Data in your organization is scattered over a multitude of source ranging from erp and crm systems to spreadsheets on your own laptop. Because this data is used across your entire organization it is important to have a single and 360 view of it. Equally important is to understand is the relationships between the data sets. You achieve this by creating and managing master records of your data.
Masterdata is data that describes the core of your organizations data assets. Organizations may designate different kinds of data as master data but in general master data is about customers, products, employees, parties (suppliers), parts, and assets. It is the data that your organization cannot do without to run your business.
Reference data is a subset of master data that classifies data like postal codes, cost centers, financial hierarchies, or countries. It refers to the data that defines the set of permissable values to be used by other data fields. Generally it is data that is static or changes very slowly over time. Other systems that use this data can use the reference data.
“Our customer base is becoming increasingly diverse, behavior is constantly changing and more and more contact channels are being added: the shops, online, the Jumbo food markets, La Place… You want to combine the information that comes from this in order to be able to draw conclusions and take action. to undertake. This is impossible without reliable data. We are therefore extremely data-driven.”
Masterdata Management (MDM) helps you create a single view accross your shared data assets like parties, products, suppliers, locations, customers, parts etc. It supports your business and IT to work together on shared data assets to ensure: uniformity, accuracy, stewardship, semantic consistency, and accountability of your shared data assets.
The purpose of Master Data Management is to bring the data from your data silo’s together in one environment. Here you can match, cleanse and correct the data into one 360 view. This view then gives a consistent view of that piece of data to all systems and users.
BENEFITS OF MASTER DATA MANAGEMENT
Managing your master data through an MDM solution will have a substantial time and hence financial benefit over managing it in indivdual systems.
Improved data quality
Creating consolidating, cleansing, checking quality and governing data using MDM provides a high data quality standard in your organization.
You will be able to better meet regulatory compliance like GDPR when you can manage customer data form one point, including deletion of it.
Outstanding customer service
Having clear and complete information about your customers will halp you provide the best customer service everywhere in your organisation.
Faster time to market
Organizations that manages their product masterdata have a substantial reduction in the time to market for new product launches.
Excellent customer experience
Having an unambiquous and 360 view of your clients will support you in providing an unprecedented customer experience.