Master Data Management (MDM)

Optimal data preparation

Data silos and poor data quality mean that many companies are unable to use their data efficiently or, in some cases, not at all. Master Data Management (MDM) remedies this by consolidating all company-relevant data and preparing it for various applications.

What MDM can do for your company

In general, MDM offers many advantages that increase the efficiency of processes and systems in companies and thus reduce costs. These include the following in particular:

• Increase in data quality
  MDM consolidates data from all systems, thus avoiding duplicates.
• Basis for KYC
  When complying with KYC regulations, companies need high-quality master data to be able to reconcile internal information in the process with each other or with data from external sources.
• MDM as the basis for AI and BI applications.
  Perfectly prepared data is ideal for advanced analytics and business intelligence applications.
• Cost reduction
  You save resources by eliminating sources of data error.
• Ensure compliance
  Regulatory requirements can be easily met with the help of Golden Records.
• Process optimization
  Consolidating high-quality data enables stakeholders to collaborate more effectively, reducing resources and eliminating error-prone processes.
• Increase business agility
  MDM is designed to handle large volumes of data and multiple systems, enabling flexible scaling and rapid response to market changes.
• 360° customer view
  By consolidating all master data, MDM creates a 360° customer view, enabling personalized customer experiences.

In addition, MDM offers specific benefits for individual departments. A rough overview is provided by the following diagram:

Our approach

Of course, MDM per se is not the right choice for every company. That’s why we consult with our customers in advance to determine if MDM is the right solution for them.

If this is the case, our approach starts with the involvement of all stakeholders. After all, MDM is not a technical topic, but rather concerns the business departments first and foremost. MDM can do something different for each department and that needs to be clarified from the beginning. Next, we create a roadmap. In doing so, we basically take an iterative approach. We help ensure that their architecture is ready for the onboarding of the MDM system and that all interfaces are defined. In addition, data governance must be taken into account. If none is in place yet, we can help with that, too. Because without data governance, there can be significant problems with collaboration between the various teams and a lack of user acceptance.

FULL-SERVICE FOR YOUR DIGITAL CHALLENGE

No matter what digital challenge you are facing, we will support you. With various specialists in our team and our network of experts, we find the right solution for every problem.