Master data refers to any data that’s shared by two or more integrated systems. An example of this could be business intelligence systems. For example, if data from your CRM system is shared with your sales team’s systems in order to come up with more effective campaigns, that data is master data. Master data management (MDM), then, is a program that’s meant to maintain your shared data quality by ensuring that it’s consistent, accurate, and up to date at all times. Data is potentially the most valuable resource for a modern business, but only when it’s being put to work as effectively as possible.

Integrated systems are a crucial part of any organization’s digital transformation, and in order to make any real use of an MDM solution, you’ll need to make sure your systems are working together. Traditionally, each software solution would store data in its own disparate silo, but this is extremely inefficient and will hamper your workflow. Not only does it waste time, but having workers manually collect data from each silo to compare it all is an error-prone process as well. With reliable master data and MDM, you can greatly improve your organization’s efficiency and accuracy while also coming up with better ways to improve business processes. Here are just a few ways master data management can help.

Improved Organization

One of the most obvious benefits of proper data management is that your systems will be more organized than ever, and you’ll have near real-time access to any data you want. This includes employee data, customer data, product data, transactional data, reference data, and any other data source you can imagine. This makes it easy to answer questions like what your most successful products are, where your marketing efforts should be focused, or how you can use existing strategies more effectively to retain more customers.

Consider Venterra Realty Management, for example. Venterra recently qualified as a Freddie Mac Optigo 2021 Select Sponsor, and they can use this status to lend further credibility to their core values of providing industry-leading services to its residents in its apartment communities. MDM can help them organize and draw insights from their marketing efforts using this information, and they’ll be able to study responses in real-time to make appropriate adjustments.

Increased Productivity

One of the best things about master data management software is that it lets you see how seemingly disparate systems are connected and how to use the data for better business activities. For example, with integrated product data, inventory updates, supplier information, and customer returns data, you can work towards creating a more efficient supply chain.

With more accurate forecasts, you can ensure that you don’t run out of stock on popular items, and you can determine the most common reasons customers are returning less popular ones. If you see any weak point that’s slowing the supply chain down, you’ll have all the information you need to rectify it.

MDM software will also help you boost the efficiency of your IT department. With data integration, you don’t have to worry about constantly servicing disparate systems, and you can eliminate IT overhead costs.

Boosted Customer Satisfaction and Compliance

Customer support is one of the most important elements of a successful business, and with more accurate customer data and real-time readings, you’ll be able to personalize customer interactions across all communication channels, boosting the customer experience. Real-time insights will also give you the ability to anticipate customers’ wants and needs, so new products can more accurately adhere to your target audience.

With real-time data, you’ll also be certain that your keeping in line with reporting regulations and that you never face fines from compliance issues. New retail products will follow all appropriate business rules, and you’ll be able to expedite vendor onboarding and deployment.