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Transforming Your Business with Master Data Management

By   /  July 13, 2015  /  No Comments

transby Angela Guess

Ashley Stirrup recently wrote for Information Management, “[Master data management] enables executives to take ownership of the data that fuels their critical data-driven processes and delivers a comprehensive picture of meaningful data insights across the business. There are a few specific ways MDM can be used to build a business. They include: (1) Analytical MDM. The goal of here is to ensure that the highly shared data that drive key business decisions such as customer segmentation, forecasting, or pricing, are easily accessible, quality-proofed, accurate and unified. An example of this is a media company in charge of large multi-media and multi-channel campaigns such as the launch of a new consumer product.”

Stirrup’s list continues, “(2) 360-degree Customer View. Here, the system gathers all of the data about a single customer or product, including highly detailed transactional or interactional information. MDM is certainly not the only way to gather customer information, but it is the most effective. In fact, by 2020, 75% of organizations that neglect MDM and EIM while creating a 360-degree view of their customers to support the customer experience will adversely impact customers via the use of inaccurate data during customer interactions, Gartner predicts. MDM enables businesses to connect and unify data about the customer’s entire journey – this is incredibly empowering and fosters exceptional customer experiences. A salesperson or customer service representative can leverage this 360-degree view to offer better, more personalized experiences to their customers on a daily basis. In the past, this 360-degree view was considered a holy grail, as it captures a moving picture that may evolve faster than the pace of IT system evolution.”

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photo credit: Flickr/ fedcomite

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