“Success does not consist in never making mistakes but in never making the same one a second time.” — George Bernard Shaw
About to tackle a MDM project? The right partner can help you clean up your mistakes, and prevent future ones from occurring.
When large companies decide to merge and become one “supersized” company, their database now must carry a new master file. The process of managing this master file and data is called Master Data Management, or MDM. Many companies spend tens of millions of dollars on their MDM, and what they don’t realize is that there are alternatives to managing this data; in particular, managing it in smaller amounts to get that “quick win.”
Why not spent 20% of your effort to get 80% of the results you need?
You can start your data project with full MDM, or attempt a quick attack of cleaning up a majority of the issues with an affordable software tool (more on that in a little bit).
Let’s break it down. The critical master file in question must provide a new point of reference for the staff and management to understand. This new point of reference entails a new structure in the system, which is called “architecture.” The architecture itself has five separate components:
Unstructured: Data found in emails, articles, and product specs, PDF files.
Transactional: Data having to do with sales, deliveries, invoices, trouble tickets, monetary and non-monetary items.
Metadata: Data about other data, definitions reports, documents, log files, connections
Hierarchical: Data that stores relationships between other data. This is extremely important that this be understood, since many times this includes company organizational structures and product lines; also could be stored as part of the accounting system. All of the preceding is in direct correlation to the master data.
Master Data: This is the most crucial data to any company: this data has to have a common point of reference for all personnel and management to obtain.
All this new architecture the process of creating a completely new master file is costly, time consuming. While this is being done, there is substantial down time incurred, not to mention frustration for your business.
Accuracy is of utmost importance; one glitch in your master database could prove disastrous since your master database is used by various applications.
Why not get a quick win and help save your company time and thousands of dollars?
There is a simple solution: ProductMatch, which is akin to a personal service. ProductMatch will streamline data sharing and link all vital and necessary components into a nice point of reference that is easily understood. ProductMatch will also clean up duplicates and maintain your system problem-free, saving you a lot of money in the process!
Contact us for more information on our data cleansing and data matching tools.