Ways to Build Company Master Data and Improve Data Quality

by Rutuja shah Digital Marketing

What is Master Data?

Master Data is the key component for any business. You should build your organization's data strategy on a strong Master Data foundation. It is the data about your customers, dealers, partners, and prospects. The sheer volume of data that a company deals with makes it very difficult to gain insights from it. Often, it is chaos and hence what could have been an asset, ends up becoming a liability. Your Company Master Data should provide a reliable understanding of your clients, prospects and vendors across your systems, regions and departments. It is also essential that you update your data regularly so that it stays up-to-date at all times.

An Outline of a Stable Master Data Plan:

• Skilfully Structured master data

• United and Coherent Data

• Broad and In-depth data

Take a closer look at each one of these characteristics:

Skilfully Structured Master Data

Structure your data by understanding each business entity with which you engage. Align your data correctly by addressing three distinct levels: entity, hierarchy, and corporate linkages. Many organizations are seeing an advantage in building their data structure with the help of Dun & Bradstreet’s Master Data Solutions. Not only does it provide a singular view of an entity, but it also identifies corporate hierarchies and other business collaborations of that entity. In the future, if you’re interested in connecting your data with another organization (interoperability) or platform, using a global standard—such as D&B’s Master Data Solutions—could help expedite the process.

United and Coherent Data

A great Master Data is consolidated and connected across your organization. That means that the source data your sales teams are using is the same as the one your marketing and development teams are using. By connecting your commercial entities to a unifying data structure, you not only get disambiguated data, but it also helps bring transparency to your business relationships. This in turn, helps you identify growth opportunities more efficiently.

Broad and In-depth data

It is essential that you have a clear and dynamic picture of who you are doing business with. Understanding and learning key insights are important. Your data should be able to provide insights into customers, leads, and partners across segments. It is also important to understand that business relationships are ever-evolving and ever-changing due to ongoing mergers, acquisitions, reorganizations, and consolidations. Having an in-depth view of a corporate family tree is vital in order for you to understand your risks and identify your opportunities.