Jakki Geiger
Top 10 Similarities Shared By Master Data Management (MDM) Customers
What do our master data management(MDM) customers have in common? Regardless of industry, use case, region, or the type of information they are mastering, I’ve identified 10 key factors they have in common.
Carved Wax Crayons designed by Pete Goldlust
1) Company size is $500M+
2) Experiencing rapid company growth, likely due to mergers and acquisitions
3) Facing a compelling event such as a new regulation (examples include WEEE in Manufacturing, Basel III in Financial Services, Sunshine Act in Pharmaceuticals) or a change in business dynamics that results in a drop in revenue or profit, triggering a renewed focus on efficiency and cost savings
4) Starting to view their data as a strategic asset and as a lever for strategic initiatives, but aren’t confident in the quality of their data yet (See Constellation Research’s Report on Customer Data: The Missing Link to Strategic Success by @rwang0)
5) Experiencing pain because business-critical data is fragmented, duplicated and inconsistent across the systems in the organization. Did you know that managers at companies without MDM spend 60% more time searching for data than managers at companies with MDM? (See Creating a Complete Customer View: Best Practices in Master Data Management by Aberdeen’s @peterostrow)
6) IT is ensuring business stakeholders are driving and funding the MDM initiative because it supports their strategic imperatives (typically the business stakeholder has a vision and MDM plays a foundational role enabling the “best version of the truth” to make that vision a reality)
7) Understanding the value of a multidomain MDM solution that can master more than one domain on a single platform to accommodate MDM expansion to different domains, departments and regions, rather than needing to buy another MDM system
8) Planning a go live in 6-9 months by using a flexible data model that adapts to their business and easily accommodates changes vs. needing to hand-code changes to a vendor-supplied data model
9) Centrally managing hierarchies of data about companies, contacts, products, vendors, assets and the managing relationships between data
10) Supporting data governance and “auditability” with workflow management that tracks the history of changes to master data overtime, and with a platform that includes MDM, data quality scorecards and data integration
Want to learn more about our multidomain MDM solution which supports a flexible, business model-driven MDM approach?
- Read Gartner Magic Quadrant for Master Data Management of Customer Data Solutions by @Gartner_inc @John_Radcliffe and Bill O’Kane which explains the two common MDM approaches
- If you are gathering MDM business requirements for an MDM solution, check out our popular Whitepaper: MDM Buyer’s Guide for IT Professionals, to access the top 10 critical MDM business requirements for a flexible solution to address current and future requirements.
- Want to understand the costs and benefits of the two common MDM approaches? Watch this TDWI Webinar: Is Your Approach to MDM Fixed or Flexible with @DavidLoshin author of the definitive book on MDM and @Ravi_Shankar_ Informatica’s MDM expert.
- Meet us in person and attend the Informatica World MDM Path, which includes 12 MDM sessions at including customer presentations from Conde Nast, Hyatt, Blue Cross Blue Shield of Michigan, Queensland Police and Printemps, a French retailer.
Are you seeing other similarities between companies that are using MDM? I welcome your comments below.
30 MDM Customer Use Cases (Master Data Management in Action)
Master Data Management (MDM) has been used by companies for more than eight years to address the challenge of fragmented and inconsistent data across systems. Over the years we’ve compiled quite a cadre of uses cases across industries and strategic initiatives. I thought this outline of the 30 most common MDM initiatives may be of interest to those of you who are just getting started on your MDM journey. (more…)
New Aberdeen Survey Confirms MDM’s Value For Customer Centricity
Some companies are achieving high customer satisfaction, increasing sales revenue, and reducing business and IT costs related to customer data. They’re improving internal productivity for sales, marketing and customer service while minimizing customer churn.
But other companies are not. They suffer high customer churn, poor productivity, and sluggish sales. When it comes to customer centricity, what differentiates best-in-class performers from the laggards? (more…)
With MDM, Customer Centricity Also Helps With Customer Privacy Compliance
Organizations considering master data management (MDM) to support customer centricity often focus on how MDM can help them attract and retain customers and drive revenue through a complete customer view. They also assess the productivity gains of sparing sales and service teams from hunting for customer data in disparate applications.
It’s important to consider another effect that MDM can have on your organization—enabling compliance with current and future consumer privacy regulations. (more…)
Building An Effective Business Case For MDM
If you work in IT, you’re aware of the many problems and challenges that bad data can pose for your organization. You know that master data management (MDM) and data quality could address a lot of those issues and give business users the timely and trusted data they need to operate effectively.
Your IT team can map out a plan to implement MDM to support a number of business processes and operations. Most commonly we see three major types of MDM business cases: (more…)
Solving Customer Data Problems With MDM–Find Out How At The Customer Data Forum
Have you ever received an offer from a company for a product you already own? How about two identical offers for the same product… or even three offers? It’s not uncommon. With all the great applications for campaign management and customer relationship management (CRM) that companies have implemented, how do these costly mistakes keep happening? (more…)
MDM:Why Attend The Customer Data Forum?
You will learn how business and IT can collaborate to improve customer acquisition and retention, which I bet is one of your company’s top three business imperatives.
Your marketers, salespeople and customer service reps may be brilliant. They may have stellar strategies on how to better meet customer needs and create an outstanding customer experience—one that exceeds the experience your competitors are providing. But without access to the complete customer data they need, they are being held back from achieving their revenue and profit potential. (more…)
MDM: 5 Questions Companies Must Tackle To Attract & Retain Customers
Tackle the Data Challenges Impeding Your Company from Attracting & Retaining Customers
In discussions with our top customers and industry experts, it’s become clear why best-in-class companies are best-in-class at attracting and retaining customers.
Best-in-class companies recognize that there are sides to the customer centricity equation, which need to be addressed in tandem to truly impact customer acquisition and retention: (more…)
Customer Success With Informatica Customer Centricity Solution (MDM At The Core)
Everybody knows that one sure way to improve customer experience and increase revenue is to better leverage your data. Because of this, companies have invested millions to collect information about their customers. So why hasn’t customer experience improved and revenue increased exponentially?
Attract & Retain Customers with Informatica Customer Centricity Solution (MDM at the core)
There’s a huge impediment. This valuable customer data is fragmented and trapped in inflexible data silos. How much would your bottom line benefit if you could harness that fragmented customer data and create a complete customer view for laser-focused sales, service and marketing? (more…)
Are Line Of Business (LOB) Executives Involved In MDM Or Is It Mostly An IT Initiative?
In recent conversations, I’ve been asked whether line of business executives are getting involved in master data management (MDM), or whether MDM is still mostly an IT initiative.
Attract & Retain Customers with Informatica Customer Centricity Solution (with MDM at the core)
From our experience at Informatica, the business is absolutely involved! In fact, it’s often a high-impact business event that triggers the alarm that a company needs MDM and data quality to deliver trusted and complete data. Many times, the root cause of these business problems is inconsistent, incomplete and duplicated customer data. Two examples:
1) An $8 billion technology manufacturer implemented Informatica MDM after its IT team couldn’t quickly and accurately respond to an executive’s request for a list of the company’s top 400 B2B customers. It took IT six weeks to assemble the information because it was scattered across applications, and many large customers had complex hierarchies with multiple subsidiaries that all had to be reconciled by hand. Next step, focus on the next 400 customers. (more…)
Loading ...