What is Master Data Management (MDM)?

1

What is Master Data Management (MDM)?

• Thousands of businesses today, especially medium
  and large, generally use dozens of separate
  systems and applications like CMS, ERP, and CRM
  from where the data is collected. Through What is
  Master Data Management post, we help brands to
  manage all the data in a single platform instead
  of varied applications.
• The organizational data often becomes fragmented,
  outdated, and even duplicated as there is no
  proper data management system in place. And as a
  result, finding answers to the most basic
  questions like which products have the best
  margins or how many employees we have
  sometimes becomes hard to answer.

www.credencys.com/blog/what-is-master-data-managem
ent/ hello_at_credencys.com
2

What is Master Data?

• Master Data is basically the uniform and
  consistent set of extended attributes and
  identifiers that describe all the core entities
  of an organization, which usually includes
  citizens, prospects, customers, suppliers, sites,
  and chart of accounts.
• For instance, lets say that there is a business
  with an ERP system. This ERP system will usually
  have at least an Account Master, Item Master, and
  Customer Master data lists. And, as you know,
  these master data lists are key assets for a
  business.
• So, now that you know what Master Data is, lets
  move forward and see why you need to manage your
  Master Data efficiently.

/
www.credencys.com/blog/what-is-master-data-managem
ent/ hello_at_credencys.com
3
Why Should You Manage Your Master Data Properly?

• Nowadays, businesses are spending a huge amount
  of money on collecting data and gain valuable
  insights.
• But if the collected data is erroneous, then all
  the money, efforts, and resources spent will go
  to waste.
• For instance, lets say youre a credit card
  provider company and one of your credit card
  customers changes her address from 2021 North 7th
  street to 1005 North 9th street.
• The customer has also already requested to change
  the billing address immediately but she did not
  receive any upcoming bills. And after a few days
  past the due date, the customer receives a
  threatening call from the credit card bill
  collection department asking why the bill is not
  paid on time.
• The customer then verifies that she changed the
  billing address but she has not received her
  latest credit card bill. She then also asks to
  share a copy of the bill so that she could settle
  the account.
• In this case, the Customer Master data was
  accurate, but the Customer address data was
  flawed. And due to this, your credit card company
  might lose a customer for life.
• The point is, it is extremely crucial to manage
  the master data effectively and effectively.
• So, now that you know the importance of managing
  your Master data, lets move forward and see how
  integrating a master data management solution
  could help to avoid such incidents in your
  business.

www.credencys.com/blog/what-is-master-data-managem
ent/ hello_at_credencys.com
4
Benefits of Master Data Management for Your
Business

• As your business will grow, youll soon start
  struggling to have a unified version of data.
  This mainly happens due to having multiple
  systems and applications, a lack of an integrated
  approach, and manual data management.
• A Master Data Management solution, on the other
  hand, can help you create a single master source
  where all business-critical information can be
  stored and retrieved as and when needed.
• And as a result, it leads to less data redundancy
  and fewer errors.
• That being said, lets take a look at the key
  benefits of Master Data Management in detail.

www.credencys.com/blog/what-is-master-data-managem
ent/ hello_at_credencys.com
5
Benefit 1 Provides a Unified Master
View Benefit 2 Helps to Better Understand The
Customers Benefit 3 Provides Seamless
Information Across All Channels Benefit 4
Connects Anything Everything Benefit 5
Increase Trust Accountability of Your Business
Data
www.credencys.com/blog/what-is-master-data-managem
ent/ hello_at_credencys.com
6
Master Data Management How to Get Started!

• Master Data Management has certainly become a
  necessity for medium and large-scale business
  organizations to fully realize the potential
  business.
• However, the majority of businesses still dont
  know how to or where to get started with Master
  Data Management.
• Well, there are many readymade technology and
  solutions available in the market today, but just
  like mobile app development, its best to go with
  the custom development approach by availing of
  reliable Pimcore development services.
• Pimcore is an open-source, digital experience
  platform using which you can easily create a
  customized master data management solution for
  your business.
• With that being said, we hope that this post has
  helped you to learn and understand what is master
  data management and how it can benefit your
  business.
• If you have any questions, doubts, or queries,
  feel free to ask in the comment section below.

www.credencys.com/blog/what-is-master-data-managem
ent/ hello_at_credencys.com