MDM is critical for financial reporting, customer management, customer care, compliance, product regulatory adherence, cross-selling and up-selling, privacy management, supply chain, security management, and many others.
Master Data Management Optimizes Business Processes
If any of the business processes listed above are important to your business, you need MDM to maximize its effectiveness and efficiency.
Consistent and trusted master data is required, or the processes will break down, resulting in:
- Siphoning resources to manage data processes
- Damaged credibility with customers, suppliers, and partners
- A competitive disadvantage
- Negative effects on revenues and profits.
And the more data you have, the bigger the impact on your business.
- Over 25% of critical data used by the world’s top companies is flawed.
- Bad data costs the U.S. economy more than $3 trillion annually.
- Bad data adds up to $314 billion annually in healthcare costs.
- Dirty data could cost your B2B brand over $2.5 million per year.
Does Your Data Tell the Truth?
Every time you run a report, whether it’s a customer list, financial forecast, or inventory, you’re relying on the data in your system. But if you’re working with dirty data, your reports aren’t going to reflect the reality of your business. MDM gives you the platform to clean up your data.
Executives hope their data is accurate. But, hope is not a plan. MDM is.
MDM helps your organization do the following and more:
- Ensure Timely Product Recalls
- Facilitate Privacy Management
- Implement Effective Customer Care Programs
- Improve Business Processes
- Manage Threats
- Address Compliance Concerns
- Manage Risk
- Process and Manage Currency
- Reduce Labor Costs
- Optimize Processes
Enterprises often have a hard time justifying the value of a Master Data Management initiative.
There may be two reasons for this.
Lack of Understanding
There is no clear understanding of the organization of what Master Data really is. This may be true for the executives and/or the various data owner teams. Explore what Master Data is
Enterprises underestimate the risks and cost of discrepancies in their master data.
Semarchy simplifies MDM
Have a better insight into the key drivers for setting up Semarchy xDM as the cornerstone for your data governance processes.