July 24, 2018 9:00:00 AM EDT

The Benefits of a Master Data Management Project

App Development & Integration

The Benefits of a Master Data Management Project

Master data management is an intimidating project to tackle. However intimidating it may be, it’s absolutely necessary. MDM not only saves time, but it allows you and your team to operate at peak efficiency. The benefits far outweigh the intimidation. Here’s why.

MDM Offers Better Control of your Data

A common question at a business of any size sometimes goes like this: “Can we get a report outlining all of the people who haven’t engaged with us in the last 24 months?” A common answer to that question? “Sure I can get you that, but I’m not sure how accurate that information is. We switched CRM’s a while back and I think (insert name here) used to use a spreadsheet that we can’t find.”

Yikes. Information is only as good as it’s accuracy. Master data management certainly helps solve this problem. A good MDM strategy houses all of your data. Whether it be customer data, company data or internal data. It all lives under one roof and all of the applications talk to each other. This allows you to better control your data to find inaccuracies and incomplete data and fix it before it becomes an issue.

All the Data, Much Less Effort

You already know MDM brings all of your softwares, ERP, CRM, etc. together under one roof. However, what it also does is allow you to pull in reports based on all of that data. These reports aren’t manual either. They are automated.

This means less time putting together monotonous reports and more time doing things you want to be doing - such as getting home before dinner or not feeling guilty about playing 9-holes after work.

Kidding aside, MDM allows your company to be more accurate, more efficient, and in turn make better decisions guided by accurate data.

Increased Customer Experience

The customer is king, right? In pretty much any industry customers are the top priority. Happy customers or clients are more likely to to refer you business. Short of an automatic door, nothing’s easier to close than a good referral.

One great way to guide your decision making is simply by seeing what resonates most with your favorite customers. It’s hard to track that without MDM. You can’t make solid decisions based on incomplete or inaccurate data. You need complete data and insightful reports to guide decision making. MDM offers just that.

For example, how would you know a certain email is outperforming others if you’re not tracking it or pulling it into your contact records on your CRM?

Whether we like it or not, we live in a world where pretty much everything can be tracked. The more information we have, the more informed our decisions can be. The more informed are decision are, the greater the probability of a positive consequence.

Before you go ahead and trust your gut, make sure it’s involved in your MDM strategy.

 

Master Data Management Ebook | Aspirant

Think Aspirant

At Aspirant we are experts in evaluating, installing, configuring, and implementing high-performance data warehouse architectures. We understand the importance of having complete and accurate information available at your fingertips. If this is a pain point for you or your company, give us a call. We’d love to explore how we can help.

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Phil is Aspirant's Technology Director with a focus on providing enterprise-grade solutions. His 30 years of experience have given him the opportunity to work across many markets, industries, and applications. Phil is leading a team of skilled web and mobile developers building strategic solutions for our customers.

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