Master Data Management is the key to break through information silos within your organization. When all data can move freely through your organization, all departments of your organization will not only have access to it, they will also be able to use it. Using your optimized and enriched product data can give you a major competitive advantage. The relationship with your customer will change because you can offer them more targeted and relevant information.
How can you achieve this?
- Create one Master Data Record. Multiple data sources produce important data inside and outside the company. This data can be stored in ERP, CMS, OMS, hard drives and/or other repositories. They are collected from customers, suppliers, partners, merchants, customers and many more stakeholders. With an MDM solution, the process is automated to create one master. It covers all processes from compiling to consolidating data from many sources. It also reconciles and aggregates information and implements rules for validation. This provides an accurate, universally available data repository.
- Keep your data consistent. One of the main factors of customer dissatisfaction is inconsistent information across channels. Since data is processed by different stakeholders in the value chain, there is a high chance that it will be corrupted or distorted by the time it reaches the end customer. MDM makes it possible to achieve data uniformity by providing traceable, reliable and up-to-date information, regardless of the channel your customer chooses. It ensures that your brand’s tone of voice remains consistent. With one source of truth you can improve the quality of product data across all channels and deliver a compelling product experience to all your customers.
- Achieving the right standardization. Data standardization is used to ensure consistency across the catalogue. This helps to determine the accuracy of data values. Eventhough manual reviews and data checks may seem sufficient to ensure data accuracy, they are very prone to (human) error. Inconsistency in your data will confuse your end customer and negatively affect your customer loyalty. An MDM system ensures that all product data in your organization meets self-defined or international standards (such as ETIM or GS1). It will also be easy for your customer to process this data themselves.
- Faster time to market. Efficient management of product data results in higher information quality and streamlined business processes. MDM allows you to easily manage data across all attributes – from hierarchy to structure to validations and versions. With faster enrichment of descriptions and other related data components, you can launch new products or upgrade existing ones quickly and effortlessly. The journey of your product is streamlined, from development to production to marketing and finally sales. This way, MDM accelerates time-to-market, increases operational efficiency and stimulates growth.
This will improve the customer’s experience with your brand. Because marketing, sales, customer service and other departments within your company are connected, customers and leads will have the same experience with every interaction they have with you. And this across all channels, departments and functions.
This will improve the customer’s experience with your brand. Because marketing, sales, customer service and other departments within your company are connected, customers and leads will have the same experience with every interaction they have with you. And this across all channels, departments and functions.
