Any business process can benefit from MDM, simply because all applications rely on master data. The master data is what powers everything from financial reporting to customer information, and when the data is managed properly with a strong MDM solution, your company reaps the full value of both the applications and the enterprise’s data. Think better decision-making, increased operational effectiveness, improved customer satisfaction, and higher revenue and profits.
Specifically, with a solid MDM solution, business processes can benefit greatly with the following
Market volatility, cybersecurity breaches, and even foreign government instability are all contributing to increased business risk. To mitigate that risk, you need to understand it – and it’s all available in data to help, if used correctly. MDM makes it possible to understand every facet of the data, from its origins to its modifications.
Increasingly, regulators and executives alike want accurate, timely reports in as near real-time as possible. Without an agile MDM system, however, the data in those reports is often flawed and needs to be checked manually.
HIPAA, SOX, and others – it’s a veritable alphabet soup of regulations, and they seem to change daily as court cases and regulatory agencies act on new scenarios. Being able to produce accurate reports is more important than ever, whether the regulatory agency deals with the environment, taxes, employment, consumer protection, import/export, or employees. MDM helps enterprises stay on the right side of regulators, whether the regulations are voluntary, like the Basel frameworks, or mandatory.
The importance of complete, accurate customer records cannot be emphasized enough. In addition to customer service, warranty information, and upselling opportunities, customer records are required for product recalls. Inaccurate data could lead to unnecessary liability, and MDM is required to ensure customers are notified promptly.That’s only the tip of the iceberg when it comes to MDM’s benefits. Everything from optimizing the supply chain to reducing labor costs can be boiled down to the need for accurate data. Considering the volume of data within an organization, it can no longer be managed manually.
Master Data Management has now gone beyond the traditional boundaries and has specific solutions for every domain. We at MAGNOOS have experts who can drive the implementation of these technologies
A Customer 360 implementation is typically an extension of existing MDM implementation to give a focused view of the customer data. Customer 360 empowers teams with a single view of customers, context of customer interactions, and visibility into customer relationships. it helps to simplify the end-to-end process of centrally on-boarding, strategically managing, visually exploring, and securely sharing information across the customer lifecycle.
A Supplier 360 implementation enables supply chain organizations to transform their supplier relationship management by turning inaccurate, restrained, or disconnected supplier information into trusted, governed, relevant, and authoritative data to fuel business and analytical applications. It provides a flexible ecosystem where everyone can access relevant information and manage vendors, their relationships, and the products and services they supply. Streamlining the supplier relationship and lifecycle management, Supplier 360 accelerates the data-driven digital transformation of the end-to-end information value chain.
elate 360 implementation matches duplicated party information within and across data sources. Linking the data in a Hadoop environment lets you infer non-obvious relationships from your internal and external big data sources for a complete 360-degree view. MDM – Relate 360 provides a holistic view by literally connecting the dots that allow you to predict your customers’ future needs. It efficiently uses your big data to map households, influencers, and social connections.
A Product 360 implementation allows business users to more effectively manage and collaborate on product content to fuel all sales channels with consistent, rich, and accurate product data for an informed and engaging customer experience. By delivering clean, consistent, and trusted product data, Product 360 empowers customer engagement and a company’s digital transformation by increasing speed, agility, and time to market.
Reference 360 is a native cloud master data management (MDM) solution preconfigured for managing reference data. Unlock the true value of reference data sets by centrally defining, managing, governing, and sharing.
With MAGNOOS, IT management benefits from an intelligent MDM platform implementation to:
MAGNOOS solution provides business users with access to master data they can trust: