Master Data Management Trends
Several factors have greatly impacted data management over the past few years. We bring you the top three trends that are shaping the future of master data management:
- Big data: Every data management strategy basically revolves around the concept of big data. This includes the development of a protocol to handle massive volumes of complex data and strategies to connect the raw data to customer profiles.
- Multiple domains: There is a growing demand for master data management systems that can handle can multiple data domains.
- Cloud infrastructure: The integration of data management platforms with SaaS applications has increased the development of cloud-based data management systems.
Best Practices for a Master Data Management Strategy
Creating a good master data management strategy and putting it into practice is not an easy task. It requires the incorporation of best practices to achieve the desired data quality. Here are a few best practices that businesses should consider while implementing a master data management strategy:
Think big: When rolling out a new data management strategy, it is important to start by focusing on smaller data sets that may pose serious challenges for enterprises.
Update periodically: The master data management strategy should be regularly updated to ensure it has the accurate information.
Track ROI: Players from different sectors possess different end goals, the ROI obtained should be tracked and examine in detailed after each rollout phase.
Pay attention to data misalignment: If data alignment is considered to be a one-time occurrence, it is quite apparent that you will encounter the same data misalignment issue frequently. This makes it essential to ensure your master data management strategy is built on the basis of your business goals and objectives.
Continue reading to know how we helped a healthcare company master data management or request a free proposal.
The client is a healthcare logistics market leader, specializing in the manufacturing, packaging, and distribution of hard to find medical supplies. With more than 40 years of experience in offering tailored services to its customers, the healthcare logistics company has a well-established market presence globally.
Project Background and Solution Offered
Healthcare logistics has always been a complex field, but the market landscape seems to be shifting faster, making data management more critical than ever. As a part of their obligation to communicate accurate product information to their customers and regulators. The client, a leading healthcare logistics solution provider with a growing customer base, wanted to gain a holistic view of their business processes. The healthcare logistics solution provider was looking at developing a master data management platform by integrating data from multiple disparate sources. This involved the accumulation and consolidation of data around the organization’s customers, products, distributors, and assets.
Value Delivered to the Client
The data management experts at Quantzig adopted a turn-key approach to define, develop, and implement a precise master data management strategy. The analytics team leveraged their subject matter expertise and technological skills to ensure timely completion of all project deliverables. Our solutions helped the healthcare logistics firm to meet their ROI expectations by delivering the right business value. Moreover, the collaborative engagement model helped ensure a smooth knowledge transfer after the initial implementation.