In a single day, we do a lot of things. May it be at home, going to work, managing our businesses, or going through our hobbies, we lean towards our respective preferences on \”how to get it done\”. We have our favorites, like certain routes to take that saves us travel time. Specific groceries that have lower prices. Cutting the middle men to have direct access to goods for our stores.
Little did we know that we are taking action based on data. There\’s now an influx of information, more than ever. Sometimes, we get overwhelmed with so many choices, trends, that we do not know to liquidate them for our personal advantage.
It\’s no secret that ALL of the top companies are data-driven. A high value is placed on improving processes/procedures to make it more efficient thus increasing productivity for both company and end-users.
Worrying that your industry may not be covered? MicrosoftMDS, for example, is not only catering to a target service (like Healthcare, Telecommunications, etc.). It also involves the staple divisions of a company (starting from Human Resource, Accounting, etc.) and manages the data (hard facts) to pinpoint a group or individual\’s strengths and weaknesses.
Now digging deeper, there are Master Data Management companies that has treated Data Transformation as passion. As old companies join the new wave of modern management, more budget is being allocated to \”these things\”. Heck, even departments are being created to for concentration because in the past several years it has been proven to generate more profit.
Simply put, your every day (and every process) data is a viable tool in not just steering your business towards profit and success but is also applicable in your daily life activities. Referencing to our examples earlier, we gather data by going through our usual motions.
What to do with what we have is crucial. Shall we take the longer route yet it is more fuel efficient due to less traffic? The shorter one to get our errands be dealt with as fast as possible? Just like in real life, you can prioritize your needs and set a hierarchy in Data Management.
The cost of NOT undertaking master data management can be significant:
- Mistaken understanding of which products are profitable and growing
- Mistaken belief that reports are accurate, leading to incorrect decisions such as closure of the wrong retail branches or funding of the wrong products
- Misalignment of management reports versus statutory reports
- Missed opportunities, through a systemic inability to track a particular attribute or activity at a granular level or, conversely, at the enterprise wide level
- Vulnerability to security and data integrity problems that arise from the lack of a defined process to control important aspects of the analytic tools used in the enterprise
\”The value of MDM adoption is undeniable—it reduces the reliance on IT, simplifies report management, eases the challenges of M&A, and dramatically lowers the high probability of errors when replicating changes across systems and report groups.
Master data management is the only comprehensive, effective means to address the challenge of keeping reports accurate and consistent in large organizations.\”
Overall, it provides quicker analysis and accurate data that supports every business decision.