Efficiency is the key to functionality in the long run. Companies and businesses go length and breadth to achieve efficiency in all parts of their operations.
From short-run operations to long-term outputs running a business efficiently and effectively is the main task for the top management. It is the management’s responsibility to avail better and brighter forms of functioning for its employees and clients.
Master data management is one such service that aids the management and operations team to give you an efficient single authoritative view of information from the various streams of inefficient data silos.
What is Master Data?
Master data, in simple terms, means critical data pertaining to the business, customers and vendors. A well-known example of master data is clientele information database.
When a business collects customer names, phone numbers and product history, master data management ensures that the data is used to manage, centralise, organize, categorize, localize, synchronize and enrich master data according to the business rules of the sales, marketing and operational strategies of the company.
It gives a trustworthy view of the company’s data and makes it available for all other business functions. This data is necessary for the functioning of analytical and operational needs.
Some of the instances where data management is required are enterprise resource planning (ERP), customer relationship management (CRM), product lifecycle management (PLM), enterprise performance management (EPM), and others.
Here are 7 Reasons Why Proper Master Data Management is Required
- Reduces Workload – MDM data management centralises the process of data management instead of the responsibility spanning every department to collect and maintain data that is available at a corporate-wide level.
- Calculated Decision Making – With a holistic and comprehensive view of the company’s complex data, executives at the topmost level can rely on the latest, detailed sets of data to make trustworthy decisions.
- Improves Data Quality – Unstructured and decentralised data is a deficit for any company. Master Data Management overcomes unstructured decentralised data to reach the functional leads of the company across departments. In simple words, MDM is the single source of truth that is superior in quality and up-to-date.
- Defines Data Governance and Compliance Procedures – Master Data Management defines a transparent governance process. This implies that each piece of master data is only gathered once. With this, setting up compliance procedures is ensured by a centralised data approach.
- Reduces Time-to-Market – Instead of manually setting up master data, connecting it to the primary master data system directly provides the required master data. As a result, the time to market for new approaches, solutions, or functionalities is accelerated instantly and organically.
- Improves Business Process – Master data systems are user-friendly, and employees can access the latest and superior quality master data whenever needed to support their operations. The quick access to the vast knowledge base results in higher efficiency among the management.
- Eliminates Manual Processes – Handheld operations are a source of inefficiencies, failures and errors. These operations are also poor at communicating across departments with various variables at work all the once. With MDM, an expansive range of integration is possible.
Master Data Management is the key answer to many master data related solutions and at par with its utility, MDM services also require expensive costs to set up which will take a considerable amount of time to break even in a business. This is where MDM Lite can be a breath of fresh air for businesses.
What is MDM Lite?
Sharing the core values of Master Data Management, MDM Lite is a one-stop solution for all kinds of master data. MDM Lite has web-based operations, enables integration and collaboration across the organisation, fulfils monitoring and security and also has a user-friendly interface with access from anywhere to respective operational users.
Benefits of MDM Lite:
- Simple and easy to use
- Overall Economical
- Maximises the value of SAP Licencing cost
- Controls and streamlines process
- Improves quality and compliance of master data
- Reduces manual dependency
- Lower processing times
- Enables integration and collaborate
Why choose Artha Solutions MDM Lite Data Management Accelerator?
Artha possesses a unique Master Data Management (MDM) proposition in collaboration with Amurta’s Data Insights Platform (DIP) (leading data governance and MDM platform).
Artha’s MDM Lite is a lightweight solution that is easy to build and maintain. Artha delivers this solution using Talend data fabric, joined with Amurta’s Data Insights Platform (DIP), to provide a comprehensive solution.
It demands without the need to spend substantial amounts of money in license costs and years in implementations.
Artha’s MDM Lite goes hand-in-hand with Amurta’s DIP platform, which offers rich data quality and data governance tools that ensure that the input source data is of the highest quality.
To conclude, the MDM Lite Data management accelerator when applied to your organisation, updates legacy systems, corrects conflicting sets of data, reduces human dependency and errors, and provides fuzz-free access among members of the organisation, hence reducing duplication.
About Artha Solutions
Artha Solutions is a premier business and technology consulting firm providing insights and expertise in both business strategy and technical implementations. Artha brings forward thinking and innovation to a new level with years of technical and industry expertise and complete transparency. Artha has a proven track record working with SMB (small to medium businesses) to Fortune 500 enterprises turning their business and technology challenges into business value.