If you run a business, no matter its size, you’re probably familiar with the variety of data shared across the different areas.
Some kinds of data are vital for your business to run smoothly and profitable, others might be less important but still, they need to be accurate and accessible within the business. Here’s 3 reasons why you should consider Master Data Management for your Business.
The different types of data
As mentioned above, your business shares a variety of data across different areas. Those can be:
- Unstructured data like the ones from emails, pdf documents, magazine articles and product specifications.
- Transactional data are data about business events that have historical significance or are needed for analysis by other systems
- Metadata, these are data about other data. They can be found in formal repositories or XML documents.
- Master Data, which are the core data within the enterprise that describes objects around which business is conducted. It can include reference data that is necessary to operate the business.
What is Master Data Management
We talked about the data within a business but what is Master Data Management? Master Data Management, or simply MDM, can be summarised as “The set of disciplines and methods to ensure the currency, meaning, quality, and deployment of a company’s reference data within and across subject areas” as quoted by Jill Dyche.
#1 Improves Data Quality
The problem with unstructured, decentralised data management is that every department has their own “piece of data”. This can lead to differences amongst the same set of data, when needed, compromising its quality. Master Data Management acts as one single source of this given data, giving an accurate and updated version to every department within your business.
#2 Reduces Workload
Without a centralised Master Data Management, every department is responsible for collecting and updating data. This can cause your employers to collect the same master data twice or even more. On the contrary, if Master Data Management is maintained by a single department and then accessed by the departments that will need it, it’ll reduce the workload of those employers and eventually improve their productivity.
#3 Improves Decision Making
Master Data Management can provide a comprehensive and complete view of a company’s master data across your organisation. As a result, decision processes can rely on identical and updated sets of master data, helping employers, executives and senior management to make informed and fact-based decisions.
#4 Eliminates Manual Processes
For many companies, maintaining master data it’s still a highly manual task with Excel spreadsheets predominantly involved. Although they can be easy to use, Excel spreadsheets are very limited when it comes to exchanging data with other systems.
A centralised and system-based Master Data Management eliminates the issue and the manual processes behind. To do so, you can use softwares or platforms like Profisee to help you.
What is Profisee
Profisee is a company founded in 2008 with the aim of emphasizing the value of the data-enabled future. Their platform has been positioned as a Challenger in the Gartner MDM magic quadrant for 2021. They offer solutions for manufacturing, healthcare, retail and other industries thanks to their vision that data