Sara Nickel

What You Need to know about Master Data Management

What You Need to know about Master Data Management According to data management research by Experian, 69% of the respondent organizations believe that inaccurate data undermines their capacity to offer an excellent customer experience. Business leaders worldwide have now realized the importance of using clean data to drive their enterprises’ success. To meet their expectations, master data management systems have come up. Here is all that you need to know about master data management and how it can steer the growth of your organization! What is master data? Gartner defines master data as a continuous, uniform set of identifiers and extended attributes that reflect the core entities of the enterprise such as the prospects, sites, customers, suppliers, hierarchies, citizens, etc. In other words, master data refers to all kinds of nouns (locations, products, parties) that describe your business processes. Master data also has subdomains, like parties that include employees, salespeople, suppliers, customers, etc. Why do you need to manage the master data? Organizations spend great resources and time preparing data. According to a 2018 report by Experian, 91% of the executives say that collecting data for insights is highly demanding. All this effort can be rendered meaningless if your data is erroneous. At the same time, several other data issues can creep up if you don’t manage your master data, like: Inconsistent data across the organization Lack of collaborative authorization Missing data governance Lack of cross-domain (customer, supplier, product, etc.) relationships Tracking previous versions of data You can easily overcome all these issues if you start keeping your master data clean and synchronized across the organization. What does master data management include? Master data management is a combination of tools, processes, and technology to help you coordinate master data across your enterprise. It enables a unified master data service to monitor and maintain the data structure and empowers the business to gain operational insights and enhance their decision-making potential.