A company’s success depends on making the right decisions and implementing them.
Decisions are always based on information and it is therefore of vital importance that the information available is up-to-date and accurate.
Better decisions with the help of Master Data Management
Master Data Management (MDM) ensures that a company’s decision-making and the information used for daily business operations are of high quality and that the necessary processes and tools for their maintenance are in place.
Data management models
Nowadays information comes from numerous sources and can be very varied, for example:
- Product data
- Supplier data
- Customer data
- Depot information
- Order and delivery information
- Availability data
- Product range information
In a company many people use different systems to work with data, which can easily be fragmented as a result. Customer data may be stored in several systems and may have been added by different salespersons. Varying practices for recording data may also have an effect on the reliability of the data.
In day-to-day business many factors can weaken data quality and hamper decision-making. Data quality can be affected by different practices in use by various players, inconsistent processes or a lack of rules. From a data quality perspective, critical situations include changes to system architecture, new and out-dated applications, and corporate mergers or investment projects in which information is collected from several different sources. In addition to this, day-to-day e-commerce trade also requires a complete and extensive range of reliable data.
Harmonised information provides an accurate and up-to-date picture of data such as customer records or in-stock inventory. Data quality improvement services ensure that information is uniform and reliable.
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Master data management can be used to create clear goals for the use of information: it is possible to define roles, responsibilities and uniform processes for both data access and maintenance. The goal of master data management is to ensure that the information in different systems is high quality and reliable. This ensures that it supports business in the best possible way.
From a data quality perspective, critical situations include changes to system architecture, new and out-dated applications, and corporate mergers or investment projects in which information is collected from several different sources. In addition to this, day-to-day e-commerce trade also requires a complete and extensive range of reliable data.
Master data management projects begin by defining processes, guidelines and tools. Industry-specific differences should be taken into account in the definition processes. Versatile MDM technology and solutions enhance daily operations and take care of data acquisition, maintenance and quality assurance.