Key Location Centric Business Processes and how they benefit from MDM
A vast majority of time spent by corporations today is focused on the business processes that involve locations – tracking them, keeping the information updated, expanding quickly, and providing their customers with accurate information about their stores. It’s why having the best information about locations is critical in today’s economy and why Master Data Management is now so critical to you.
Below are just a few examples of business processes that depend on good, accurate and up-to-date location data.
As you quickly scale up the number of your business locations, are you outgrowing your current data processes? Most organizations experiencing rapid growth still rely on Excel to manage this information. They spend time emailing spreadsheets to track down accurate addresses, bank account information, store hours. This wastes time, and people lose confidence in the quality of the data. Worse still, data which should be read-only for most users can be edited accidentally or maliciously. This information becomes a security risk where sensitive data is circulated to people who should not have access to it at all. The right MDM system provides a trusted one-stop shop where the business can look up the data they want with the proper security in place and use built-in workflows to enforce corporate governance.
Do you struggle to manage tax or other compliance information for different districts as your organization grows? Many organizations struggle to centralize tax locales and other compliance information like water conservation regulations to ensure they comply with laws. The wrong information can cause you to overpay fees. On the other hand, the wrong information can cause you to underpay and risk fines or to be otherwise out of compliance. A robust MDM system is the foundation for tracking this kind of location information to ensure you are correctly reporting current and future locations to address all regulations and not leave money on the table.
Mobile Experience Management
Are you struggling to stay up to date with location-based mobile services? Are you worried that customers won’t find your store? Most organizations struggle to keep internal or external business directories updated with current addresses and store hours. The right MDM system will help you simplify the process of tracking location information that omni-channel marketing relies on, allowing you to increase customer satisfaction.
Are you interested in going beyond address geocoding and verification? Most companies have already implemented address verification and geocoding to standardize their address data. You can take location data to the next level by enriching the data to enable location resource planning, reducing response times and optimizing supply chain routes. An MDM system can help you reduce risk exposure by increasing location data quality. It can also help you incorporate demographic and zoning data to calculate your crime and other environmental risks.
Are you efficiently managing building operations in your facilities? Is it important to treat some locations differently because of sensitive raw materials that need to be handled differently? Many organizations do not have 360˚ visibility on equipment and services management, on-site security or proximity access management. As a result, you cannot authorize access to the buildings or adequately deliver time-sensitive materials, causing waste and lost sales. An MDM strategy allows you to keep track of all your locations and reduces your exposure to unplanned events that hurt your supply chain. The right MDM system can control costs and reduce risks.
MDM is the only cost-effective solution to integrate and standardize your location data. Other processes include site and sub-site provisioning, distributing location data to your suppliers, and supporting geocoding initiatives.