It is important to work with business data that is complete, consistent, accurate, and contextual. This enables you to get the maximum benefit from the data and to extract a reliable insight (analytics).
In order to get an overview of the typical benefits of a Master Data Management program, some examples are listed below.
Redundancies will be prevented
- As soon as more than one department works with data, or more than one application is used for the administration of business-critical data, redundancies can be expected. The biggest advantage of a master data management program is that the decentralized administration is replaced by a central administration of data. The result is a "golden record", a single source of truth about the data.
Poor data quality will be eliminated
- The consolidated management of data in one central place ensures that all stakeholders have an up-to-date view of uniform data.
Sustainable data management
- A significant problem with data management is that once a record is edited in one system, the change is not automatically transferred to other systems using the same record. These discrepancies in the data sets can lead to serious errors in analysis, customer contacts, marketing campaigns or even customer invoicing. An MDM program ensures that changed data records are updated in all connected systems and that information and data are consistent.
Trustworthy analytics and better decisions
- Unrelated, redundant, inconsistent or inaccurate information can lead to unreliable analytics and, most importantly, wrong decisions due to poor data quality. Ensuring the credibility of your data through centralized, consistent and up-to-date data management ensures that decisions are based on credible insights!
Consistent data records
- MDM guarantees data consistency by reducing confusion and redundancy and creating a cleaner and more consistent workflow, making it easier to work with.