The CEO of a global technology products manufacturer had a simple question: “I need a list of our top 400 global customers by revenue—immediately.”
The boss got his answer—six weeks later.
That’s how long it took the company’s IT team to root through disparate applications, engage data owners in various business units and geographies, and manually reconcile granular data to answer a basic question that bears directly on the bottom line.
It’s a true story, and one with a happy ending. This multibillion-dollar company implemented Informatica MDM for multidomain master data management (MDM). It exploited the solution’s capabilities and followed best practices in aggressively tackling business-critical data challenges.
Learn about the key business problems solved by MDM as well as best practices in our white paper, “A GPS for Your MDM Journey”.
If your CEO asked for a list of your top 400 customers by revenue, could you produce it with the finger-snap efficiency that the boss expects?
MDM makes it possible. It’s one reason that MDM is one of the fastest-growing segments of data management. Companies are seizing the opportunity to leverage MDM to build confidence in the metrics that drive strategic decisions. Let’s take a look some best-practice strategies our customer used.
Create golden records. This means generating a single version of the truth from data in various formats and multiple applications. So that the company called GE in the marketing automation system is tied to General Electric in the SFA system and The General Electric Company in the ERP system. With MDM, you avoid custom-coding and the inherent shortcomings of trying to repurpose a data warehouse as a master repository.
Manage hierarchies automatically. The General Electric Company has 33 subsidiaries. The finance department managed the company’s hierarchies based on legal hierarchies. The sales team managed them based on territories. The marketing team managed them based on industry. Now with MDM, the company can manage one master hierarchy and flexibly serve up these “custom views” of GE to meet each department’s unique needs.
Track and audit changes. Companies are bought and sold, names change—how can you keep information accurate and up to date across operational applications in a fast-paced global environment? How can you tell what data was changed when and where, by whom? Our customer uses MDM as a system of record with auditable data visibility dating back many years, avoiding performance drains on its data warehouse.
Synchronize golden records across operational applications. Golden records generated by MDM often populate a data warehouse, building confidence in reporting metrics. Those golden records can and should be synched with operational applications to improve business speed and precision. When a company is sold, MDM updates data across the enterprise so that billing, service, marketing are more are in synch.
MDM means better data. Better data means better business—and answers on demand.
Learn more about how you can leverage MDM to solve your most pressing business challenges in our white paper, “A GPS for Your MDM Journey”.