Master data, we would submit, is the most important data you have. It is about the products you make and services you provide, it is the customers you sell to, it is the vendors you buy from. It is the basis of your business and commercial relationships. A primary focus area should be your ability to define your foundational master data elements, (entities, hierarchies and types) and then the data that is needed (both to be mastered and to be accessible) to meet your business objective.
Five Best Practices to Apply to Your MDM Implementation
- Search before create: Avoid using duplicated customer, prospects and vendor records
- Increase attribute fill rates for core firmographic and identity data
- Compile hierarchy and linkage for full corporate parent/child and affiliate relationships
- Establish common definitions between departments and business partners
- Enable seamless integration of coded third-party content
Setting Your Data in Motion
Data, to have value, must be in motion, it must be current, agile and available, integrated as close to the point of decision as possible. You must identify the pinch points and blockages that keep data from moving. Misidentified entities, differing taxonomies, inconsistent nomenclature all keep data separate.
Read more about setting your data in motion. Once you become a master of your data, it will flow.
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