Transform Your Business with Comprehensive Master Data Management Solutions?

Accurate and reliable data is the lifeblood of any successful business. Yet many organizations struggle with scattered, duplicated, and inconsistent data that cripples operations and strategic decision-making. Master data management (MDM) solutions provide the antidote.

With robust master data management services, companies can cleanse, standardize, and govern their critical data assets to drive efficiency, insights, and growth. This article explores how advanced master data management services enable businesses to transform their capabilities and performance.

The High Costs of Poor-Quality Data

Poor master data quality has far-reaching consequences across an enterprise. Inaccurate and disjointed customer, product, supplier, and other records lead to:

• Duplicate and inefficient processes
• Supply chain and inventory management issues
• Poor regulatory compliance and audit failures
• Inability to gain meaningful insights from analytics
• Missed cross-sell/upsell opportunities
• Weakened customer satisfaction and loyalty
• Revenue leakage and lost profitability

Research indicates that poor data health costs organizations an average of $15 million annually. For companies with over $1 billion in yearly revenue, that figure balloons to $128 million per year.

The risks and costs will only increase as data volumes and sources explode in today’s digital economy. Businesses need robust MDM solutions to take back control of their data.

Why High-Quality Data Matters More Than Ever?

Simply put, facts enable decisions, analytics, and automation to function optimally. But within most businesses, multiple disconnected systems birthed from mergers or rapid organic expansion lead to information trapped in organizational silos.

Inconsistent datasets then drive misaligned interpretations of realities to cascade across fragmented environments. And as trends like Big Data and AI take hold absent solid data foundations, risk intensifies for entire companies steering blind.

Yet getting enterprise data houses in order proves profoundly complex given the scale and transformations required. This leaves most change initiatives flailing to gain traction before fading into eventual acceptance of the broken status quo.

Critical Capabilities of Master Data Management Solutions

Master data management platforms consolidate and govern distributed master data from across the enterprise. Leading MDM solutions centralize key data domains and deliver the following capabilities:

• Master Data Cleansing and Deduplication

MDM software identifies duplicate, outdated, and erroneous records. Master data cleansing incorporates removing redundancies and standardizing formats. This leaves behind high-quality golden records.

• Data Enrichment

Platforms augment records through additional sources and heuristics. For example, appending missing attributes such as Manufacturer (OEM) name and part number to standard parts in Material Master (MM) or adding geographic coordinates or mortgage values to customer addresses.

• Integration and Consolidation

MDM integrates siloed data from multiple downstream applications into a unified view. This “single source of truth” amplifies the value of master data.

• Hierarchy and Relationship Management

Solutions define hierarchies and associations between master data objects. For instance, regional and departmental data can be nested under an organization.

• Workflow Management

Platforms coordinate cross-functional MDM processes through built-in workflows. This ensures consistency and accountability.

• Data Governance

Rule-based governance maintains data standards over time. Stewardship, issue tracking, and other controls sustain master data integrity.

• Security

Robust security protects master data integrity and privacy. Authentication, access controls, encryption, and audits safeguard sensitive records.

Together, these capabilities provide the foundation for trustworthy and optimized master data.

Targeted Use Cases and Business Impact

MDM adoption can target numerous business priorities and applications, including:

1. Customer Data Management

Consolidating customer data from CRM, marketing, support, and other systems provides a 360-degree customer view. This empowers sales with insightful cross-selling while improving retention.

2. Product Information Management

Centralizing product attributes and hierarchies helps ensure that ecommerce has consistent, complete data. This drives online conversion and consistency across channels.

3. Supplier Data Management

Onboarding and managing clean supplier records enhance procurement’s impact. AP automation and savings rely on accurate vendor master data.

4. Material Master Data Management

R&D, manufacturing, procurement and inventory depend on complete, standardized material data. MDM delivers trusted item data to streamline operations and effective use of ERP system.

The business impact of MDM includes:

• 12-25% increases in revenue and customer retention
• 55-85% drops in duplicate records
• 27% faster time to market for new offerings
• Up to 35% reductions in operational costs
• Elimination of 90% of product data errors
• 23% more contracts compliant on the first submission

For most organizations, MDM solutions and spend analysis tools deliver full ROI within 6-18 months after implementation. The business value only grows over time as data volumes and use cases expand.

Best Practices for Master Data Management Success

Maximizing the ROI and impact of an MDM program requires planning and execution:

1. Start with Business Priorities

Initiatives should target high-value business needs – not technical ones. Focus on use cases that improve decisions and efficiency.

2. Secure Executive Sponsorship

Gain leadership stakeholder support to align MDM with strategic objectives and assure adequate resourcing.

3. Map Existing Data Landscape

Catalog current master data systems, owners, structures, and quality. This illuminates MDM requirements.

4. Define Data Governance

Establish accountable data stewards, policies, issue escalation, and controls to sustain improvements.

5. Cleanse, Match, and Merge Records

Deduplicate and enrich data through automated matching, merging, and external augmentation.

6. Centralize Domains Incrementally

Prioritize customer, product, or other domains. Consolidate master data iteratively at a sustainable pace.

7. Establish Integration Patterns

Design reusable methods of synchronizing master data across downstream systems. This eases system consolidation.

8. Monitor Data Quality

Ongoing metrics, audits, and user feedback identify master data health risks for remediation.

9. Formalize Training and Support

Ready stakeholders to maximize MDM adoption and proficiency post-implementation.

A phased rollout focusing on foundational domains and business value is key for MDM success. With the right strategy and platform, the best practices above yield tremendous benefits.

Etomix: Your Master Data Management Partner

Etomix offers complete MDM consulting and implementation servicesto ready your data, operations, and decisions for the future. Our solutions include:

• Requirements Analysis and Planning – We partner with your teams to map the current data state, identify pain points and opportunities, plan governance foundations, and model technical integrations.
• Data Profiling, Cleansing, and Enrichment – Our experts leverage automated matching, machine learning, and manual techniques to consolidate, deduplicate, and augment master data.
• Process Optimization – We configure workflows and system access to streamline ongoing MDM and data stewardship activities.
• Change Management and Training – We drive user adoption through stakeholder education and support.

With blueprints tailored to current challenges while architecting lasting alignment with future ambitions, bottom-line returns from Etomix accelerate rapidly. Smooth integrations between modern platforms like AI and legacy mainframes streamline previously disjointed flows into synchronized, competitive advantages.

Final Words

The Etomix team provides end-to-end Master Data Management services– from planning to implementation and ongoing management. And with a proven track record across clients, Etomix MDM transformations deliver immense value through metrics like:

• 568K data duplicates removed
• $16.54M inventory reduction
• 1,259M master data items standardized
• 99.14% overall data accuracy

We offer tailored programs to fit any industry, budget, and use case. Contact Etomix today for a free consultation to start your data transformation. With comprehensive and partnership-focused MDM solutions, we empower businesses to unlock their latent data value and capabilities.