What is MDM?
How much master data does your business collect and produce? Is there one central point where all of that information is available to every channel that needs it, or is it spread across various systems, software and databases across the business?
If it’s the latter, it’s much more difficult to manage and use that data – and it’s a problem that’s holding up data innovations and digitisation for businesses in every sector.
Master data management solutions help businesses remove data silos and create a single version of the truth with their data. The result is data – be it customer, product, asset or other records – that contains the same, accurate information wherever it is accessed.
But MDM technology alone isn’t enough to transform disparate data into a reliable, centralised information resource. For truly effective master data management, you need a comprehensive MDM strategy that doesn’t just look at how your data is processed, but its role within your business.