Why CDOs Need to Consider MDM

Video Transcript:

CDO should absolutely be putting MDM near the top of the list, maybe not number one, but certainly towards the top of the list. And the primary reason why is the enablement of digital transformation and digital acceleration.


We’ve seen some incredible changes in the world over the last couple of years, whether we wanna talk about political changes, whether we wanna talk about market changes, everything happening related to the pandemic, yet, meanwhile, CDOs have a remit of digital transformation. They need to quickly understand who their customers are They need to redefine their customer experiences. They need to recalibrate their supply chains. Right?

They need to be able to respond faster to these global disruptions that nobody could have imagined or even possible three years ago that CDOs need to have a strategy around this. And at the core of all of those things, whether that’s customer experience, whether that’s product experience. Whether that’s the global supply chain is data. It’s master data.

And CDOs need to have a strategy for this and they need to have MDM towards the top of their priority list Otherwise, they will be left by.

Couldn’t agree more. And if you did another way I would say it generally is if you don’t put that monitoring and enforcement of those policies in place, that you arrive at through data governance, you can’t transmit any of the benefits of that knowledge to any of your downstream systems and actors. So you’re not gonna change anything really. You might have a bunch of knowledge sitting out there, but no, really actionable, technical changes can take place.

As soon as the value is shown, there’s something that someone here calls the flywheel of enthusiasm. Someone says, oh, that’s what you mean. I can actually get that in a trustworthy way that data. Have ten more things I wanna do with that.

And so then your biggest issue becomes, what of those ten more things, what are the most valuable of those, and you go over and over and over again iterating.

Until eventually you get where you would have gotten if you tried to do everything at once.

A good way for CDOs to think about this from a master data perspective is is that there’s already value buried within each of these individual business silos. And if you’re a new C CTO who’s been given the task of optimizing your customer relationships or your supplier relationships.

How can you extract value above those silos? Right? How can you create it? You’re gonna be sharing later via MDM that creates exponential value that allows you to do the two plus two equals five. Right? Because the value already exists within those data styles. It already exists.

In a CRM system or ERP system, but how do you how do you create this new sharing layer that sits above everything else that could create that exponential value that can provide insights that weren’t abundantly obvious when you were only looking in within one of those silos. Right? How can you create some of those new insight layers to drive value for the organization that they weren’t previously aware of. That’s MDM.

So MDM enforces these rules that we all came up with and spent money formulating But again, nothing really happens until you start monitoring enforcement with an Indian technology. Right? So, again, You can change your customer onboarding process immediately. You can do real time insights, not extend credit where it shouldn’t be extended, not let somebody commit fraud, you know, again, and and that’s below the line. Above the line, you can maybe extend them more credit or extend offers targeted to them based on what they’ve done in the past with full one hundred percent confidence that you you got the right data, and you’re doing the right thing, that in effect is digital transformation. Without that, that cannot take place.

There is a lot of value that exists between the intersection of business silos where CTO can be very, very effective at exposing some of that value. Right? Where previously that value may not have been shown because that silo is being managed, well, as a silo. Right? So a great example is balance of trade.

Right? Do you have an effective insight on your total balance of trade with your suppliers? Where somebody’s both a customer and a supplier. Right?

That’s an example of value sitting at one of these intersections of these separate silos where you didn’t know that value existed before. Having the sets of insights around balance of trade can be very, very effective. How can you show insights across customers and suppliers or even within a a customer data set? Where you understand where you thought that there were two completely separate sets by line of business where there was two, or there was a silo that was based on the line of business.

Where if you intersect those using an MDM and MDM software, you can expose highly new sets of value per se. Okay. Wait a minute. I didn’t know those customers were related before.

I didn’t know they were part of the same corporate hierarchy. That’s incredibly valuable to me from a cross sell or not sell perspective. So if you can break the silo, we show the intersection of the silos. You can show great value to CDOs where those value that value wasn’t really being exposed before.

Featured image for the blog with the text, "How to Expand from Analytical to Operational MDM" as written by Profisee VP of MDM Initiatives Christopher Dwight

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