Why Do I Need Master Data Management?

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 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.

Manage your master data in the Intelligent Data Hub

Intelligent Data Hub

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

Semarchy simplifies MDM

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.

 

Learn more 

Semarchy xDM

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