Have you ever experienced bad data? It happens when the amount of data increases, and it gets more and more cluttered as the organization grows fast.
This challenge gets more complicated and severe for big organizations compared to small and medium-sized enterprises. There are risks such as identical data in multiple systems, typo errors, and other updates. Aside from that, businesses have to deal with multiple systems dealing with siloed hats or even worse– fragmented data.
What then are the solutions to these challenges? Professor 3P is here to have a quick talk about Master Data Management (MDM) and what to know about it!
What is Master Data Management (MDM)?
MDM maintains the master data of the entire organization, improves knowledge consistency across departments, and champions quality of the stored information. It is paramount due to the amount of data correlating to how much the business could handle
This type of data management is about maintaining the master data of the company and ensuring its accuracy, consistency, centralizing and accessibility for the whole organization. It ensures to shift messy and inconsistent data to a reliable one.
PR News Wire revealed that the global Master Data Management market size is forecasted to reach USD 17880 Million by 2026 from USD 9890.1 Million in 2020, at a compound annual growth rate of 10.4% from 2021-2026.
What is its agenda?
It enhances the master files’ data quality. The main agenda of an MDM system is to maintain accuracy and consistency of the data, which could be accessible in one platform to analyze and process insights.
This system brings data sharing to the next level since it streamlines various business platforms and increases productivity. Therefore, it reduces the time of searching for the data and lets departments focus on more urgent tasks.
MDM aims to manage and update master files centrally. It also lets you comply with the implemented data governance policies and other rules.
Is it time for you to invest in it?
It’s crucial to consider getting software that works when it comes to making master data manageable. I know that your organization can’t do this alone and that you deserve to get all the benefits of an MDM business strategy.
Syniti’s MDM software tools ensure that your organization avoids data errors in your digital transformation journey. Our experts at Third Pillar are here to help you with your data management needs.
Find out more about Third Pillar’s Syniti solution here!