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

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 at the organization of what Master Data really is. This may be true for the executives and/or the various data owner teams.

What is Master Data?

Understatement

Enterprises underestimate the risks and cost of discrepancies in their master data.

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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.

Why do I Need MDM?

4:04

This video is a quick cartoon introducing the MDM problem and the impact it has on an enterprise, featuring the Smith Family looking for Grandma's phone number.

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Semarchy xDM