Getting a single view into your customer and enterprise data is of utmost importance, considering the number of data touchpoints that exist multiple enterprise systems like CRM, ERP, etc. Following a manual process to update these systems or control the data that flows through them can be a cumbersome and expensive affair.
Irrespective of which industry you belong to, taking a Master Data Management (MDM) approach is your best chance at building a centralized hub that synchronizes existing data sources, ensures regulatory compliance through data governance, and creates a single source of truth to enable seamless experiences for enterprises, customers, or vendors.
“The global MDM market size is expected to grow from USD 11.3 billion in 2020 to USD 27.9 billion by 2025” – MarketsandMarkets
Let’s look at some of the important types of data that are covered in the scope of a future-ready MDM system.
Customer master data: Create memorable experiences
The customer master data is often gathered from disintegrated sources that do not follow a stringent governance and management process. Simply put, the data may be all over the place. This leads to the creation of duplicated data without any hierarchy of information. If you have data points from mergers and acquisitions, then it may cause more disarray. From a sales and marketing perspective, this can lead to painting an incomplete or, worse, incorrect picture of your customers.
With an MDM system, you can proactively overcome these issues by providing shared access to a secure and clean customer database that can be accessed by users from relevant functions like sales, marketing, product, etc. It collects, de-duplicates, and stores all the customer details that your teams need to create a “golden record” of sales and marketing possibilities. For analytics standpoint, an MDM system provides valuable access to data insights that are essential firepower for marketers to create personalized customer experiences.
With an MDM system, you can leverage an unfragmented view of the customers’ past interactions, as well as their immediate expectations to:
- Equip sales and marketing teams with actionable data insights
- Better sales conversion through proactive and personalized messaging
- Improve customer satisfaction by perfecting service journeys
- Increase brand loyalty at every touchpoint of the conversation
Product master data: Maximize lifecycle ROI
In today’s connected sales environments, acting upon product insights is invaluable to the products themselves. However, it is easier said than done, given the complicated set of product-related data assets. Your product data can range from the information about assigned tags, specifications, standards, blueprints, engineering logs, etc. Product master data management gives you a comprehensive record to reduce how much time and effort you spend on the product life cycle.
Because just like your customer data, you need a “golden record” of your products. An MDM system can help you capitalize on operational agility, institute the right compliance and integrity rules, and create more confidence in your customers’ minds. Additionally, you can also store product designs, based on intellectual property, that can be later reused.
With accurate product data, you can:
- Plan for optimized product performance – from the blueprint stage
- Ensure faster time-to-market with automated workflows
- Empower customers to make contextual purchasing decisions
- Upsell and cross-sell more seamlessly, without disruptive experiences
- Ensure product data compliance and governance
- Build a repository of product literature to create a deeper understanding of features, installation guides, etc.
Supplier master data: Promote connectivity and compliance
In any modern business environment, the efficiency with which you manage your supply chain determines the success of your enterprise’s long-term goals. With the emergence of digital tools, maintaining closely-knit supplier relationships has become dependent on the enterprise’s ability to maintain and act upon supplier master data such as tax information, vendor classifications, risk parameters, financial records, contract details, and more.
It is why an MDM system is crucial to get a clearer understanding of your vendor’s strengths while putting you in the right position to eliminate disparate, inaccurate, and widespread supplier data. Through supplier master data management, you can quickly streamline co-dependent operations, set ownership parameters, and negotiate better pricing terms while complying with regulatory norms and adhering to internal controls.
Improve the overall supplier journey by using MDM to:
- Simplify and accelerate supplier onboarding – including company assessment, approval of requests, and activation into internal systems
- Mitigate risks associated with the supplier by ensuring more transparency upfront
- Unearth hidden insights about supplier workflows to enable more efficiency
- Easily track, modify, and manage supplier information – deactivate/reactivate, as and when required
- Give automation tools for your employees to carry out supplier-related tasks and increase workforce productivity
The data on critical aspects like customers, products, and supply chains may be spread across several databases in your enterprise. While MDM systems can vary, depending on company goals, corporate structures, and deployment methodologies, the primary to need to take charge of such critical data lays the foundation to make smart data-driven decisions. While industries come with different operational and customer expectations, what remains the change is the effectiveness of an MDM system to control the lifeline of data in your enterprise.
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