What is master data management?

Master Data Management is a process that involves the management of critical data assets to ensure uniformity, accuracy, stewardship, semantic consistency, and accountability across an organization. MDM aims to create a “single source of truth” for important data, such as customer information, product data, and financial data. This definition shifts away from the outdated notion that MDM is a technology, to reflect the reality that master data management is a business capability.

Master data are the objects in a business that provide context for transactions. For example, for a procurement transaction a supplier (person) may provide a service (thing) under the terms of a contract (concept). For a purchase, a customer (person) may buy a product (thing) from a store (place).

Why is data integrity the foundation of master data management?

Data integrity is crucial to the success of MDM because it ensures that the data being managed is of high quality and trustworthy across all systems and departments. If data is inaccurate, inconsistent, or unreliable, it can lead to errors in decision-making, wasted time and resources, and ultimately damage the reputation of the organization.

How does Master Data Management work?

MDM involves a series of processes, enabled by technology, that work together to create a single source of truth for critical data. The process typically involves identifying key data assets, cleansing and standardizing data, and creating a master record that can be used across the organization.

How can we align business and data management?

The alignment of business and data management is critical for an organisation's success. To achieve this alignment, four pillars need to be in place: data strategy, data culture, data monetisation, and data literacy. Data Strategy: A clear data strategy is essential for aligning business and data management. It should outline how data will be collected, stored, managed, and analysed to support business goals. A well-defined data strategy can help identify data gaps, define data standards, and establish a roadmap for data management initiatives. Data Culture: Data culture refers to an organisation's values, beliefs, and behaviours around data. It is essential to foster a data-driven culture that values data as a strategic asset and encourages data-driven decision-making. A data culture can help to promote collaboration, transparency, and accountability around data management. Data Monetisation: Data monetisation is the process of leveraging data to create business value. It involves identifying opportunities to monetise data assets, such as through new revenue streams or cost savings. Data monetisation requires a clear understanding of data value and the ability to extract insights from data to inform business decisions. Data Literacy: Data literacy refers to the ability of individuals to read, understand, and effectively use data. It is essential to build data literacy across an organisation to ensure that employees have the skills and knowledge to leverage data for business purposes. This includes data analysis, visualisation, and interpretation.

Master Data Management Specialists. Unlock consistent, reliable data

Is Your Data an Asset, or a Liability?

We have all heard that data is an asset, or "the new oil".

Yet, in practice, large organizations often grapple with a significant challenge: managing their ever-growing data effectively.

Unfortunately, this data can be plagued by several issues, hindering its usefulness and leading to negative consequences.

Did you know?

The average company loses R238.65 million per year on avoidable data quality issues
Only 3% of companies think that their data meets minimum data quality standards necessary for AI
46% of companies say poor business processes increase the risk of manual errors
78% of organisations struggle with data debt, hindering their ability to implement AI, machine learning and analytics projects.
Large organisations use an average of 367 software applications, creating data silos
47% of marketers say that data silos are their biggest hurdle to customer insights
Knowledge-workers waste 20% of their day (2.5 hours) looking for data
80% prioritize breaking down data silos
The average cost of a data breach in South Africa in 2023 is R49.65 million
Only 25% of employees are confident that they have the basic data literacy skills necessary to solve these problems

Drive Business Success Through Data Integrity

IDC Research shows that higher levels of master data integrity drive positive improvements across key business metrics

Data Integrity drives Business Success

Recent IDC research shows that investments in data integrity drive improvements across the business!

Customer satisfaction increased by an of average 42%
Time to market increases by 39%
Adherence to regulations up by 37%
Operation costs reduced by 31%
Revenue increases of 29%

Conversely, a lack of investment in data integrity has a direct negative impact on costs and revenue.

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Why Us?

FAQ

Can Master Data handle the implementation and support needs of large enterprises?

Yes. Most of our customers have been large organisations with complex requirements. Our size allows us to offer a more personalized approach. You'll have a dedicated team of MDM experts who understand your requirements and work closely with you throughout the implementation and ongoing support process. We extend our core team through our network of local and international experts built up over 20 years. Our lean structure ensures agility and quick turnaround times.

What kind of support can I expect after implementation?

We don't disappear after implementation. Our ongoing support includes:

User training: Equipping your team with the skills to manage the solution effectively.
System maintenance: Ensuring your system remains optimized and secure.
Technical support: Providing timely assistance for any technical issues that may arise.

Can an MDM solution handle the complexities of the African market with its diverse languages and data standards?

Absolutely. Our solutions are designed to integrate seamlessly with multilingual data sets. We work with you to define a single source of truth for core data elements, regardless of language variations. Additionally, our proven technology partners offer tools to map, improve, enrich and harmonize data, and we have substantial experience in solving African data problems using our technology platforms.

Are the technology providers Masterdata partners with with reliable and have a strong presence in Africa?

While we may not always partner with industry giants, our chosen vendors are specifically selected for their proven track record and dedicated focus. They offer robust solutions, have established support networks, and understand the unique challenges of African data management. We offer first-line and implementation support, with back-to-back service agreements with our partners.

What about data security? Are my sensitive data assets safe in the African landscape?

Data security is paramount. We adhere to the strictest data privacy regulations and your internal standards. Our chosen technology partners prioritize robust security features, including encryption, access controls, and regular security audits and typically offer hybrid SaaS or on-premise deployment options to ensure that you control access to confidential data.

How can I be sure that implementing MDM will translate into real business benefits?

Our business-driven approach starts with understanding your strategic objectives and goals. Focusing on data governance and quality, we explore how MDM solutions can optimize operations, enhance decision-making, and improve customer experiences. We customize an approach and recommend tools to meet your specific needs. Additionally, we provide ROI calculations and paid proof-of-concept projects to showcase the value proposition.

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