What is Master Data Management Software?

Introduction

Master data management (MDM) software is a solution that manages the confidential data of an enterprise. It automates the procedure of master data management, which means it handles the information in a broader manner.

The platform is utilized mainly to maintain data integrity and for eliminating data inconsistencies and duplicated data. It scans master data aspects during data generation, processing, and resource storage. In addition, it produces a master data repository and categorizes data like people, places, processes, and other categories according to business objectives and norms.

A MDM application serves to bind your information and systems together. It provides a single source of truth to facilitate your company’s data-driven transformation, and presents complete, accurate, and trusted data for your sales and marketing, customer experience, compliance, governance, supply chain optimization, omni-channel retailing, and other programs.

Features of Master Data Management Software

Enriches Your Data

Data enrichment improves the quality of your enterprise’s data and makes it more valuable, enabling you to gain more leverage from it. You can use MDM software to prepare a strategy to efficiently manage your catalog and product data. Plus, you can ensure a high level of data quality and streamline your electronic asset management. The platform allows you to create a strategy to meet the data needs of retailers and operate in an agile manner.

Maintains Data Security

With a MDM tool, you can produce security-based rules and policies such as who gets access to what. Utilize encrypted data attributes to protect the security of your team members and clients. This includes generating user passwords to keep confidential information safe from prying eyes. Thus, you can safeguard sensitive data like private client and company information, and minimize the chances of a security breach.

Handle Location-Based Data

This feature helps to maintain customer data inside geo-boundaries. By law, some pieces of data cannot transcend specific countries or regions. This helps in the implementation of border-specific security regulations like the General Data Protection Regulation (GDPR) which permits personal data to remain safe from nations outside the EU.

Apply Rules Specific to Your Business

A MDM platform empowers you to apply specific regulations for your company by allowing you to customize the software for your firm’s needs. For instance, you can include features on how you utilize your data strategy to minimize risk, set regulations that enforce data integrity, set up policies that adhere to your organization’s rules, and more. In addition, you can produce a set of regulations to implement an approval procedure while uploading data to your MDM application which helps to avoid useless data uploads as well as mitigate risk.

Matching and Linking

This feature is important for companies that manage a high volume of corporate contacts. This increases the risk of having duplicate records of potential clients and contacts. Because of this reason, their agents may make multiple phone calls to the same customer, creating frustration and showing a lack of professionalism.

The matching and linking functionality eliminates these issues by removing duplicate contact lists and data. Thus, it helps to maintain the accuracy and integrity of the source systems and data. The MDM software can automate these tasks which enables you to avoid the time-consuming task of manually cleaning up the data.

Benefits of Master Data Management Software

Flexibility

MDM software offers greater data flexibility compared to other data management methods as it makes it easier to manage data storage, usage, availability, and changes.

Multiple Platforms

Enterprises utilize multiple platforms and need to access data in these tools in a simple and timely manner. MDM software helps by making info available on all platforms such as SaaS, cloud, online, physical, and more.

Data Consistency

A MDM solution ensures data consistency, which makes is easier to work with it as the application eliminates redundancy and confusion, and creates consistent and simpler workflows.

Authoritative Data

The MDM tool acts an important data source which makes it an authoritative and reliable base for information on all types of business processes.

Vital Data Goes In

MDM software authorizes you to decide what kind of data is used for business management, which makes it useful for your company’s needs.

Effective Data Analysis

Unrelated, un-coherent, and redundant data can lead to erroneous data analysis which can prove costly for enterprises. With a MDM application, you can perform accurate and effective data analysis, and make smart business decisions.

Master Data Edits

An important problem ailing organizations that maintain multiple data records is a change made to information at one location stays isolated and is not updated at other places. This causes data discrepancies which affect the company. A MDM system facilitates master edits and changes that update related information and records at all locations, thus ensuring info consistency.

Redundancy Elimination

Redundancy occurs if every customer or business unit maintains specific information. MDM software helps to eliminate data redundancy and makes information centrally located with full specifics and complete coherence.