Master Data Management (MDM) concerns centralized management of essential (company) data or Master Data.
+ All company data available anywhere, anytime
+ Clear data from a central system
+ Limit risks and work more efficiently
What are Master Data?
Each organization has Master Data; basic data about clients, products, employees and processes. These master data are essential for optimal functioning of the organization. This makes good management of Master Data very important.
Master Data Management / MDM consists of a series of procedures, processes and technologies so an unequiviocal and reliable overview can be made of all these data and company processes can be optimally supported.
Why a Master Data Management system?
Master data are stored (often duplicated) in various systems, including ERP, POS, CMS and CRM systems. Each of these systems has its own structure and requires parts of the master data. In addition, there are files that do not fit into existing systems, such as images, videos, PDFs and many separate Excel files. These are stored in the folders of various departments. It is impossible to have a 360° view of the data.
Being able to view and manage your master data is very important for he processes to run correctly and efficiently. This asks much of your organization, however. The information is stored in various systems, making management time-consuming, increasing the risk of errors and thus jeopardizing turnover and customer satisfaction. Risks you do not want to take.
“The importance of Master Data with Beeyond is preventing data risks, ensuring more flexibility and effectivity, saving costs and increasing turnover and profits.”
Risks without a MDM system
In many organizations master data are entered into several systems, creating many duplicates. This causes an uncontrolled growth of information, which entails many risks:
There is a great risk of errors, as changes or supplements of data are implemented separately in each system. In addition, duplicates and variations are created, leading to the question which is the latest and correct version of the data.
Implementing changes in several systems is time-consuming. Think of:
– Manually adjusting an e-mail address in several systems;
– Implementing price mutations one by one;
– Manually employing synchronizations and backups of data.
Employees have to search for data because product data are all over the systems. Moreover, the data are not accessible to employees always and everywhere. As a result, employees have to search all departments for information – for instance in the sales department for customer information and the marketing department for images, where you have to guess which one is most recent and correct version.
ERP, CRM and POS systems are geared toward a specific goal and consequently are limited in use. This limits employees in making connections between information, making new analyses and working out innovative ideas.
Advantages of MDM for your organization
The integration of a Master Data Management puts an end to these very common and costly data issues. Determine what your master data are and manage these data centrally via one MDM system which then provides the various systems and processes of the right information separately. Achieve higher yields thanks to the advantages of Master Data Management.
In an average organization the Excel programme rules sovereignly over important data while other data (including PDFs, texts and images) are stored in separate folders and systems.
“A Master Data Management system gives structure to the data.”
In a Master Data Management system data are managed centrally, with every user of the system having access to the data to which they are authorized. No more waiting for your colleague when you need an image of your latest product, no more searching for the most recent price agreements of that one customer; find it quickly yourself in the Master Data Management system.
A Master Data Management system makes data available to users. Forget the incomprehensible folder structure of your colleague or the moment the colleague who is responsible for that is absent. If you have the login code and sufficient authorization, the data will be accessible to you.
The Beeyond cloud-based system also ensures that the data are available anywhere in the world, providing there is an internet connection. For instance, a Marketing department in Sydney can manage images of products and the annex in Cologne can use these images for the latest product brochure. Or the financial administration of an organization in New York can see what the value of all machines in their Amsterdam factory is.
The moment data are stored in various folders and systems, it becomes very difficult to get a 360° view of data. It is often not known which data are present within an organization and which data are still missing.
As a result, much work is duplicated unnecessarily and double content is created. Central storage of data ensures keeping an overview; you see which data are available and can use them immediately.
Adding changes of data, such as address details of customers, new articles and a new agreement, must often be implemented in several systems.
In existing systems there is often no option for changing data in bulk, as you would want in the case of, for instance, price mutations. These changes are time-consuming and there is a risk of error with every change made.
“From the moment we put our orders into Beeyond, we save at least an hour’s work a day.”Perry Langeslag, installation planning employee at De Badenman
A flexible Master Data Management system solves these problems. In Beeyond data can be added in bulk. They can also be changed in bulk, for instance a price change of a certain percentage, for all products in a certain category.
“A flexible Master Data Management system helps you work more efficiently, because you manage everything from one location. Everything can be synchronized from the system itself with surrounding systems.”
A permanent synchronization can be set for synchronization with surrounding systems such as the web shop or an ERP system. As a result, you do not need to collect, sort and prepare data manually.
The moment changes of or additions to data must be implemented manually, there is a great risk of errors. Besides, duplicates and variations are created and the question is which one is the most recent and correct version of the data. In a Master Data Management system the most recent information is stored in one go (following the Golden Record principle). As a result, you can work with reliable information.
Besides, errors cost money. Delivering an order at the wrong address because the latest change has not yet been implemented in the system of the shipping department, will not be appreciated by the customer. Or delivering a product in the wrong colour, because the right colour is not presented on the website. Prevent errors by using a system to store all your data.
The amount of data within organizations is vastly increasing. New data are created continuously, in various formats. You must be able to manage these data. A flexible MDM system like Beeyond offers this option. Add reviews of customers to products and link new YouTube films, made by customers about your product, to the product.
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Read more about the MDM system Beeyond