What is Master Data Management?

Master Data Management (MDM) can be defined as a way of providing consistent and core information across an organization. MDM is a challenging process and many professionals have been working on this for a long time. Master Data that essentially comprises core business entities such as customers, locations, products and so forth keeps on growing and basically consists of both traditional structured information and unstructured content such as documents and images. On the other hand, the augmentation of supply chain and compliance requirements has necessitated the upgrade of data quality.

However, the existing enterprise business application lacks the ability to be used as a true system of record for the enterprise. Each of these applications is concerned only with the portion of master data that is required to process its own transactions. In fact, there is no existing system that looks at the master data with a holistic approach. However, when the business calls for an instant access to the high-quality information about chores business entities, the facts describing them become inaccurate, invalid and inconsistent which is buried in data transaction structures, content management systems, data marts, spreadsheets, emails, data bases and even on papers.


What Do Companies Use MDM?

The following are some of the benefits of using Master Data Management System.

Reduced Time To Market
Master Data Management offers a single system to create and maintain multiple product information, promotions, and accurate consumer communications using online as well as traditional media. It can also be used to reduce the time substantially in order to launch a new product in the market.

Supply Chain Improvement
Master Data Management can also be used to offer single, accurate definition of products and suppliers that eliminate duplication, increase buying power, and offer insight into supplier relationships.

Increased Revenue
Master Data Management adds to the customer relationship management. It helps create a complete view of customers there by enabling the sales, marketing, service teams to visualize the specific customer needs and improve customer services.

Better Integration
Many IT departments deploy Master Data Management to reduce integration cost, enable collaborating and improve business productivity. Besides, it can also be used cleanse and synchronize rich and accurate master information.