Are you making your business decisions based on your experience?
If your answer is yes, then it’s really commendable.
But, are you sure it generates the best results for your organization? Of course, there won’t be any guarantee.
Data is the key element for every organization in this highly competitive era. It enables you with a lot of information about customers, maker trends, products, competitors, etc. and helps you make the right decisions.
When you collect the data from different channels, you receive it in a scattered form. You need to convert it into a structured way to get insights into the different aspects of your business.
Master Data Management (MDM) solution helps you in collecting and managing the massive data in a well-structured way. Successful implementation of MDM provides you consistent, trusted, controlled, and accurate master data. It aggregates your data, standardizes it, and matches the values to provide you a consolidated view of different business entities.
Well, to manage the massive data of your organizations, you have to adopt the best Mater Data Management practices. It helps you to run the business efficiently. Here are the best MDM practices that you should consider for quality data management.
8 Practices to Follow for Effective Master Data Management
1. Collect maximum information
The more data you can collect, the better insights you get, and the more effective decisions you can make to drive success for your business. You might be doing your best to collect the data from different channels and platforms but it’s not enough.
Keep exploring the new ways that help you in getting more valuable data about your customers and competitors. With more information, you can drive more business opportunities.
All you need to do is, perform a quick analysis of how you are collecting information right now for your organization and how you can improve the data collection process to get better results.
Once you get clarity about the gaps in your existing data collection process, you can implement the new strategies to collect more valuable and reliable data.
2. Check out for the data quality
More is not always reliable. When you receive a massive amount of information, you have to validate it by implementing a set of quality assurance processes.
Not every data, that you receive, is valuable. Though the user enters the information by themselves, they also provide the wrong details. Thus, to get a more reliable view, it is essential to check the quality of the collected data.
Quality assurance doesn’t verify each and every data for you. It just enables you with an audit system that checks the data at random periodically.
3. Implement a common metadata layer
The development and integration of a common metadata layer allow you to share information across your analytical and management platforms. It lets you drive more efficiency in every aspect of your application and data gathering process.
The metadata layer helps you learn market trends before you launch your brand new products and understand how well your social media campaign performed. The layer streamlines most of your data gathering processes and provides you meaningful data that is easy to understand and use.
4. Organize your data in a meaningful way
From the unstructured data, you won’t be able to drive any insight. So it is very essential to organize your information in a structured way. Simplify your data storage and retrieval process so you can find the information you are looking for without digging through files and files.
Especially, it helps your data analytics team who is constantly analyzing the data as they need to invest a lot of time in finding the information they require. Make sure all your business information has a place and users can access the needed data seamlessly to achieve their objectives.
5. Provide quick access to data to the right user
Well organized data allow for easier access. To improve your data retrieval process, you need to remove all the barriers between your staff and the data they require.
Avoid setting up complex access rights as it directly impacts the productivity of your employees. They can perform the tasks assigned to them without using the data they require.
Sometimes, it becomes confusing for your teams too, that’s why they are not able to access the data they need to perform their tasks. Thus, avoid such situations by making data access easy for all.
6. Improve security standards to address cyber-attacks
Data is the key asset for any organization, thus it is very essential to manage your data securely. We come across many cases of cyber-attacks and data hacking every now and then. There are chances hackers’ erase your all data or the data slips into the hand of your competitors. In such a situation, you end up losing your innovative edge.
Thus, you have to consider and implement data security strategies and tools to protect your critical business information. You have to apply advanced security standards to your Master Data Management solution where you can manage all your projects, internal files, and insightful market data.
7. Provide roles and rights access permissions
This supports data security. Different levels of executives required to access a specific and different set of data. To enable the right user with the right information, you can protect your business data.
Everyone in your organization should be aware of their roles and the information they are allowed to access. The entry-level executives can access the basic information while the C level executives can access high profile information.
Data is a serious business so each member of your organization should take responsibility to protect it. Rather than threaten them for the security of data available in the Master Data Management system; enable them with advanced tools that help them in performing their responsibility of enterprise data protection efficiently.
8. Keep adopting the latest technology trends
Leveraging the new technologies, you can improve the capabilities of the Master Data Management solution. Eland about the latest MDM trends and advanced technologies boost your data security, data cleansing, duplicate data removal, data organization processes faster and easier.
I guess, it is very clear to you that any random Master Data Management system cannot deliver you the best result. You need to consider the robust MDM solution that offers an advanced feature set and allows to integrate advanced tools and technologies to enable you with reliable data.
Credencys can develop and implement a next-generation Master Data Management system for you by harnessing the potential Pimcore platform. We offer a wide range of Pimcore development services to build a custom MDM solution as per your specific business needs.
We have a team of highly skilled Pimcore developers who have successfully built and delivered the MDM systems to the varied industry domains as per their development and integration requirements. Moreover, it will be quite easy for you to apply all these practices on your Pimcore based Master Data Management system.
Do you want to manage your data in a well-organized way in a bespoke MDM solution that provides meaningful information? Let’s connect with our Pimcore experts.