What are the benefits of MDM?

What are the benefits of MDM? 

An MDM Platform is an extremely powerful tool that, if implemented correctly, will make vast improvements in your data quality, control and visibility for all aspects of your organisation.  

Some key improvements MDM can provide for your business include; 

Data Quality

At the most basic level, having all of your data in a managed state that is consistent, accurate and trustworthy means that there is much less chance of having missing data, or referencing incorrect data. A good example of this would be if your business uses a support system. With properly managed data your agents will always have access to correct client data meaning there will be no breaks in the chain of communication enabling  you to be able to provide a high level of customer support. 

Visibility and Agility

With reliable data organisations will have better confidence, control and oversight over different channels in their data chains, meaning you are able to better understand and analyse different business opportunities and challenges that you may not have recognised without managed data. With this you will then will be better informed to make more accurate and more rapid decisions. 

Security and Compliance

Having an MDM solution implemented will help to make sure that your data is not only accurate, but that it also measures up to all compliance and statutory reporting requirements. Noncompliance is a major security issue and will lead to a loss of credibility and trust among your existing clients and potential consumers, as well as having the potential for hefty monetary penalties. 

Time and cost reduction

Having the right MDM system and controls in place will lead better data at the outset to drive more efficient services. This will lead to fewer misdirected services and ill-informed decisions, and less time / resource spent on fixing data manually after the event. 

What are the challenges of implementing MDM? 

While MDM is an important step into making your organisation both organised and compliant, that is not to say that implementing MDM does not have some challenges.

Cost

One of the clear challenges in implementing MDM into your business is the initial upfront cost of the implementation, this comes from the package you are using itself as well as any business resource you may need to assign to the task. This however should only be an initial, one-off cost, and in the long run you will be saving money as the time spent looking at and analysing your data will be cut drastically. Also, if you chose the right type of MDM system technology that is both agile and configurable, the costs (and time spent to implement), become dramatically reduced.

Infrastructure

Making sure that the MDM solution fits in with the current data infrastructure you have is a key aspect to a successful integration with MDM. MDM should not result in adding any unnecessary complexities, after all, one of the major reasons for using an MDM solution is to make managing and accessing your data easier, not more complex.

Communication

Communicating the potential benefits to decision makers in an organisation can be somewhat difficult at times, as at face value, organising data may appear to be a minor advantage. However, with the correct approach and evidencing the advantages of MDM, the importance and benefits should become more obvious and will help to communicate the long-term cost saving.

Conclusion

To sum everything up, MDM is a major step forward for any organisation that values its data. It will drive efficiency across the business, help to make your many datasets much more accurate and consistent, and support the critical obligation of making sure all your data is compliant with industry and legal requirements. 
 
For any more information on implementation of an MDM solution or how to best manage your data feel free to contact us

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