- Increased dependence on IT systems across business functions often leads to multiple systems and software in a company’s digital ecosystem. Typically, all of these systems (e.g. ERP, CRM, S2P) store and access data in different formats and structures leading to inefficiencies. This has created a need for businesses to create and maintain a consolidated master reference source for all critical business data (e.g. materials, suppliers, customers etc.). Master Data Management (MDM) is a set of processes, standards, policies and tools which help companies define and manage their critical data in order to maintain a consolidated and consistent version of data.
elements of master data management
- MDM offers a multitude of benefits to businesses by enabling them to eliminate inefficiencies and uncover value from their data:
Efficiency Improvement and Cost Reduction
Streamlined storage and management of data can significantly enhance data quality, enable data consistency across multiple systems and allow for synergistic digital systems with greater potential for automation and more productive processes
Improved Decision Making
MDM promotes availability of accurate, up-to-date and standardized data to all systems due to which accurate reports can be readily generated. Moreover, availability of consolidated data enables better analysis as holistic insights can be used to drive business decisions
Increased Business Agility
MDM can break the silos of data among various systems, thereby allowing companies more flexibility in their digital strategy. Having all data consolidated at one location also helps companies in modifying their master data values or structure optimally
Data Security and Control
MDM also includes policies and processes for data governance so that the sanctity of data is always maintained. Access permissions can also be controlled to prevent misuse or inadvertent data modifications. Data back-ups are also optimized as all data can be backed up from and restored to a single source
Superior Regulatory Compliance
Normalized, centrally stored data allows companies to keep track of what they have so that they can better adhere to regulations such as such as the Sarbanes-Oxley Act (SOX) among others
- Valorant follows a proven approach to implement Master Data Management for its clients with comprehensive processes and policies for ongoing data governance after initial processing:
Understand Objectives & Formulate Strategy
Data Processing
Data Governance
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Interested in learning more about how Valorant can help your organization strategically manage your master data to drive efficiencies? Reach out to us now
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Valorant is a boutique consulting firm focused on streamlining operations and driving efficiencies for its clients.
Valorant is a boutique consulting firm focused on streamlining operations and driving efficiencies for its clients.
