Master Data Management (MDM) is a technology-enabled discipline that involves creating a uniform & reliable master record for every core entity in a business. Master data serves as an accurate view of critical data including customers, prospects, products, suppliers, financial records etc. that can be managed and shared across the enterprise to ensure improved customer experience, reduced data errors and redundancy, better operational efficiency and governance.
MDM solutions consist of data aggregation, cleansing, transformation, and integration processes. As businesses grow, new data sources are added to the system; MDM can collect, match/merge, enrich, transform, and repair this data quickly & easily. Once optimum quality is achieved and data is deduplicated, a high-quality master data repository is created.
Bad data is bad for business. With Master Data Management organizations can be sure that their data is always accurate, up-to-date, and consistent.
Types of Master Data
- Customer master data
- Product master data
- Asset master data
- Location master data
- Reference master data
What’s the difference between MDM & PIM solutions?
Multi-domain vs. Product domain
IT led or business led
MDM is the right solution if you need to master multiple data domains or non-product data domains
MDM Solutions suit corporate IT led initiatives (typically)
Typically large scope, timeline and cost due to the number of integrations and amount of data cleansing and deduping effort involved
PIM Solutions are best suited for product master data domain, specifically to support multi-channel marketing and digital commerce needs
PIM Implementation is mostly a business led initiative, often times a department led initiative (typically ecommerce or marketing, sometimes IT)
Typically consists of a smaller scope, timeline and cost as compared to MDM projects
Typical MDM use cases
Data duplication: Customer data duplication, supplier data duplication, contact data duplication, reference data duplication
Master data governance: No defined process and governance structure around the master data
Data quality improvements: MDM helps highlight the data quality issues and means to automate the data quality improvements
ERP/enterprise systems re-platform: Before existing ERP and other enterprise systems can be replaced, the current master data needs to be centralized to facilitate the current replatforming and potentially future ones
Enhanced reporting/BI capabilities: Enterprise reports / dashboards are as good as your master data. Once you master your data in an MDM system your BI/reporting system can report accurately, example – sales by customer by region
Customer & Supplier data onboarding efficiency: Due to the flexibility and automation features available in the MDM tool, it is often used as a faster way to onboard new customers or suppliers
Multi domain MDM: Enterprises have to store more than one type of master data in one system. You want to store your customers, suppliers, products and say locations in one system. This is becoming a more and more common use case as today’s mature MDM systems allow it and also provide the opportunity to manage all kinds of master data in one place and to connect/relate the data in meaningful ways.
Benefits of Master Data Management
No bad data Increases productivity across every department that relies on master data to make critical & timely business decisions. MDM makes sure your data is highly usable and consistent, which means no more losses or delays caused by missing, outdated or inaccurate data.
Reduced cost & complexity As organizations grow & expand, it becomes harder to manage huge volumes of data with legacy systems. More data to manage means more time, money & resources invested to process the data accurately. With modernized MDM, organizations can streamline all processes used to source, store, manage & access data to save heaps of time.
Superior digital experiences With a 360 degree view of data, businesses can create opportunities to cross-sell & upsell to engaged customers driving up revenue while lowering costs.
Improved data governance Consistent, reliable & accessible data simplifies governance for increased accountability, avoiding business risks & associated costs.
Single, trusted, enterprise wide view An MDM solution brings all your data together to create a single, real-time view of the business to ensure much-needed transparency across every function. Elimination of data silos result in operational efficiency and faster time to market.
Why choose StrikeTru’s MDM services & solutions?
- We have pre-built data models for all common use cases in Retail, Manufacturing, Distribution and other segments.
- StrikeTru has developed best practices for all areas of multi-domain MDM solution on Riversand & Unidata MDM platforms.
- We provide a common list of business rules that helps organizations move quickly and respond to changing business needs faster.
- StrikeTru has developed a UI Configuration tool kit that provides many common UI configurations and also provides a way to extract any configurations from the tool, apply changes and deploy it back quickly.
- Custom API based Integrations: (ERP, PIM, DAM, Ecommerce, Data Pools, Translations, Migrations etc.
- Initial data migrations can be particularly challenging. We have the know-how to manage data migrations with best-practice based proficiency that’s baked into every project.
We work with leading MDM platforms
We have experience in all aspects of an MDM implementation – business consulting, tool configuration, requirements alignment with tool capabilities, training, support, connector /integration development, and multi-industry experience.
“StrikeTru and Unidata make a highly experienced team and have empowered us to rethink our processes and refresh our technology. We believe this new solution holds tremendous power in delivering the right information to the right person, at the right time and will help us achieve real business benefits.” said Federico Masias, SVP Information Technology at Baird & Warner.Baird & Warner Testimonial