Global Data Management
Master data management – we deliver efficient data experience (from data aquisition to business )
What is Master Data Management?
Master data, such as client or product information, constitute immensely important, if not the most important, equity of every company.
New communication channels with clients and partners have multiplied means of acquiring data, but lack of a coherent strategy in this regard has added to creating information silos which hinder utilizing its full potential.
MDM addresses this problem. It is a process in which IT and business cooperate so as to ensure availability, coherence and reliability of master data in order to maximize ROI.
MDM solutions lay the foundations for main business processes and applications at each corporation.
Without proper management of reference data it is impossible to effectively report and market.
Moreover, MDM enables organizations to:
- Improve customer service processes by utilizing in-depth knowledge of client preferences and needs.
- Optimize promoting new products and managing supply chains.
- Expand the possibilities of x-sell and up-sell by detecting new relations between clients and products.
- Adapt more easily to legal requirements regarding sensitive data warehousing.
- Significantly reduce the costs associated with potential M&A initiatives.
Above all, however, MDM allows organizations to minimize the number of operating errors caused by substandard data quality.
A survey conducted by the Gartner Institute reveals that substandard quality of master data costs a statistical American company an average of $14.2m annually.
Meanwhile, Software AG determines the negative impact to be 10-30 per cent of a typical company’s total revenue.
Each implementation of MDM at an organization poses a number of challenges:
- It is a corporate culture revolution which turns master data into a strategic resource.
- It requires substantial time and financial committment in the part of a company, as well as smart planning based on target prioritization.
- It depends on a vast array of interdisciplinary competences, including data modelling, application integration, business process management or information security.
Several reasons why BlueSoft is an excellent partner for MDM implementation:
- We have gained hand-on experience in key MDM domains (client, product, address), use cases (analytical, operating, collaborative) and architectural styles (registry, coexistence hub, transactional hub).
- We are knowledgeable in the area data reference models for a variety of industries, including such complex ones as telecommunications or banking.
- We are highly competent in the realm of SOA, without which it is impossible to develop a fully integrated corporate MDM service.
- We offer consulting services when planning MDM initiatives and their gradual adoption by an organization.