There should only be one version of the truth and MDM can give your business just that: clean, uniform, optimal data…
Big data is the future and no business operating in today’s overly competitive environment will be able to survive if it ignores or mismanages its data. In fact, the impact that (good or bad) data has on your business is not a very hard one to grasp. So, consider for instance customer data and sales or marketing; product data and inventory or sales; employee data and security or productivity; vendor data and costs; partner data and strategic vision; (lack of) metadata and inefficiency.
Master Data Management (MDM) is synonymous to data quality and governance. It provides your business with a single, complete source for all your company data. By eliminating your bad data you can essentially gain true, strategic knowledge with regards to your customers, your employees, your vendors, your partners, your products and of course the relationships between all these sets of data, while eliminating unnecessary and costly duplications.
Poor data impacts your business in multiple ways: bad customer service, process inefficiencies, regulatory breaches, wasteful utilization of resources and unnecessary costs. In fact, your bad data (i.e. duplicated, inconsistent and incomplete information that lie across the numerous IT systems of an Organization) can cost your business up to 25% of its revenue and up to 50% of its IT budget, which is spent in data cleansing and reworking (source: http://soa.sys-con.com).
Our MDM offering combines specialized software with our process-driven methodology and the best practices gained over our extended experience in Business Process Management projects, in order to enable:
- Modeling and analyzing your processes and master data
- Mastering customer, product, reference data or any shared data in a single platform
In terms of the technology, with webMethods ONEDATA you will be in a position to handle security (access control/authentication/approvals), auditing and traceability issues efficiently, while benefiting from exceptional reporting, integration and governance capabilities, all in a single platform. With Terracotta, you will enable your business to overcome and eliminate process bottlenecks by ensuring the availability of large amounts of in-memory data.
Master data is a key strategic asset for any business at any field and MDM has made many businesses successful by enabling significant performance improvements and enhancing operational efficiency, forecasting and decision-making and facilitating auditing and regulatory compliance.