack of control of what data is being pushed to what channel.

 

CUSTOMER EXPERIENCE

Inconsistent customer interactions due to a lack of complete and consistent master data.

ADVANTAGES OF MDM

MDM connects, manages and shares data between all your systems, including ERP, CRM and e-commerce. This gives you a 360° view of your information and enables you to know everything about your customer’s buying history, your product stock and the interaction with suppliers. 

Main advantages:

  • One single source of truth of your data
  • Break down data silos
  • Increase operational efficiency
  • Improve collaboration and flexibility between internal and external users
  • Enhance customer experience
  • Save resources and time
  • Reduce errors and mitigate risks

MDM delivers business value by:

  • Shortening time to market
  • Selling more at higher margins
  • Reducing returns
  • Increasing customer satisfaction

MDM delivers operational efficiency by:

  • Increasing data quality
  • Easily maintaining your data
  • Optimizing business processes
  • Decreasing data related costs

HOW MDM SOLVES YOUR CHALLENGES

In order to generate business value, you need the right setup, the right data model, a powerful organization and the right business processes. But how can MDM solve your business challenges, reduce your time to market and increase your data quality? 

A master data management solution is the system that allows you to unlock the benefits provided by integrated, accurate and complete data available to all your internal and external stakeholders. It allows you to collect, enrich and process the data to then manage its use in different channels or applications.   

A feature-rich master data management system helps you to create a single source of truth of your master data, leading to fewer errors and less redundancy in business processes. It can be easily integrated and provides accurate and consistent data across multiple channels. Data onboarding, golden record creation, localization, business rules, workflows, PLM, etc. are all features that can be unlocked to support your data management.

ONE SINGLE SOURCE OF TRUTH

By eliminating data silos. Easy integration to provide ready-to-use, up-to-date data to third-party systems and channels.

EFFICIENT DATA PROCESSING      

By eliminating data errors and duplicates with a single data overview. Create a golden record of multiple data sources.

INCREASED DATA VALUE                 

Discover actionable insights and support solid decision making through efficient processing of accurate and timely data. 

IMPROVED CUSTOMER EXPERIENCE

Rich and consistent data improves customer experience. Enhance omnichannel and ecommerce efforts.  

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MDM: THE OSUDIO WAY OF WORKING

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Questions about Master Data Management?