Benefits of Master Data for Sales & Marketing

by Rutuja shah Digital Marketing

What is the most valuable asset of your company? It is the data that every department in your organisation collects. Right from a sales decision to marketing decision, and from customer engagement to analysis, data is of great help. The IT and CIO sectors of your organisation know the importance of data. But it is time that your sales and marketing team make use of data to make decisions too.

The collection of data at the departmental level is disparate. So it needs to be structured in a way that it can be used across the enterprise. It is important to know which part of the company data is useful and which is not going to give you the desired output. Are you struggling to make optimum use of your data? It is time to make way for an all-new data concept called Master Data. Master Data merges the data from disparate sources and gives you unique, clear and aligned hierarchies, and relationship codes of your partners, customers, suppliers and vendors.

Say two sales executives of the same organisation, working at different locations, are targeting the same company – XYZ. In the management system, one enters XYZ, and the other enters XYZ. Since your management system does not capture the corporate relationship, the efforts may not pay off as per expectations. Master Data can overcome these problems effortlessly. For all marketers, Master Data gives a standard format that connects the data and builds hierarchies.

Mentioned below are some of the benefits of employing a Master Data strategy within your sales and marketing departments:

● Gives a 360-degree view of business relationships

● Provides new insight into an entity’s relationship tree

● Offers broader visibility into your supply chain

● Provides information about risk and fraud

● Allows you to design accurate business models

Since there are multiple benefits of using Master Data for sales & marketing, it is time that you take this step for the betterment of your company.