Master Data Management Guide

1. Master Data Management - An Ultimate Guide The organization needs to implement different applications for managing data like Enterprise Resource Planning (ERP), Business Intelligence (BI), Customer Relationship Management (CRM), Marketing automation, etc. This is where Master Data Management comes to play. Master Data Management (MDM) allows for data synchronization. It acts as a single source of data across multiple systems for managing the ever-increasing volumes of data. https://www.credencys.com/blog/master-data-management-guide/ | hello@credencys.com

2. Benefits of Master Data Management Solution / 1. Business Agility For any type of business, it is essential to stay ahead in the competitive world. The business should provide reliable, true, accurate, and real-time data that will help in having improved visibility. MDM allows for controlling the exact source of disruptions along the supply chain or can focus on any particular customer segment at any specific location in real-time. Having the details of the real-time data will enable the organization to handle the risks and deal with the threats before they grow. Implementing the MDM provides the advantage of incorporating innovations. 2. Using Digital Innovation The MDM platform helps in making use of the unstructured data through calls, chats, and videos that can act as the new frontier for customer-centric development. The MDM platform helps in building the big data architecture for capturing the different interactions and transactions. https://www.credencys.com/blog/master-data-management-guide/ | hello@credencys.com

3. 3. Business Process Efficiency As the data increases, the data complexity and its unstructured nature also increase. Implementing the MDM incorporated the use of artificial intelligence for managing the data. This involves the inclusion of the upfront cost for the MDM platform but considering the long-term usability, it helps in saving time, money, effort, and untold cost involved in manual processing of the master data. 4. Use of Real-time Insights Implementing MDM allows for providing direct access to the end-users and stakeholders within and outside the organization to interact with the real-time data. It enables providing a rich single view of the details related to the product, customer, supplier data, etc. This helps in deciding the new business process, product, target, or customer segment. It provides the insights that will help in taking improved decisions for the development of products and the growth of the business. https://www.credencys.com/blog/master-data-management-guide/ | hello@credencys.com

4. 5. Informed Strategic Decision-making MDM system provides access to the different teams to the master data and this helps in enhancing the speed of decision making. The details are shared with the different teams thus enabling making the informed decision based on consistent data. 6. Reduced Compliance & Security Risk Implementing the MDM system allows for secure sharing of the master data with the different users within and outside the organization. It follows sophisticated and strict regulations that prevent the hacking of data. It also makes the process of tracking compliance and backing records easier. https://www.credencys.com/blog/master-data-management-guide/ | hello@credencys.com

5. 7. Using Privacy & Consent MDM allows for meeting the regulatory as well as the customer expectations. This MDM system is agile and ensures continuous updates to newer privacy regulations. It ensures that all the best practices for master data management are taken care of. This will lead to enhanced compliance and security with decreased risk and threats. 8. Breaking Down Silos MDM provides a centralized single source of master data providing true, accurate, and real-time data to the different teams helping in efficient decision making. It also leads to increased operational efficiency, reduced time to market, enhanced organizational culture, continuous improvement of the process, increased profits, etc. https://www.credencys.com/blog/master-data-management-guide/ | hello@credencys.com

6. 9. Supply Chain Visibility A robust MDM enables the organization to compile the details from the suppliers and vendors for visualization of the supply chain without affecting the security of the data. It helps in determining the disruptions in the supply chain that can be constrained at an early stage and provides a quick response. 10. Customer Centricity Customer expectations keep on increasing and the enterprise needs to provide the best product to them to gain their loyalty. MDM helps in supporting customer centricity by executing loyalty programs and gaining insight into customer needs and demands to get a 360-degree customer view. MDM enables easy tracking of orders, purchases, product returns, etc. 11. Using Hyper-personalization MDM helps the marketing teams in targeting specific customer segments with the help of data integration using unstructured data from social media. This provides a newer level of hyper-personalization that allows for effective connection with the customers. https://www.credencys.com/blog/master-data-management-guide/ | hello@credencys.com

7. 12. Discover New Markets MDM helps in curating the data from the different areas and provides a new perspective. This solution can provide innovative methods by implementing the machine learning technique for understanding the relationship between the customers, products, vendors, locations, etc. With the help of a master data management guide, you can build an MDM system that allows for identifying the top-performing and potential customers and market segments. It helps in the identification of the products that will have the best margins, which product will have enhanced performance, and how its growth will be anticipated. https://www.credencys.com/blog/master-data-management-guide/ | hello@credencys.com

8. Leverage Successful MDM Implementation with This Master Data Management Guide / The MDM solution has become mandatory for any enterprise aiming for efficient growth and development of the business. This MDM solution includes the people, technology, processes, and tools essential for data management and sharing across the enterprise. MDM solution provides a centralized data storing system with a unified master data service for providing updated, error-free, consistent, and accurate data across the organization. Considering the several benefits provided by the implementation of the MDM system, the organization can select any of the MDM strategies for handling their data efficiently based on their requirements. https://www.credencys.com/blog/master-data-management-guide/ | hello@credencys.com