Master data management: toward a single source of truth
Master data management is the whole of processes, governance, policies and tools put in place to provide accurate and trusted business information of the right quality level, in the right form, at the right time, in the right context to the right people.
In a world where customers can be served through multiple channels — in brick-and-mortar stores, via service centers, or online — providing consistent user experience and service quality is an absolute must. To make this possible, your stakeholders need access to the same customer and product information. In other words, they need a central database or hub that offers a 360-degree view of all your enterprise data.
Centralize your data
Today, companies are abandoning big platforms and managing data using multiple, different, often cloud-based best-of-breed systems. The result? Scattered, unreliable data. Depending on who you ask for a certain piece of information, (s)he will rely on a different system and likely come up with a different answer. The result? The lack of a holistic overview, and no clear answers to customer-related and other questions.
To be able to provide a consistent user experience to customers across different channels, companies need one central point where all relevant data can be found: a so-called single source of truth.
Same data, different needs
While all stakeholders need access to the same data, not everyone needs to see the data in the same way. For example: your production department will have little concern for commercial copy, while the marketing department won’t need to know about product lead times. That’s why intelligent master data management also focuses on providing the right information to the right user at the right time. In this way, the full potential of the data can be unlocked, paving the way for your business to grow toward truly smart.