Effective product information management strategy

10.03.2020 Angelika Siczek
mechanical gold cogs with MDM letters inside of them

To create a good data management system, certain requirements must be met. First of all, you need a good plan and design of the right architecture before the system construction begins. Each stage must be supervised by a specialist. Its character must, as a rule, be ahead of the expectations and requirements of the environment. Needless to say, this system must be compatible with the environment. It is also necessary to be able to later manage the data centrally but also with the possibility of giving different degrees of access. Unfortunately, most of these systems are created on existing environments whose design does not allow easy integration.

If the Master Data Management system is well designed, it will increase the ability to cope with the challenges of long-term database development. In addition, it will improve data flow, from acquisition, to categorization and storage, to sharing. However, the requirements for MDM are very high now. Enterprises are in constant motion, they need continuous data analysis, behavioral profiling and appropriate data presentation. To ensure MDM is operating at high speed, the database must be maintained in a certain way.

Profiling master data

Proper data profiling is the key to success. It is very easy to miss the chance of completing a large project by misclassifying the information obtained. The most important thing is to keep the database in a state of coherence and global order. Before any fragment of data can be found in the database, it must be classified accordingly. Each individual information record must be checked so that any discrepancies in the correlating data are removed. This may seem an effort beyond measure, but it will shorten the work on the entire database.

Data profiling will also capture errors in data or their quality and improve the requirements of their selection in the future. During profiling, you can also analyze their impact on the business and operations of the company, which in turn will become the basis for creating a standard for imported data.

Master data consolidation

Without the ability to combine data from different sources together, many enterprises would not be able to maintain a uniform and useful database. Fortunately, modern data management systems are able to adapt to various applications and create a fully compatible environment with them. Regardless of the recipient of the data, be it a customer, distributor, supplier, website or business partner, our MDM system will work with all CRM, ERP and OMP (Order Management System) platforms. Data consolidation also means deleting duplicate or unnecessary records from the database, thus cleaning it of unnecessary information. This will make it easier to control the database status and filter the information that will be sent to the main repository.

Data cleaning and management

Clearing data from errors, matching, standardizing and improving quality is the basis of data management. However, these activities can be closed to a certain standard and automated to save yourself this tedious and repetitive work. For example, you can program a password change from “limited liability company” to “limited liability company” and the system will automatically introduce a change in every record and in all that will appear in the future.

Data management, understood as sharing this data with relevant departments or specific groups, by prioritizing them, can also be automated. This creates ideal working conditions where a specific department has immediate access to the data it needs in a controlled and secure environment. This increases the usability of the database for actual work results.

Sharing master data

The most important thing in data management is to avoid creating silos. This contributes to better enterprise productivity and better use of the database. It also increases the transparency of the entire enterprise. Data sharing must be smooth and fast. Architecture must be geared towards the usability of data for services that require it. This solution will allow you to get the maximum potential contained in the master data.

Enabling the sharing of master, analytical and transactional data in various forms that will meet external requirements is a priority for a company with an MDM system. This will not only improve the internal operation of the system, but also cooperation with partners, and all in the common goal of customer satisfaction.

Data transformation for better services

MDM systems are used not only for collecting data, but also for presenting them. To ensure the best use of your data, you should not only organize it, but also draw conclusions from it. In a self-respecting corporation, data analysis exists for a better understanding of the market, the customer and to improve the quality of services is essential. The right MDM system gives you that opportunity. Better services mean greater customer satisfaction, which in turn leads to more sales and further innovative changes. Regardless of the size of the company, data analysis and comparison with reality is an invaluable insight into the market and the quality of services.

The importance of a good MDM system

Data is much more valuable than the technology itself. They are more important because applications and systems can be modified and improved or developed, and the lack of necessary data will not be replaced.

The right MDM system provides irreplaceable opportunities in the development of internal systems and the overall development of the company. Good data management also has the potential to increase sales, improve cooperation with partners, and increase the time-to-market ratio. These should be the main goals for a serious company thinking about dominating competition and constantly improving their strategies.

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