Why should you manage your master data

    A company's entire operations benefit from master data management. I.T departments aren't the only ones who benefit from it. Master data serves as the foundation of business processes and is considered the single source of truth. Master data is used in analytics and controlled through governance.

    Typical pain points organizations feel when they do not manage their master data are:

    • Need to improve decision making
    • Multiple versions of the truth
    • Data is being generated at an enormous rate from multiple sources
    • Inability to truly understand customer needs and behaviours
    • Legacy systems running
    • Data quality issues
    • Increased data requests from business

    To mitigate the above, organizations can embark on creating a master data management process. This will lead to

    • An ability to manage the data requests from business
    • Decision making will become fact based and quicker
    • There will be a single version of the truth with good data quality
    • Increased innovation creating the ability to create products and services for customers due to better understanding their needs
    • Develop a capability to handle big data

    If any of this resonates with you, feel free to contact us to explore your master data management needs.