For CRM users, Master Data Management (MDM) can not be ignored. MDM plays an important role in building effective and results-oriented customer relationship management (CRM) processes, it sets the standard for information governance.
Customer data is generated through platforms like social media, third-party applications, and other external data enrichment providers. A good MDM strategy can make significant improvements for customer segmentation, customer acquisition, prospecting, and consistent reporting; especially in marketing or sales, where a coordinated effort is required to improve efficiency and generate more revenue.
“Over the last several years, CRM software sales have outstripped overall IT spending. CRM leaders must understand the benefits of the MDM discipline to CRM and make it part of their CRM strategy. MDM is critical to enabling CRM leaders to create the 360-degree view of the customer required for an optimized customer experience.” –Bill O’Kane, Research Director, Gartner.
It’s important to realize that success with an MDM program is due largely in part to setting goals and measuring them effectively.
Here are some things to consider before implementing your MDM strategy:
- Build the program according to your specific enterprise data management objective
- Identify all of your data sources
- Focus on data quality benchmarks in order to eliminate redundancies and duplicates.
- Employ version management and auditing to keep track of different derivation.
Creating and maintaining accurate and complete master data should be a top priority within every organization. While the strategy of an MDM program can vary from one organization to another, the desired outcome of every MDM project is to produce high quality data. High data quality and the ability to measure it, allows you to make more effective decisions and propel your business forward.
If you want to learn more about Master Data Management tools, drop us a line at [email protected] or follow us on Twitter @HappiestMinds
Shashin Shah has been an expert in the Information technology field for more than twenty years. His experience globally and in the US, spanning across several industries has greatly contributed to his unparalleled skill set. Currently, Shashin is working as Chief Business Officer at DTES division of Happiest Minds, where he is primarily handling Pimcore Global Services. Pimcore is 100% open source consolidated platform for PIM, MDM, DAM, WCM & Ecommerce.
