These days, data is one of the most valuable assets available for large enterprises. Without proper data management, you won’t be able to effectively draw insights to improve business processes and workflows, you’ll have a harder time designing new products, and it won’t be as easy to reach your target audience and offer a great customer experience, just to name a few consequences of inefficient data use. In a world of digital transformations and customers who expect instant results, properly monetizing your data is crucial for any enterprise to stay relevant and competitive.
Fortunately, there’s a convenient way to share data across your entire organization and get real-time data updates, so you can ensure that your information is always accurate and current. With a great master data management solution, like TIBCO EBX Software, you’ll have a single solution for data governance.
When you still rely on legacy systems, your data sets get stuck in separate data silos that have no way of communicating. In order for these systems to share data, you’d have to transfer data manually—a process that’s both time-consuming and prone to human error. Even if you tried to transfer data regularly, you wouldn’t be able to guarantee high data quality for your shared data (also known as master data). With master data management (MDM) software, you’ll be able to see and draw actionable insights from, all your shared data sources and data hierarchies. Here are just a few reasons why you need MDM for your enterprise.
Every enterprise needs to use its data effectively, but this is much more challenging when data is disorganized. Considering the volume and velocity of big data, getting everything organized according to business rules can be a challenge.
Reliable master data management tools let you organize all your data in categories, such as product data, reference data, data governance assets, and more. It also makes it easy for you to identify and eliminate duplicate data streams, thus increasing operational efficiency. With automation handling the majority of your data collection, analysis, and organization, you’ll also be saving significantly on costs.
One of the best things about MDM software is that collecting all your data in a single source of truth makes it easy for a market research information system (MRIS) to analyze it and help you increase your business value by gathering better business intelligence. With a convenient user interface, you can load your primary market research into an MRIS while it searches market reports, financial journals, and more for a secondary research to give you a full picture of the market.
This can help you develop more effective promotions, and a combination of historical and current customer behavior data can even help you use predictive analytics to predict future customer needs. MDM platforms can even help you with product information management (PIM), so you can identify any inefficiencies in the supply chain and ensure that you’re working with the best suppliers and vendors possible.
If there’s any resource an enterprise needs even more than data, it’s customers. Business leaders know that it’s always easier to retain existing customers than it is to attract new ones, so encouraging customer loyalty should be a top priority. Through master data and integrations, you’re able to connect all data about customer needs and activities.
Customer data collected by your customer relationship management (CRM) system, for example, can be shared with your sales team, so they can reach out to your best customers with special offers based on their purchasing history. With digital communication channel integrations, collecting customer data from any source is easy, whether it’s gathered from a voice call, mobile devices, or via a company app.