Did you know that over 90% of business data was created in the last two years? And how much time did you waste this week looking for information that already existed? Everyday, humans generate 2.5 quintillion bytes of data, making data management – no easy task. With the Internet of Things, machines themselves will be creating even more data on their own. Let’s look at a modern organization. We see thousands of customer records across departments underutilized or not connected at all. This creates a challenge for IT to keep data sync and secure. A recent study says the number one reason CRM projects fail is from poor data quality and strategy. Let’s take that example and explore it. Brian is a sales rep. Brian uses an in-house customer database to look up customer purchasing data to often find a disconnected number or a duplicated contact with different numbers. In accounting and customer support, their separate databases may have more accurate contact data but none of that data is synced with Brian’s CRM. To make matters worse, there is an abundance of unstructured databases with customer data IT is not aware of. In return, Brian’s productivity slows, as he cannot contact customers to understand their needs or to upset and eventually gives up on his CRM and reverts to a personal spreadsheet and this is not limited to the front office. It occurs in every area of the organization but how big is this problem? The data warehousing institute states, US businesses lose more than 600 billion dollars a year from problems with data quality. Data management has become a daunting challenge as the volume, velocity, variety and veracity of data increases. So, how can we tackle data management and bring alignment to your corporate data for Brian to find new customers or increase the value in current customers? Reliable Software Resources specializes in the planning and execution of Master Data Management strategy and solutions. The great MDM treats data as an asset that generates value just like a monetary investment. Our MDM experience consists of over 600 consultants including data architect, data analyst development in technical experts who have helped companies adopt an MDM solution to align their data across organizations for actionable insights. Effective MDM needs to be enterprise wide so it’s critical to define the roles and processes related to data management. We recommend establishing an enterprise data governance framework that engages all these stakeholders to decide how data should be created, collected, captured, maintained, stored and archived. Visit our website at rsrit.com. If you are wondering do I need a master data management or how can I get senior leadership to buy into the need for MDM? We have developed an expertise to guide our clients through the process and internal policies of designing and implementing an MDM strategy. Let us help you to stop losing a real business value through Master Data Management.
Credits to: Reliable Software Inc