How a unified MDM solution helps with enterprise, product, and customer data management
MDM for Enterprise Data Management (EDM)
Many organizations use manual processes that rely on emails, spreadsheets, and conference calls to build consensus around enterprise master data elements. Processes such as these can lead to long reconciliation cycles as well as alignment and trust issues in enterprise reporting.
Without access to a common reference, it’s no surprise that figures across the organization may not match. In addition, without effective Enterprise Data Management (EDM), companies will be slower to respond to change—whether migrating an application to the cloud, managing the effects of mergers and acquisitions, or simply reconciling enterprise data differences across business functions and applications.
EDM ensures that business applications are aligned with each other through the consistent use of critical enterprise data elements, such as the chart of accounts. EDM helps ensure that enterprise master data is not only consistent across financial systems, such as enterprise resource planning (ERP) and enterprise performance management (EPM), but also reporting, analytics, and other transactional applications such as procurement, supply chain, and customer experience (CX) systems.
With a system for EDM, employees work with the data they need using their everyday software (accounting, CRM, etc.). EDM will crowdsource these activities and add them to a shared framework. This allows information sharing and data governance to mature into formal policies that are based on how people actually use the data instead of preconceived, inflexible rules.
MDM for product master data management (MDM)
From developing the latest disruptive innovations to simply keeping the lights on, accurate and timely product data is an organization’s informational lifeline. Best-practice product master data management gives the business a 360-degree view of all product data. This includes everyone from C-level executives who develop organizational strategy to users who continually utilize product information for development, marketing, supply chain, and enterprise operations.
By taking all the product master data scattered throughout heterogeneous systems and consolidating and centralizing it, product master data management (MDM) becomes the single view of product information that can be leveraged across all functional departments. It helps eliminate product data fragmentation, a problem that often results when companies rely on nonintegrated legacy and best-of-breed applications, participate in a merger or acquisition, or grow the business globally.
A product master data management solution provides the foundation for enterprise business transformation, delivering a single source of correct product data required for your sales, marketing, supply chain, and ERP processes. With product MDM, you can establish a unified enterprise product record and digital thread that helps you rapidly commercialize, govern, and publish product master data for globalized manufacturing and omnichannel commerce, and seamlessly syndicate data to internal and external applications and marketplaces with a single multidomain solution—delivering trusted and commercialized product information for faster time to market.
MDM for customer data management (CDM)
Clean, consistent customer data is vital to an organization’s success. Customer data management (CDM) consolidates, cleans, completes, and coordinates data to and from multiple sources. It can also standardize addresses, resolve duplicate record issues, and ensure that sales teams have the best version of customer profiles and records.
CDM helps overcome common problems that arise from inconsistent, incomplete, and inaccurate customer data including:
- Poor customer service resulting from inaccurate data
- Sales teams with multiple reps working on duplicate accounts
- Ineffective marketing due to duplicate leads
With trusted customer records, organizations have a more effective management platform, as well as a single, accurate customer view that can be used across multiple systems and business units. Good customer data provides a holistic picture that allows for rationalized account planning, improved sales execution, and customer profitability.