Learn About Master Data Management (MDM) and How it Transforms Business Data into Value Drivers

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Master data management (MDM) is defined as “a comprehensive method of enabling an enterprise to link all of its critical data to one file, called a master file, that provides a common point of reference” is one way that businesses make big data more efficient. By using a master file, companies can improve both the quality of information, and it can serve as a value driver. Let’s now look at some specific ways this is accomplished.

 

Consistency Equals Better Efficiency  

 

In order for big data to truly do a business any good and have any tangible results, there needs to be consistency. For example, if customer data is fragmented, inaccurate or there are duplicates, it’s going to make it more difficult to effectively upsell or cross-sell –not to mention it can throw a wrench in the supply chain. But when MDM is integrated, it tends to result in more consistent data and more cohesion. In turn, managers and employees can utilize business applications and software with more efficiency, and they’re less apt to make needless mistakes.  

 

In the case of upselling and cross-selling, MDM would increase the likelihood that customers would receive promotions for products/services that they are genuinely interested in, and a company could avoid sending multiple promotions to a single customer. When it comes to supply chain management, MDM can help a company improve distribution and the flow of goods so that it could better meet demand.

 

Increased Profitability

 

When you look at the long-term impact of this added efficiency, it means one thing – a business often becomes more profitable. Here are two examples to prove how:

 

1. A business that uses MDM to govern its data could become better skilled at upselling and cross-selling and would likely see a higher conversion rate and get the most out of promotions. They would also be able to build stronger relationships with their existing customers, which would lead to repeat sales and more word of mouth advertising. In turn, the business would see a better ROI and become more profitable in general.

 

1. A company that uses MDM for handling the data from its supply chain management would be able distribute products more quickly and with less friction than it would if it were lacking a solid data management system. This means that it would be able to keep up with customer demand more easily and be poised to capitalize on its most profitable products while they’re popular. As a result, it could streamline the distribution process and reduce supply chain costs, which again means more profitability.

 

And as the amount of data that a business accumulates continues to grow, it becomes even more essential to incorporate MDM. That way it’s better equipped to establish an effective information infrastructure that keeps nearly all aspects of operations running smoothly. So when you look at the big picture, MDM allows a business to function like a well-oiled machine while simultaneously improving the customer experience for a win-win situation.

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What is Enterprise Search?

What is Enterprise Search?

What is Master Data Management?

What is Master Data Management?

The Right Data Management Strategy Creates a Competitive Advantage

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In our increasingly information-driven world, big data has become a point of emphasis for many businesses. However, simply having data isn’t enough – and you could make the argument that mismanaging data could potentially leave you worse off than not having any data to begin with. As a result, having an effective data management strategy has become a necessity for many businesses.

 

And as global management consulting firm McKinsey and Company puts it, “as data-driven strategies take hold, they will become an increasingly important point of competitive differentiation.” Here are some specific ways that having the right data management strategy can put you ahead of your competitors.

 

Better Understand Existing Customers’ Patterns and Preferences

 

By accumulating data and managing it properly, you can gain valuable insights into your existing customers’ buying habits and identify overarching trends. In turn, you’re able to determine what their preferences are and have access to their buying history whenever you need it.

 

This is incredibly beneficial because you’ll have a clear idea of what their unique needs are, which allows you to upsell and give relevant suggestions of products or services that might interest them. When you have organized information at your fingertips, it can also help you get the most out of your promotions, and you’re likely to see more repeat customers.

 

Effective Customer Segmentation

 

Often in business, a company will have multiple customer groups with each one requiring a different marketing approach. When you utilize the right data management strategy, you can gather information and use it to divide your customers into various groups in which each group shares similar characteristics.

 

This can come in handy because it allows you to create targeted marketing campaigns where you can connect with existing customers and prospects on a deeper level. Rather than taking a one size fits all approach, you can develop more customized campaigns and ultimately increase your conversion rate.  

 

Optimize Information Architecture

 

Finally, an effective data management strategy will enable you to develop a solid information infrastructure. This will ensure that you’re only using data that’s genuinely helpful, and you’re not merely taking up storage space with irrelevant data. For example, it will provide a system that manages the flow of information from the time it’s initially uploaded and stored until the time that it becomes obsolete and is deleted.

 

It will also ensure that you’re able to quickly locate the information you’re looking for to minimize wasted search time. So when you look at the long-term impact of efficient information architecture, it tends to result in increased productivity and profitability.

 

Although big data is becoming more and more commonplace in numerous industries, this doesn’t mean that all businesses are using their data effectively. When you’re able to develop the right data management strategy, it definitely gives you a one up from a competitive standpoint. And the interesting thing about proper data management is that it can bridge the gap between industry titans and those lower on the totem pole. So even if you’re relatively small, you can definitely claim your share of the market with proper data management.

 

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How to Amplify Business Value with Enterprise Search

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As data continues to pile up on Cloud platforms, file systems, company networks and email inboxes, it’s created the need for many of today’s businesses to simplify the process of searching for information. As a result, many businesses are choosing to implement enterprise search as a means of streamlining things and reducing wasted time so they can engage in more productive and profitable tasks.

 

Besides this, enterprise search has other benefits and can serve as a tool for improving the customer experience and increasing conversion rates. Let’s now dive deeper into this topic and find out exactly how you can amplify your business value with enterprise search.

 

Boosting Staff Productivity

 

According to the global marketing intelligence firm IDC, “the average knowledge worker spends 9.5 hours per week simply looking for information. If using enterprise search software cut the amount of time in half within an organization, it would free up more than half of a workday each week.” This means employees could operate more efficiently and spend more time focusing on critical tasks. Spread this saved time over the course of a year, and you’re looking at a major boost in productivity without spending any additional money on manpower.

 

Increasing Profitability

 

IDC also makes the point that “in financial terms, you could equate the reduced time searching for information to saving more than half of a day’s pay per employee.” Once you’ve covered the initial investment of implementing enterprise search software, the financial savings begin and will only continue. When your employees are able to painlessly locate the information they need, they become better equipped to make highly informed decisions and capitalize on opportunities. And as employees become more adept and savvy at utilizing this type of platform, their efficiency should increase, which can have a profound impact on your business value.

 

Creating a Better Customer Experience

 

While systematizing and hastening the process of employees finding information is often the first thing that business owners think about with enterprise search, this type of platform can also benefit your customers as well. For example, you can help leads find what they’re looking for with greater ease and move them through the sales funnel more efficiently with enterprise search. In turn, leads are likely to spend more time on your site, explore additional content and ultimately buy more products/services.   

 

This system can also be used to construct a customer support center where you can create answers for frequently asked questions. Not only will this reduce much of the frustration that customers commonly experience, it can also minimize customer inquiries, which saves you manpower as well. The end result is a higher conversion rate and happier customers who are more likely to become repeats.  

 

When you examine all of the advantages of enterprise search, the ROI alone should justify the cost and time involved with integration. Couple that with a significant increase in efficiency, and it makes sense on many levels. And as businesses become more and more data-driven, enterprise search is a no brainer in terms of increasing business value.  

Learn more about Enterprise Search with a free guide to the “Top 5 Ways Enterprise Search Drives Competitive Advantage”.

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