Automating the Core - Master Data Management (MDM)
What is MDM :
Every enterprise relies on a host of data that is critical to run its core processes. This data is called Master Data. It goes without saying that master data security is extremely important for any organization.
For security reasons, and to maintain data integrity, master data concerning products, vendors, suppliers, customers, and any other aspect vital to the organization's growth is stored in disparate systems. However, outside these systems, data evolves continuously while being used for day to day business processes. With tons of information exchanged, there's plenty of room for data mismatch. It is not possible to manually detect such an error until it has caused significant damage. For every size enterprise this is a nightmare. Organizations try desperately to keep their master data somewhere near, updated, organised and without redundancies. More often they not, they fail. To solve this, most businesses have no better choice than to settle for solutions known as "master data management", or MDM
According to Fortune magazine, by 2017, CRM leaders who do not adopt Master Data Management will attain erroneous results that can pique customers and result in a 25% reduction in potential revenue.
Let's Consider an example: The customer is a massive organization with global footprint and billions in annual revenue. Needless to say, it is extremely important master data is consistent, updated and free of errors. It is equally important that before saving this data, it is checked and verified. It cannot be stressed enough how much of a blow it will be if this data is corrupted, or is redundant and outdated.
Let's suppose that the customer data is flawed. This will affect the whole operation cycle, as data is corrupted at the point of entry. The end product or service may not meet the standards set by the customer, causing loss of business, and also lead to bad PR. When you extrapolate this scenario across the organisation's numerous locations and divisions, you can see the need for effective MDM. With diverse business units accessing and changing the master data on an almost daily basis, it is impossible for the data to remain uniform throughout the organization.
This will make the organization likely to consider some off-the-shelf MDM solutions which are normally too expensive. Instead of spending a truck load of money on mega-vendor solutions, one should look for a flexible business automation tool that could also be tailored to the organization's MDM needs.
How does IBISM help?
Use IBISM's Virtual Workflow tools to simply create a Maker-Checker-Process for managing master data. This workflow process, as the name suggests, involves 'makers' and 'checkers'. The 'maker' initiates a process to update a master record based on recent events and requests. IBISM has field level validations as well as a host of other data validation features that reduce errors right at the point of entry. A 'checker' then verifies the accuracy of the maker process, roots out errors that might have escaped validation protocols, and gives a green signal for master data updation. Normally, there is an audit process called "verification" that is performed after master data updation. In this case, it is a cakewalk after integrating IBISM with the organization's systems. Due to IBISM's superior data validation protocols, nothing falls through the crack of human errors and the need for a verifier role doesn't exist. While being time efficient and more secure, this is also economical.
The ability to build well defined workflows makes IBISM a preferred choice. IBISM is not an ready-made MDM solution. However, the core of MDM is to request process for making updates to the master data through a strictly regulated approval process, which is very easy to achieve with IBISM. So, if you are looking for a cost-effective MDM solution, IBISM is what you need! Contact us if you need to know more about other applications of IBISM, or if you need a demo.
Published on Mar 19, 2018