Your business data comes from various sources within your organization such as customer information, sales transactions, product/service details, financial records, and more. When these sources generate and store data independently, it leads to potential data inconsistencies, redundancies, and inaccuracies. This is where Master Data and Master Data Management (MDM) solutions like Reltio come into play.
The blog piece will explore:
- The concept of Master Data Management
- The importance of MDM
- The cutting-edge capabilities of Reltio MDM
Understanding Master Data Management
Imagine you have a library with multiple books, each containing valuable information. There are several copies of the same book, distributed across different sections of the library. Now, think of each book as a piece of data in your organization. It could be product/service details, customer information, business transactions, or some other critical data. Just like you have multiple copies of the same book in different places, your organization may have duplicates or variations of the same data in various departments or systems.
MDM (Master Data Management) is like a library catalog system. Just like the catalog system keeps track of all the books, their titles, authors, and other details, MDM ensures that your organization’s data is organized, consistent, and easily accessible to authorized users.
Simply put, master data management is a comprehensive process of managing and organizing an organization’s critical data through a single, authoritative, and trusted point of reference. This single point of reference is often referred to as a “golden record.” Some of the key components of master data management include data governance, data quality, data integration, data modeling, and data compliance.
Gartner defines master data management as a technology enabled discipline in which business and IT work together to ensure the uniformity, accuracy, stewardship, semantic consistency, and accountability of the enterprise’s official shared master data assets.
Benefits of implementing master data management
Data keeps changing over time and there are possibilities that it may become inconsistent. Let’s consider you have a retail company that operates in several countries and offers a wide range of products. Each country outlet manages its customer data and product catalog independently. Here are some challenges that you might face:
- Same product may have different names or descriptions in different databases, confusing customers and leading to purchasing errors.
- It may take longer to update the information about a new product launch across all countries, resulting in inefficient operations.
- Lack of consolidated customer data can make it difficult to analyze customer behavior or preferences across countries. This results in missed business opportunities.
- Same product may have different names or descriptions in different databases, confusing customers and leading to purchasing errors.
Implementing MDM for your business can solve all the above challenges. Let’s take a quick look at some of the significant advantages of master data management for businesses:
1. Optimized data value
By providing a single source of truth for critical information like customer, product/service, or financial data, MDM reduces data conflicts across the organization. It eliminates data silos and redundancy, streamlining your business processes and workflows.
2. More confident decision-making
MDM ensures that your data is accurate, consistent, and reliable. It eliminates duplicate records, corrects errors, and maintains data integrity. This allows you to trust your data, reduce operational risks, and make more informed and accurate decisions.
3. Elevated customer experience
By consolidating data from various touchpoints and creating a 360-degree view of customers, MDM enables personalized marketing and targeted sales initiatives. This, in turn, leads to increased customer satisfaction and loyalty.
4. Maximized innovation
Well-organized and clean data forms the basis for data analytics and innovation. MDM offers improved data quality required for identifying latest trends, generating actionable insights, and driving innovation in products, services, and business processes.
A deep dive into Reltio MDM
Reltio is a leading market player in cloud MDM solutions – a versatile and powerful SaaS platform for master data management. With Reltio’s connected data platform, you can gain a 360 view of entities with interactions and relationships. Features like pre-built connectors and no-code integrations allow businesses faster time to value. No wonder 140+ countries use the Reltio platform.
According to the Forrester Report, Reltio’s Connected Data Platform is best suited for customers searching for cloud-native MDM and multiple data residency needs. The Reltio Platform serves diverse industries such as life sciences, healthcare, financial services, insurance, retail, high tech, travel and hospitality, and CPG.
Why choose Reltio
Here are a few reasons you should consider Reltio for your master data management initiatives:
1. Cloud-native architecture
It is predicted that 85% of organizations will be cloud-first by 2025. Reltio’s master data management solution is well-positioned to harness the benefits of the cloud for effective data
management. It offers industry-specific data models that enable businesses to get clean and accurate data into downstream systems in 90 days.
2. AI and Machine Learning integration
Reltio’s MDM platform is AI/ML ready. Its domain-specific ML models help streamline match and merge processes and enhance data steward productivity. Organizations can view entity graphs across an infinite number of people, products, and places.
3. Assured high-quality data
Reltio’s SaaS platform provides you with continuous and automated data quality management. You get real-time visibility into data patterns through intuitive dashboards. Also, the platform helps you resolve data quality issues faster with machine learning recommendations.
4. Real-time data integration
Reltio supports real-time data integration, allowing businesses to work with the most up-to-date information. Data integration for MDM is simplified with low-code/no-code development environment. Plus, the Reltio platform provides you with 1000+ pre-built connectors, ensuring seamless business operations.
5. Flexible matching methods and tools
Get accurate and flexible matching methods and tools to ensure efficient data matching within the platform. Businesses can leverage automated, ML-based match, eliminating the need for developing and managing rules. Also, create match rules in a few clicks with Reltio’s Match Rule Builder. Businesses can leverage custom survivorship rulesets to get dynamic profile views.
Wrapping up
Reltio’s Master Data Management platform offers businesses the advanced tools and capabilities they need to harness the full potential of their data assets. However, successful optimization of the platform requires expertise and guidance, and that’s where LumenData can help.
As a proud Reltio partner, we bring a wealth of experience and deep understanding of modern data management to the table. Our expert consultants work closely with organizations to tailor Reltio’s features and functionalities to specific business requirements, ensuring that the platform aligns with the business objectives.
Get in touch to discuss your data transformation journey with us.
References
https://www.gartner.com/en/information-technology/glossary/master-data-management-mdm
https://blog.hubspot.com/website/master-data
https://www.g2.com/articles/cloud-computing-statistics
https://www.reltio.com/products/data-integration/
https://www.reltio.com/products/entity-resolution/
Authors:
Mohd Imran
Senior Consultant
Ankit Kumar
Technical Lead
Shalu Santvana
Content Crafter
Mohd Imran
Senior Consultant
Ankit Kumar
Technical Lead
Shalu Santvana
Content Crafter
