Data is the most powerful resource available to a modern enterprise, but there are still too many organizations that fail to monetize it properly. Most business leaders are aware that digital transformations and software integrations are important to speed up business processes, but many fail to realize how much power integration gives them over their entire organization’s data. Corporate data, when used effectively, can lead to better business MDM intelligence, improved customer service, greater control of business process management, and even better automation solutions.
With software integration, it’s possible for your once disparate systems to communicate and share data with each other. Information that used to be limited to separate data silos is now free and can be collected in a single source of truth. This shared data is called master data, and proper master data management (MDM) can take your organization to new heights. Here are just a few of the greatest use cases for an MDM solution.
Master data makes it easier than ever before for you to analyze data from all sources and draw insights that can improve processes, reduce overhead costs, and much more. Thanks to advancements in machine learning, it’s possible to quickly gather high-quality data from all sources, whether it’s financial transactions, social media activity, customer behavior on smartphones and other mobile devices, and more. Once all the relevant data is gathered, computer algorithms can easily analyze the data sets in unison to uncover patterns and data trends.
The next step is to use these patterns to your advantage. An example could be collecting data regarding customer behavior from all your available sources. Master data assets can be combed for both historical data and current customer data, which can be combined with predictive analytics to predict future customer behavior and needs for a competitive edge.
Of course, you can also act on your insights faster by allowing important business users access to the appropriate master data. The Python programming language is often used to automate processes in the financial industry, and Python & automation combined with an MDM solution can help you quickly locate and address any discrepancies with your finances or any other reports.
Supply Chain Management
Your organization’s supply chain is extremely complex and made up of many different moving parts. Fortunately, master data management can also help you with business process management. You can use advanced data analytics to locate any inefficiencies in your supply chain, and programmers can use the data to implement better solutions.
If you found that equipment on the manufacturing floor was having more frequent issues than anticipated, for example, you could have your developers program sensors that could detect unusual activity and alert maintenance personnel to potential problems. You could also have programmers run scripts for a digital twin of the factory floor, so you can test out solutions in a virtual environment without having to halt activities.
If there’s one thing that your enterprise needs even more than your data, it’s your customers. As every business manager knows, it’s easier to retain existing customers than it is to bring in new ones, so the customer experience needs to be a top priority. With master data shared between your CRM system and your sales system, you can help your sales team pursue leads more effectively and create special offers for your best customers based on their purchase history.
The integrations made possible through master data management also make it possible for you to offer customer support across all digital channels, and instant access to customer data empowers your support agents to provide personalized experiences for each customer. Improved customer satisfaction inspires loyalty, and you may even get some positive word-of-mouth publicity out of it.