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Top 6 Challenges Small Businesses Encounter on Their MDM Journey

Compunnel Digital<br>Master data management (MDM) solutions have been always considered something only for big giants and not for small or medium-sized organizations. MDM solutions offered by data analytics services companies are used widely as the spreadsheets they use to manage business data work great and the accounting system is the only place where the charts and accounts should exist. MDM is only for bigger organizations makes absolute sense as most of the SMBs are skeptical. Reasons are many.<br><br>lack of time to execute new business strategies,<br>limitations in buying MDM tools and software, and<br>lack of knowledge as well as resources on convincing their organization about why they need an MDM for their business.<br>Most of the problems arise when an organization fails to justify why they need what they need. However, those are not the only roadblocks for an MDM adoption. Here are the top MDM challenges which SMBs might encounter during their MDM implementation.<br><br>Key MDM Challenges for SMBs<br><br>Visit: https://www.compunneldigital.com/category/infographic/

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Top 6 Challenges Small Businesses Encounter on Their MDM Journey

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  1. TOP 6 CHALLENGES Small Businesses Encounter on Their MDM Journey 1. LACK OF PROPER KNOWLEDGE The primary challenge for MDM implementations is a lack of proper understanding of the importance of having a master data management solution and treat this as another cost incurring project. 2. LACK OF DATA GOVERNANCE Eventually when data manifolds from numerous sources and is abundant as well as significant, maintaining its physical and logical integrity is a key challenge for every CIO. The reason here is the absence of a centralized system for data. Remember data governance is and will be on the top of mind in the post-Covid-19-world. 3. CHANCES OF DATA FIDELITY As a smaller business does not have a central repository, where they can store their data, there is always a chance of data loss, corruption, or misplacement. These types of circumstances can often misguide in developing crucial business strategies, thus affecting the bottom-line. 4. CONSIDERING MDM AS AN IT PROJECT Many small and mid-sized business leaders still think MDM is something that needs to be taken care of by the IT department. However, they fail to understand that most of the faulty data sources come from the customer-facing departments, complaints, and delays in product launches. That is something not related to IT. 5. COST OF MDM IMPLEMENTATION This has been one of the primary and critical roadblocks for SMBs that organizations should have a deep pocket to implement an MDM initiative and only large enterprises can afford that. 6. LACK OF VENDOR SELECTION CAPABILITY Organizations who opt-in for having an MDM solution do not evaluate which vendor to go for, what specialization do they have, the industry they cater to, use cases, etc. They, therefore, fail to choose the right vendor. ©2021 Compunnel Digital, Inc. All rights reserved

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