Master Data Management Optimizes These Business Processes
- Customer Management
- Compliance Management
- Product Regulatory Adherence
- Cross Selling and Up Selling
- Privacy Management
- Supply Chain Management
- Improving Business Process
- Security Management
- Customer Care
If any of these are important to your business, you need MDM to maximize their 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. Consider this:
- 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:
- There is no clear understanding at the organization of what Master Data really is. This may be true for the executives and/or the various data owner teams.
- Enterprises underestimate the risks and cost of discrepancies in their master data.
Semarchy has tried to simplify the message of MDM to make it intelligible for everyone in the enterprise. We’ve created a short video that will give you a better insight into the key drivers for setting up Semarchy xDM™ as the corner stone for your data governance processes.