When times are uncertain, and investment risks are high, it is not wise to invest your hard-earned income without any data in perspective. It helps if you strategize with care, with data acting as a powerful tool. The data, of course, is diverse, voluminous, and comes in with a lot of speed. Extracting the maximum out of this humungous data becomes impossible with spreadsheets and manual entries. On top of that, the current state of lockdown worldwide and increases dependance on digital has generated huge volumes of data, making it impossible to handle it manually. This is where the best Master Data Management (MDM) solution plays a pivotal role.
This blog talks about the relevance of Master Data Management solutions and how its adoption affects industries.
What is a Master Data Management Solution? How do top MDM Solutions Help?
Master Data Management solutions1 are enterprise software products that:
- Create and manage an index of record or a centralized, persisted system of record for master data.
- Support the global identification, linking, and synchronization of master data across heterogeneous data sources through master data’s semantic reconciliation.
The beauty of an MDM system lies in the fact that it standardizes all data sets by integrating with legacy systems and gaining value from the current information architecture. It can profile data from legacy applications while applying standard business rules, data protection policies, and data management rules. Besides, packaged MDM solutions can create, maintain, and draw on a single, reliable, and shareable version of master data. MDM is known to update and use all data sources across the organization constantly. Top Master Data Management solutions support a centralized use case wherein the MDM hub authored the product data. This data harmonizes well with all downstream applications.
Master Data Management Solutions for Digital Commerce
Since the pandemic hit the globe in 2020, the world has changed a lot, including consumers. Consumers seek goods and services from brands that put in efforts to align with their values. In the purview of companies, too, the sustainability of brands works wonders for them. This improved performance is reflected in terms of revenue growth and profitability. Sustainable brands refer to products and services branded to signify a unique added value in terms of social and environmental benefits to the end-user. MDM solutions further this growth. They aid you to facilitate identification and understanding of your consumers’ changing lifestyles and even learn about varying consumer mindset trends. You can thus tailor your marketing efforts demographically, delivering the right message through the channels preferred by your customers.
Master Data Management solution enables marketers to create comprehensive customer profiles. Doing so helps them improve the segmentation of their customers and the accuracy of propensity-to-buy modeling. Besides using customer MDM solutions, organizations can learn precisely who their customers are and identify them at any point of contact. Access to this all-inclusive, up-to-date customer profile makes it easy to create a single source of truth, populated with a consolidated “golden record” view of customer data throughout the enterprise. It can then be mapped to other data domain types to complete the view needed to boost real-time personalization.
Master Data Management Solutions
- Speed information creation in case of product variants,
- Place the information into the proper channels, and
- Assure the correct variant information is used for marketing specific customer segments.
As more information is created for product variants, time-to-market reduces with better execution of transforming insights into revenue-generating activities.
Master Data Management Solutions for Healthcare
Let us begin with an example to better comprehend the role of Master Data Management in healthcare. Even before the pandemic hit the globe, OhioHealth2, Ohio, United States, faced the challenge of meeting the rising patient demand for services. Reopening and rescheduling elective visits and processes called for different engagement with patients and their families. As people had grown quite reluctant to return to the hospital, the healthcare system needed a highly disciplined and focused patient engagement strategy.
They used Master Data Management capabilities to deliver information to patients and their families, capture patients’ preferences for how they liked to communicate, and show their prior interactions, like if the patient had already declined to reschedule elective surgery. This patient engagement, thus, became increasingly digital and highly personalized.
Learn how one of the leading pharmaceutical companies improved their profitability and utilization analysis with the on-time provision of data, leveraging Compunnel Digital’s Master Data Management capabilities.
Master Data Management Solutions for Manufacturing
Disparate, siloed data sources result in loss of productivity and sales, operational waste, dissatisfied customers, and compliance issues. When the quality of data available is poor, a company’s agility gets impacted, and it cannot execute the new business processes needed to keep pace with change. The above scenario typically represents the manufacturing sector. Industrial manufacturers thus need to unleash the potential of their raw material, product, and supplier data repeatedly and systematically. The aim here is to create a flexible ecosystem wherein everyone can access relevant information to act collaboratively along the supply chain. A typical data platform for modern end-to-end Master Data Management, fueling business applications, such as a product information management (PIM) solution, enables complete visibility throughout this information value chain. The solution may also involve functionality to hone and manage data quality. Adopt a unified approach for excellence in data management. The approach augments process optimization initiatives that affect the top and bottom lines.
Are you Leveraging Master Data Management?
Best Master Data Management solutions aid to improve revenue generation, control costs, optimize order fulfillment, increase customer engagement and personalization, reduce operational inefficiencies and time-to-market, and much more. Companies should recognize their data management power and adopt advanced solutions to leverage that power in time. You can indeed emerge as the next CX leader, especially with an Enterprise Data Analytics Services provider by your side.