Data is critical to ensure the success of any business in the current time. Companies make their critical business decision based on the data. But, to achieve effective decision making, you need to have a consolidated and analytics view of the data that your organizations collect, manage, and push on the different sales channels.
Master Data Management is highly popular across the businesses due to its capabilities to deliver a complete, accurate, and holistic view of critical business information across the organization. The MDM platform is a centralized location where you can manage your customer data, product information, and digital assets.
For effective implementation of MDM, you can refer to different online resources such as Whitepapers, blogs, articles, press releases, etc. in a centralized location. But, what you should consider when it comes to the features of an advanced MDM solution.
Through this post, we would like to help you by providing a list of features that you should look for in Master Data Management software.
Top 5 Mater Data Management Features
1. Data Localization
In many countries, the free flow of customer data is prohibited. They do not allow companies to access the data out of their countries or regions.
This could be a challenge for businesses as they certainly need to access the data along with considering the geographic limitations and parameters in place that restrict the usage of data on other countries.
Data localization is something that helps organizations in such a situation.
The data localization features allow businesses to store the data on any device that is physically available within the geographical boundaries of the countries and regions from where the data is generated.
Master Data Management software with a data location feature helps you standardize your location data using data quality and integration tools. You can connect with centralized location data using other domains. It also allows you to discover links and relationships amongst the relevant assets and documents available in the master data.
There are chances that your location data cloud overlap with your other business data. Through the continuous analysis, you will be able to refine your operational information.
Thus, it is a vital feature that allows businesses to manage and maintain customer data within geographical boundaries. It improves customer data security by restricting access to the data in specific countries or precise regions.
2. Master Data Linking and Matching
Master Data Management manages all the data that we have collected from different solutions and channels. Its core capability is the solution matches and links the relevant data with each other to enable you with a complete overview of your business.
Most of the organizations capture data using varied applications or systems. Other companies use acquisitions that have increased the number of silos in which data resides. Thus, there are a lot of chances of information variation and duplication.
To avoid such cases, the robust Master Data Management solutions offer data matching and inking features. The feature uses an algorithm that identifies the duplicate data and resolves multiple entries into an accurate and single record.
Well, if you avoid this feature, then you will come across various consequences. For example; you can add the same product multiple times or contact the same person again and again due to data duplication. Well, this directly impacts your customer engagement and retention.
Now you might be clear that with the inaccurate data you won’t be able to get analytical results and accurate insights.
Matching and linking feature help companies to manage the massive amount of data efficiently by reducing the risk of duplication. It eventually reduces confusion and improves the reliability of corporate information.
Master Data Management allows you to transform the data from multiple systems to a single platform and makes accurate records. And, the data matching and linking help you:
- Avoid data duplication
- Add accurate information across all your systems
- Monitor the integrity of your source system
- Enrich your MDM records with third party data
- Automate the number of resource-demanding tasks
3. Data Enrichment
Data enrichment is a process and a set of tools that improves the data quality that is coming from different sources. When you collect the data manually, it is scattered and you won’t be able to get a 360 view of the information available to you.
To get accurate results and better insights, streamlining, and cleansing of data is very essential. It eventually enables you with customer-related or operational benefits as it allows you to identify the incorrect, irrelevant, or incomplete data and delete or modify the data whenever you want to get a more accurate view of your customer information.
By integrating third-party tools or software, you can refine and enhance your data further.
Start the data enrichment process by validating the data you already have and then move ahead for data cleansing. Once you are done with the enrichment of available data, start collecting the data from the external sources to get broad insights about different business information.
With data enrichment, you can have richer product or customer records that help you in making timely and proactive business decisions that ensure a greater degree of success. The qualitative data boost your confidence in your available information and improve your risk management.
Using the enriched data, you can identify the emerging patterns, analyze the market trends, and reduce your exposure to risk.
4. Data Governance
Master Data Management should be flexible and scalable to introduce actions and conditions and modify the data as per the changing business rules. It is very essential to share the data across multiple use cases such as when you are performing the approval process or importing the data.
All the business rules should be managed in a centralized location. When the rules get changed, it should be affected and applied everywhere across your existing enterprise systems and organization. You can implement the business rules directly in the user interface. You need to wait for backend development to implement it.
Allowing you to implement your business rules, MDM solutions enable you to create, manage, and apply your own data governance policy across the organization. Your selected data governance policy helps you to
- Define the business rules that enforce the integrity of your data
- Design a workflow for the approval process and decisions based on key data situations
- Determine the data lifecycle for each relevant object type
By defining business rules, you can implement your data governance strategy accurately and quickly.
It’s a highly business-specific feature that addresses the expectations of individual entrepreneurs. By allowing to create specific data govern policy, it helps you to reduce the risk of violation of company policies, data integrity, and more.
5. Data Security
As the business grows, the quantity of data your company manages increases. For the security of your massive and confidential data, it is very necessary to set up an efficient data privacy process and policies.
One of the proven ways to maintain data security was to set up role-based security policies. The MDM solution enables businesses with role and right based permission that restricts the access and actions of different users. This feature helps a lot in protecting the private and sensitive data of an organization.
Leveraging the capabilities of an advanced MDM solution that encrypts data attributes with the business defined cryptographic key. Thus, users need to enter a password if they want to view any attribute values.
This feature ensures businesses with zero vulnerability. It eliminates all the possibilities where the external parties try to access your confidential data.
Credencys Provides an Effective Master Data Management Solution using Pimcore
Credencys is a leading digital experience provider from the USA that helps businesses to drive growth and success by developing advanced business solutions. We have a team of developers who have proven experience in developing custom master data management solutions by offering Pimcore development services.
Our Pimcore developers make sure that the master data management solutions manage the massive data of your products and customers and link them as per the relevancy to enable stockholders with broader insights about the different aspects and make the right business decisions.
Would you like to make the right business decisions quickly by developing a next-generation Master Data Management solution? Feel free to connect with our experts to understand how Pimcore enables you with a highly cost-effective and feature-rich MDM software.
Frequently Asked Questions on Master Data Management
What is a Master Data Management platform?
Master Data Management is a technology, processes, or tools that ensure the master data is distributed and coordinated across the organization. It is also popular with its abbreviation MDM. It offers a unified master data services that provide consistent, accurate, and complete master data to internal and external resources of the organization.
What is an essential part of Master Data Management?
Master Data Management solutions contain many different parts. But, when it comes to considering the essential parts, it could be data quality monitoring, concept standardization, hierarchy management, correction and cleansing of erroneous data, business taxonomy, reporting, matching and unique keying, and de-duplication.
How is Master Data Management implemented?
You need to consider seven best practices for the successful implementation of a Master Data Management solution that involves the alignment of MDM vision with your business vision, start small. think big, progress tracking, effective collaboration, maintain architecture consistency & product fit, embrace data governance, and choose the right MDM service provider.
Why is master data so important?
Data is considered as the valuable assets for any organization as it provides many actionable insights to the companies about the varied business elements. When managed properly, the data helps companies achieve their strategic financial results and organizational goals. By adopting the best MDM practices, the organizations can allow their staff to access accurate data quickly and perform the tasks effectively.