Master data can take the form of product, customer, supplier, location and asset information, in addition to any information sources that drive your business.
Master data management (MDM) is the core process used to manage, centralize, organize, categorize, localize, synchronize and enrich master data according to the business requirement of the sales, marketing and operational strategies of your company
MDM team can perform the roles of Advisory, Implementor, and Operator.
The main challenges of MDM are to understand the business from the perspective of the below
- Supply Oriented
- Enterprise oriented
- Customer Oriented
The need for MDM is
- To Improve Data Quality
- To Implement Effective Customer Care Programs
- To Reduce the process time
- To Improve Business Processes
MDM supports your business initiatives through identification, linking and syndication of information across products, customers, stores/locations, employees, suppliers, digital assets and more.