Competing in the global marketplace offers businesses a chance to increase their consumer base, but it also means companies compete with other businesses around the globe. Gaining a competitive advantage is crucial for businesses that want to thrive. Utilizing new technology and software that offer operational advantages is one way to remain competitive.
Gathering and using data is another way to ensure your business thrives. Data is factual information. It includes statistics. Companies that gather data can use data analytics to inform their business decisions. Master data management is software that ensures your company accesses consistent master data. Continue reading to learn more about MDM solutions, and how your company can benefit from master data management software.
What is master data management?
Master data refers to a company’s shared data. Master data is business data relevant to business decisions and operations. For example, a software company may gather data about cloud use to determine whether to expand cloud services. Their master data could include information about whether clients who acquire cloud platformation services retain those services and their customer satisfaction rate.
Sales are a crucial part of master data. A computer manufacturer can use sales figures to determine if they should develop more 2-in-1 computers or focus on tablet or laptop product development. Master, data can track sales of desktop computers and identify the features of the most common models sold so manufacturers can emphasize desired features in future product designs.
Today, companies use multiple types of software for different tasks. You might have software for inventory management and another type of software for setting business goals and tracking staff progress. With MDM solutions, your company brings relevant data together, eliminating siloing that segregates data streams and limits access to that information.
MDM software gathers master data and ensures all appropriate parties in your business have access to the same data. Master data can be presented in different ways. It can be broken down into location-specific information or included in company-wide data reports. Master data can be subject to governance policies and regulations. For example, a company that provides health care services must comply with Health Insurance Portability and Accountability Act (HIPAA) regulations. Exceptional master data management software from data science industry leaders, such as TIBCO, ensure companies generate accurate, actionable master data.
What are the benefits of MDM solutions?
MDM solutions ensure every appropriate member of your company has access to the same information. This prevents misinformation and confusion because you won’t have stakeholders referencing information that’s different from your managers’ data.
Master data management software eliminates inefficiency because MDM solutions ensure master data is readable and accessible. For example, your sales team won’t spend hours interpreting figures that don’t have practical applications to their operations. Instead, they’ll have actionable insights they can use to modify sales strategies to reach sales targets. The software also improves efficiency by eliminating overhead costs.
MDM solutions promote consistency, which can increase customer satisfaction. Master data management software also enables your business to have faster access to master data assets and use that information to inform business decisions, ensuring swift action to minimize losses or increase profits based on actionable market data.
What types of businesses use MDM solutions?
Master data management software benefits larger companies with multiple staff members, divisions, or locations. Large retailers can use MDM solutions to evaluate their overall sales performance and review sales data for stores by region to determine if some regions outperform other areas. For example, a retailer considering shutting down some stores would use this information to determine which locations they should close.
Manufacturers use master data management software to develop sales projections and determine what products and features are in demand. This data can prompt manufacturers to reduce the production of some products and increase the production of others. They may also start producing new products designed to meet anticipated market demands.
Other industries that use MDM solutions include the healthcare, agriculture, and finance industries.
Master data management refers to pooling relevant business data and ensuring company-wide access to accurate, consistent data. Master data management solutions ensure accuracy and reduce inefficiency. Business owners and executives use actionable insights from master data to make informed business decisions that benefit their company.