Master Data Management
The benefits of master data management for businesses
Disintegrated and inconsistent data results in weaker market penetration, increases cost compliances, creates supply chain inefficiency, and slows time to market. Over the past decades, IT sectors have progressed into different technologies, applications, and systems. However, as these systems process, analyse, and extract data for business efficiency, inconsistent data can create problems for various business processes such as customer relationship management, supply chain management, and enterprise resource planning initiatives. With master data management (MDM), companies can tackle challenges in providing 100% quality data.
When data-driven analytics became the new norm for business processes, there were questions about delivering thousands of data entries into a single view dashboard. In time, providing data into a single dashboard became possible; however, companies face a challenge with the consistency of data derived through analytics. Here is where MDM becomes a solution to fix data quality problems.*
In this section, we discuss some of the fundamental key points that showcase the benefits of MDM.
- Guaranteed data quality:
- Eradicates slow business process:
- Promotes business agility:
- Avoids duplication and increases data accuracy:
- Reduces security risk and ensures better data compliance:
MDM applications and solutions eliminate insufficient and inconsistent data so that business heads can work with better quality data. To ensure data uniformity and consistency, you can make your business process more efficient and effective with MDM.
Companies often find it challenging to process enormous volume of data without MDM. Processing vast data manually is nearly impossible and challenging. With MDM, companies can automate data processing, which saves time and helps speed up business processes.
With reliable and refined data, businesses have better control and visibility to understand different channels in the customer chain. Business heads can easily understand the challenges and opportunities with real-time data.
The common problem faced in data applications is data redundancy. This issue creates a lot of confusion and errors, which has a ripple effect on different business areas. MDM ensures that it eliminates duplicate data and promotes data accuracy to provide a proper data structure.
Non-compliance of data can lead the company to complicated implications, which include heavy penalties and loss of reputation. MDM applications ensure that the company adheres to all regulations and policies. It also decreases the chances of a security breach, encouraging businesses to use critical data.
Efficient data is essential in this competitive and technology-driven market. MDM solutions are one of the ways to combat the challenges faced in data management. MDM helps companies identify challenges and resolve them to provide a better customer experience. It can eliminate the unmanageable and complex data structure. This helps a business’ top management make decisions based on ‘true information data’ and avoid fragmented, complex, and inconsistent data.
How can Infosys BPM help?
Infosys BPM empowers businesses by offering solutions for data management crises. With a wide array of portfolios that provide an end-to-end solution for MDM, we cover a broad aspect of data solutions while providing Master data management services to streamline business processes such as advisory, data quality management, and digital transformation.
Infosys BPM helps businesses streamline their data with key points such as:
- Data standard structure and documentation
- Simplified processes for communication and approval
- Technology-enabled data validation with AI/ML
- Performance measurement with real-time visibility into metrics
- End-to-end process ownership
*For organisations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed on organisational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward. A comprehensive, yet modular suite of services is doing exactly that. Equipping organisations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organisations that are innovating collaboratively for the future.