What is Master Data Management?
Master Data Management put simply is the process that allows your organisation to create a uniform set of data on your customers, suppliers, employees, products and other data you collect that is vital to your business.
The Importance of Data Management
The statistics speak for themselves when considering the importance of maintaining clean data.
Research reveals that:
- 89% of professionals admit that inaccurate data is affecting their ability to provide a satisfying customer experience.
- 30% is the average loss in revenue due to poor data quality.
- 50% of your team’s time is wasted on mundane data quality tasks.
In line with the importance of data management, many digital solutions have been built to assist in managing your central data and creating one source of the truth. Here are just some of the benefits you can achieve by introducing such a solution.
Five Benefits of Master Data Management
- Improved Data Accuracy and Consistency
- Improved Efficiency
- Improved Collaboration
- Improved Decision Making
- Improved Data Security
Improved Data Accuracy and Consistency
With greater control in place surrounding data input, naturally, the accuracy of your data should improve. These greater controls also ensure improved data consistency as constraints are placed on the data format that can be inputted. A digital Master Data Management solution also creates an audit trail for data input and therefore this accountability encourages employees to add only correct data and means any data inaccuracies can be quickly resolved. As they can be queried with the point the contact, resolving the issue in minutes. Integrations with your Master Data solution and your ERP can further ensure data accuracy as it removes the risk of human error in the data re-entry process.
Problems associated with unreadable and inaccessible data are eradicated by using a central solution. Your team now have the correct data they need to perform their job efficiently at their fingertips.
Departments across your whole business now have access to a central data solution. This access ensures that they are able to upload any relevant information required and greatly improves the ease and speed of cross-departmental collaboration. Depending on how you use the solution you can also prompt users with email reminders encouraging them to complete their stage of the data workflow.
Improved Decision Making
Data-driven decisions can now be made based on data that is 100% accurate. By consolidating your data in one place comparison and analysis is easier and faster. Enabling you to provide insights that you can confidently rely on.
Improved Data Security
By utilising a digital solution you ensure that your team firstly have a secure login. Not only this, but you have the built-in security and access rights to ensure that your team only has access to the data that is relevant to them.
Here at Allsop, we offer a flexible Master Data Management solution that ensures one single source of the truth within your business but is customised to overcome your specific data challenges.