What is Master Data Management (MDM)

1. What is Master Data Management (MDM)? Thousands of businesses today, especially medium and large, generally use dozens of separate systems and applications like CMS, ERP, and CRM from where the data is collected. Through What is Master Data Management post, we help brands to manage all the data in a single platform instead of varied applications. The organizational data often becomes fragmented, outdated, and even duplicated as there is no proper data management system in place. And as a result, finding answers to the most basic questions like “which products have the best margins” or “how many employees we have” sometimes becomes hard to answer. www.credencys.com/blog/what-is-master-data-management/| hello@credencys.com

2. What is Master Data? / Master Data is basically the uniform and consistent set of extended attributes and identifiers that describe all the core entities of an organization, which usually includes citizens, prospects, customers, suppliers, sites, and chart of accounts. For instance, let’s say that there is a business with an ERP system. This ERP system will usually have at least an Account Master, Item Master, and Customer Master data lists. And, as you know, these master data lists are key assets for a business. So, now that you know what Master Data is, let’s move forward and see why you need to manage your Master Data efficiently. www.credencys.com/blog/what-is-master-data-management/| hello@credencys.com

3. Nowadays, businesses are spending a huge amount of money on collecting data and gain valuable insights. • But if the collected data is erroneous, then all the money, efforts, and resources spent will go to waste. • For instance, let’s say you’re a credit card provider company and one of your credit card customers changes her address from 2021 North 7th street to 1005 North 9th street. • The customer has also already requested to change the billing address immediately but she did not receive any upcoming bills. And after a few days past the due date, the customer receives a threatening call from the credit card bill collection department asking why the bill is not paid on time. • The customer then verifies that she changed the billing address but she has not received her latest credit card bill. She then also asks to share a copy of the bill so that she could settle the account. • In this case, the Customer Master data was accurate, but the Customer address data was flawed. And due to this, your credit card company might lose a customer for life. • The point is, it is extremely crucial to manage the master data effectively and effectively. • So, now that you know the importance of managing your Master data, let’s move forward and see how integrating a master data management solution could help to avoid such incidents in your business. Why Should You Manage Your Master Data Properly? www.credencys.com/blog/what-is-master-data-management/| hello@credencys.com

4. Benefits of Master Data Management for Your Business • As your business will grow, you’ll soon start struggling to have a unified version of data. This mainly happens due to having multiple systems and applications, a lack of an integrated approach, and manual data management. • A Master Data Management solution, on the other hand, can help you create a single master source where all business-critical information can be stored and retrieved as and when needed. • And as a result, it leads to less data redundancy and fewer errors. • That being said, let’s take a look at the key benefits of Master Data Management in detail. www.credencys.com/blog/what-is-master-data-management/| hello@credencys.com

5. Benefit #1 – Provides a Unified Master View Benefit #2 – Helps to Better Understand The Customers Benefit #3 – Provides Seamless Information Across All Channels Benefit #4 – Connects Anything & Everything Benefit #5 – Increase Trust & Accountability of Your Business Data www.credencys.com/blog/what-is-master-data-management/| hello@credencys.com

6. Master Data Management: How to Get Started! • Master Data Management has certainly become a necessity for medium and large-scale business organizations to fully realize the potential business. • However, the majority of businesses still don’t know how to or where to get started with Master Data Management. • Well, there are many readymade technology and solutions available in the market today, but just like mobile app development, it’s best to go with the custom development approach by availing of reliable Pimcore development services. • Pimcore is an open-source, digital experience platform using which you can easily create a customized master data management solution for your business. • With that being said, we hope that this post has helped you to learn and understand what is master data management and how it can benefit your business. • If you have any questions, doubts, or queries, feel free to ask in the comment section below. www.credencys.com/blog/what-is-master-data-management/| hello@credencys.com