MDM not only makes digital transformation possible, it optimizes the results of these efforts while reducing the risk of tactical and strategic failures.
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The age-old question, what exactly is digital business? Most organizations don’t know the exact answer. Regardless, trusted master data is key to making the changes that need to be made to business operations and analytics in today’s ever-changing digital world. A successful digital business transformation requires both quality and trusted master data to succeed. At its core, digital business is taking your current heuristic processes and automating them to improve your current methods and streamline your business.
You can use data to answer many questions: How many customers do we have? Are these two vendors the same? How much do we buy from this supplier?
This brings us to Master Data – Master Data is a crucial piece of the digital transformation puzzle. Most software systems have lists of data that are shared and used by several of the applications that make up the system. This data tends to change slowly over time and not every time a transaction or interaction takes place. To accurately manage your data, you need to be thinking across multiple platforms to be fully successful.
Why is data important to digital business transformation and analytics? A digital transformation should have a large impact on your business, allowing you to holistically manage your data will allow you to enhance the things you already do but do sub-optimally, create new processes that you weren’t able to do at all, better manage customer data, and store privacy preferences and regulations.
You’ll see business benefits across your organization as your Master Data Management program matures and you are able to see the processes evolve and turn into business outcomes.
Once you can justify MDM to your team, you’ll start to see the effects of this implementation as you continue to scale your business and manage your business processes. This will allow for business/data quality rules to be rationalized, allow access to trusted master data in near real time, allow you to use new data models to define what customers or products mean to your organization and much more.
To learn more about how MDM provides trusted data to digital business processes and analytics download the on-demand version of the webinar to hear former Gartner Analyst & Profisee VP and MDM Strategist, Bill O’Kane dive into these topics and much more!