Bringing data consistency on-board
We all know and agree with the fact that data is a crucial asset or perhaps the most crucial asset for a business. But is simply gathering and storing data enough? The answer is NO. Data becomes a key decision maker only when it is available for timely retrieval in a functional way. This is where Master Data Management (MDM) comes into play. Let us take a hypothetical business situation to gauge just how crucial MDM is.
Suppose an enterprise, operating in 18 countries, is planning to expand into more geologies. It has decided to launch its top 10 products for young buyers in the new markets, to begin with. Now here’s a simple question – how will the firm get all this data? They need detailed and accurate data related to:
Now how accurate and commercially viable the expansion decision turns out to be will depend entirely on how quickly, accurately, efficiently and comprehensively you can obtain this data. And the only thing that meets these critical requirements is MDM.
Master Data Management is a set of tools and methodologies that centralize, categorize and synchronize available data to provide you with high quality retrievable and referenceable data. This data, in a broad sense, can be related to key business elements like products, services, locations, business assets and customers. A major benefit of on boarding MDM is that it avoids costs incurred due to duplicate data, multiple data and conflicting data.
Who should go for MDM solutions?
MDM solutions are meant to organize and integrate large amounts of data. So it is ideal for large scale multi-nationals and also for firms who deal with frequent acquisitions.
Multinationals: Enterprises that operate in multiple countries not only have large volumes of data but also large variety of data. Some broad categories that we could be looking at would be number of selling points, number of products, volume of sales, revenue generated and number of customers. This data will be further segregated based on the countries and cities of operation. For insights, this data will further be played with to understand which products are doing well in which country or city and which customers are buying what kind of products. So day in and day out data keeps piling up and as seen in most firms, the data is bound within the silos. Master Data Management can bring all the data generated from multiple locations together and create a single referenceable point to derive insights.
Acquirers: When acquisitions take place, merger of data becomes challenging. There are high chances of data duplication, fragmentation, erroneous categorization and worst, data loss. MDM makes data mergers easier and more functional. It ensures that the data is cleaned, synchronized and categorized before archival.
TechM BPS Master Data Management Solutions:
We have been assisting globally renowned firms with professional and efficient Vendor Master Data Management services since 2003 and have only grown bigger and better since then. With a workforce of 700+ skilled personals, your data is mastered in the most functional way.
Raj Kumar Seth heads Manufacturing, Hi-Tech and Finance and Accounting consulting for TechM BPS. He has 13+ years of work experience in Business Transformation in processes ranging from Procurement, HR, F&A, supply chain. He has helped clients set up their operations centers across US and Europe. He is a General Management MBA with Bachelors degree in Engineering.