Master data Migration | Professional Services

WHAT IS MASTER DATA MANAGEMENT (MDM)? WHY DOES IT MATTER?

Businesses worldwide are plagued with poor data quality. Research by Harvard Business Review (HBR) shows that just 3% of the data in a business enterprise meets quality standards. According to Experian Data Quality, bad data costs 12% of the company’s annual revenue. Overall poor data quality results in lost productivity, poor insights, and inefficient business operations. One solution to address this problem is with master data management (MDM).

So, what is master data? Master data is a representation of critical business entities such as products, suppliers, and customers in the company’s transactional systems like ERP, PIM, CRM, SCM, POS and so on. Master data is considered the backbone of the enterprise, and is often called the "golden record" or "single version of truth". In its truest sense, it is the single and authoritative source of business data. Master data falls generally into three types:

• People such as customers, employees, suppliers, and agencies
• Things to capture products, parts, devices, equipments, and assets
• Concepts such as contracts, warranties, GL accounts, profit centers, and licenses

In this backdrop, the three key characteristics of MDM are:

• Master data elements are shared and used enterprise-wide
• They are constantly used in creating transactional data such as purchase orders and invoices. Master data elements are high in reusability
• Master data values do not change very often. They have high inertia

Why does master data matter for a business? In simple words, with MDM you create ONE Version of the data for efficient use across the company. If the data is right, you have just one place to reference and source your data! If the data is wrong, you just have one place to fix your data! So, what are the business benefits of Master data? A comprehensive Master Data Management (MDM) solution, offers benefits such as:

• By consolidating the critical data elements in one system as a "golden record", business stakeholders have access to the most up to date and a single version of data thereby improving business operations.
• By organizing all critical data elements in a centralized system, it is easier to keep track of critical data elements thereby enabling compliance with laws and regulations.
• As the data quality is improved by having critical data in the MDM system, there will be better insights and improved decision making.

Master Data Migration, Inc is a boutique Data Analytics company specializing in master data migration from one application to another.

MDM Inc has designed and developed an Intelligent solution for complete Master Data Cleansing, Conversion, and Migration quickly and easily.

Our guiding belief is data quality is profoundly associated with managing key data elements (master data) in the early stages of the data lifecycle. Our solution enables disparate master data elements to be profiled, cleansed, rationalized, and enriched to create a golden master data to power IT applications for enhanced business productivity.

POOR DATA QUALITY IMPACTS A ORGANIZATION IN THREE MAIN WAYS.

1. No single customer view for omnichannel marketing. Research has shown that 78% of consumers will only engage with if their previous interactions was factored.
2. Duplicate data hinders personalization. 77% of consumers say that they have paid more for a product that offers a personalized experience.
3. Finally, poor data impacts inaccurate reporting, harms data-backed decisions, and affects business productivity.

To address these types of issues, our master data migration solution is based on 4 key phases. Each phase is modular and outcome focused. We have developed propriety tools and techniques for each of these four phases to provide the best results for our clients.