Ways to Build Company Master Data & Improve Data Qualityby Rutuja shah Digital Marketing
Organizations today are adapting data-inspired techniques to make intelligent decisions. These techniques additionally help enhance the engagement with customers and associates, increase operational efficiency, and grow revenue. Many hope to further extend these benefits through comprehensive digital transformations of their businesses. The key to success is Master Data Management.
Why does Master Data play such an important role in bringing strength, structure, and truth across the enterprise?
A vast amount of data is generated daily and often such large amounts of data becomes a hindrance rather than driving meaningful insights.
Every company faces a similar challenge where various functions within an organisation create different data sets according to their suitability. For example, a finance department might enter the name of an organisation as ABC Private Limited whereas, the sales department might have saved it as XY Company. Both of them are correct, as one is the company name while the other is the trade style. These processes lack internal standards and as a result data is often unavailable in a single unified format. Moreover, it is difficult to know if the data is accurate and updated.
So, how does one find accuracy amongst all the disparate data sources across the organization? What’s required is a master data solution that helps remove redundancy and in turn drives business efficiently.
Importance of Master Data
If you want to drive business efficiently, you need to "master" your data!
First, you need to structure and systematize your fundamental information on customers, vendors, partners, and prospects. Later, this data must be shared across all internal systems, applications, and processes to facilitate better decision making.
There are four things to keep in mind when engaging a Master Data Solution:
Structure: In order to arrange and combine the data, it requires structure. Only then, shall it become easier to manage, integrate, and be used to gain insights. The regulated structure is crucial for departments to be able to speak the same language. A simple approach to implementing a standard structure begins with the “four C’s” of Master Data: Code, Company, Category and Country.
Connectability: Once the standardized organizational structure is in place, the data needs to be connected and aligned. Separate workflows and systems used by various departments must be able to connect to a common source of Master Data. Essentially, the data should be made accessible to any environment within the organisation.
Coverage: The third area is the coverage. It is extremely important that your entire enterprise is covered, including all customers, partners, vendors and prospects that you engage with.
Quality: Finally, all Master Data needs to have a quality you can rely on. Engage a trustworthy data provider to get the job done.
The ultimate goal is a transition to a full, enterprise-wide Master Data program, but meeting the above-mentioned requirements is an excellent start.
Created on Mar 28th 2019 06:23. Viewed 265 times.