Mar 2014 | Data Quality | Data Management

Master Data Management

A comprehensive, streamlined approach to data can be achieved with an expert approach to the way you administer things. In other words, investing in a master data management (MDM) strategy can ensure that your asset is accurate, accessible and relevant. The pay-off is improved decisions and better profit margins.

It is all about universality, a common reference point if you will, whereby information and processes are brought together in a cleaner, more centralised arena. This reduces data duplication, identifies inaccuracies and standardises information.

The result is a level of quality that can take organisations forward, elevating them from a position of follower to leader. Without MDM, you run the risk of data degradation and, as an offshoot of this, brand damage, customer dissatisfaction and unnecessary costs.

In a fast-paced environment, where everyone is more clued up and of a higher expectation – if we’re going to spend money, we want to spend well – it is vital to run an efficient, proactive enterprise.

As businesses grow, they invariably get more complex and an unfortunate by-product of this is the development of various systems and applications that came into existence to support the overall aim, but end up making things even more intricate, labour-intensive and expensive to run.

This is especially the case in large organisations, but even small to medium-sized businesses can suffer similar challenges. Automation fosters a more resourceful and creative atmosphere, leaving all stakeholders feeling satisfied.

Administering a MDM programme is about investing in a proficient mindset, committing to a level of excellence that makes you unique and striving to do more with the data you have, all the while cutting down on bureaucracy.