Why You Should Hire A Master Data Management Company

Running a business isn’t always easy.  Weather it is a at-home business, store-front that caters to retail or a website that offers products shipped out or is articles only.  There are still a lot of decisions to make and making sure you are making the correct ones with it comes to traffic on your website site and customers calling your office.  Making sure you have the correct master data management team is important for the growth of your business and therefore future success.

What is Master Data?

Most software systems have lists of data that are shared and used by several of the applications that make up the system.

A typical ERP system will have at the very least Customer Master, Item Master and Account Master data lists. This master data is often one of the key assets of a company. In fact, it’s not unusual for a company to be acquired primarily for access to its Customer Master data.

There are many benefits to creating a master date list for your business to run smoothly and to ensure you do not lose customers due to computer errors or lost information.  This could be anything from address changes when a customer moves to updates with a new credit card number.  Ensuring correct information leads to happy customers and can have life-long commitments from satisfied customers.  Errors do happen.  They can be caused by humans and computers.  But trying to minimize them by having everything you can up-to-date and taken care of means fewer angry customers or loss of business.

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The 6 Disciplines of a Strong MDM Program

Given that MDM is not just a technological problem, meaning you can’t just install a piece of technology and have everything sorted out, what does a strong MDM program entail?

Before you get started with a master data management program, your MDM strategy should be built around these 6 disciplines:

1. Governance: Directives that manage the organizational bodies, policies, principles and qualities to promote access to accurate and certified master data. Essentially, this is the process through which a cross-functional team defines the various aspects of the MDM program.
2. Measurement: How are you doing based on your stated goals? Measurement should look at data quality and continuous improvement.
3. Organization: Getting the right people in place throughout the MDM program, including master data owners, data stewards and those participating in governance.
4. Policy: The requirements, policies and standards to which the MDM program should adhere.
5. Process: Defined processes across the data lifecycle used to manage master data.
6. Technology: The master data hub and any enabling technology.

Check out how your business can benefit from MDM so it can grow and expand with time.