What is Master Data Management?

Master data management is a way of turning your data into accurate insight for your business’ operations. But what is MDM?

Imagine a way of turning your data into accurate insight for your business’ operations… with effective MDM software and the right team behind you, that’s possible. MDM allows data to transform into valuable information that enhances consistency and streamlines processes. Sounds good, right? But what does MDM stand for, and how can it be used?

What is master data management?

Simply, MDM is the process of managing the static data which runs through your company or organisation. Master data management refers to a set of disciplines, processes and technologies in order to ensure accuracy, consistency and completeness of data. This core process is set to manage, organise and synchronise your data – meaning your data can be shared from a central source over multiple channels. To explain using a slightly less wordy approach, effective MDM is a very handy tool to have under your belt for truly understanding your organisation’s data.

Many companies’ challenges are not in collecting the data itself – but the way it’s handled. Accurate handling of data using MDM strategies can provide manageable, useful digests of all big data, making it easy to process and understand. MDM can take the form of product, location, supplier, customer and asset information – and with the right MDM solution, master data management will transform the way you engage with your customer journey.

Example of MDM

MDM can be easier to understand with an example. Imagine a piece of clothing (let’s say a Hawaiian shirt) is being sold through a retailer. This Hawaiian shirt is available to buy online, in their catalogue and in their stores. With a proper MDM solution in place, the data linked to that Hawaiian shirt is aligned – from any point of access, you’ll see the same information.

So, no matter where the customer comes across the shirt, the price they see is the same. Clever, right?

What is MDM software, and how do I use it?

That’s where Comma Group steps in. Although it can be tempting to view master data management as the overarching solution for all data alignment issues, MDM is an enabler and a tool – designed to facilitate the strategy and vision behind your data.

Typically, a software-only approach to MDM can run into teething problems. Master data management ultimately requires the people behind it to make the real difference – so with Comma Group on hand, we can manage your MDM strategy, allowing you to connect your data with the right people. We offer MDM software solutions that can revolutionise the way you view data, allowing you to relax in the knowledge your MDM strategy is taken care of. All of this can be achieved while providing you with the insights, the knowledge and the facts to improve your overall organisation growth. Now you know what MDM stands for and how you to it, find out more about our master data management solutions. Get in touch with a member of our expert team for more information and support.