What is Master Data Management?
Master Data Management (MDM) is a system that enables businesses to compile a comprehensive master file of all its critical data which acts as a common point of reference. The master data file can include both analytical and reference data. This data is then used to support business intelligence, and create a reference that showcases transactions and analysis. It is commonly implemented during the creation of a Single Customer View (SCV).
How does Master Data Management help organisations?
MDM streamlines the process of sharing data across multiple departments and personnel – the larger the number of different departments and units a business has, the greater the benefits. The main advantage of MDM is that it helps to ensure businesses don’t have inaccurate or duplicate records. Removing these duplicates helps to:
- Improve the quality of insights you gain from your customer data.
- Reduce the amount of wastage from doubling up on activities.
- Streamline internal processes.