Trends Shaping the Future of Master Data Management
Today, companies across industries need efficient regulatory compliance and faster product launches for which an effective master data management strategy is critical. Data management strategy refers to the governing measures for aggregating, consolidating, de-duping, and maintaining data as one throughout an organization.
A master data management strategy creates a single source of master data that can be maintained by different entities across any organization. However, the absence of a master data management strategy may lead to cross-organization data misalignments which, in turn, result in sub-optimal decision-making and decelerated business growth. However, devising a master data management strategy and putting it into practice is not an easy task, thereby, making it one of the biggest pain points for businesses.
Empower your organization with deeper insights and enhance data-driven decisions with the help of Quantzig’s strategic data management str. Speak with our analytics experts for more information now.
Here are a few trends shaping the future of master data management:
- The Cloud: The growing need to quickly access critical master data has leveraged the shift to cloud-based platforms. However, the lack of data security may make businesses reluctant towards the adoption of cloud-based solutions.
- Big Data: In today’s competitive market scenario a master data management strategy must incorporate big data. Also, protocols can be developed to handle huge volumes of data.
- Multiple Domains: In the coming years, the need for a data management strategy that manages multiple data domains such as – product, customer, finance, and locations is expected to increase. As a precautionary measure, several leading companies are maintaining at least two master data management solutions as no single strategy meets all business needs.
The client is a leading retail e-commerce industry player in the US.
Project Background and Solution Offered
An increasingly competitive market and tough economic times leveraged the need to utilize and better manage their core information assets to achieve their strategic business goals. Also, the retail e-commerce client’s inability to access critical business information prompted them to develop an effective data management strategy to gain a consistent view of business-critical data across verticals.
Quantzig offered turn-key solutions to help the retail e-commerce client to implement and support their data management strategies. Our experts combined subject matter expertise with best-in-class data management methodologies to help them in ensuring the timely completion of their master data management initiatives.
Value Delivered to the Client
As a result of our solutions, the retail e-commerce client was successful in reconciling a fragmented data landscape. The developed data management strategy was efficient in addressing the data issues faced by the retail e-commerce firm.
Some of the tangible benefits include:
- Better data integration
- Improvements in operational efficiency
Today, forward-looking business organizations are increasingly seeking to differentiate themselves on speed and efficiency and are integrating such factors into their data management strategy. To know how you can benefit from data management. Get in touch with us today.