Master data management can be an intimidating project to tackle. But, however intimidating it may be, it's necessary. MDM saves time and allows you and your team to operate efficiently. MDM benefits far outweigh the intimidation. Here's why.
A common question at a business of any size sometimes goes like this: "Can we get a report outlining all people who haven't engaged with us in the last 24 months?" A standard answer to that question? "Sure, I can get you that, but I'm unsure how accurate that information is. We switched CRMs a while back, and I think (insert name here) used to use a spreadsheet that we can't find."
Yikes. Information is only as good as its relevance. Master data management solutions certainly help solve this problem. A good MDM strategy houses all of your data. Whether it be customer, company, or internal data, it all lives together. All applications talk to each other, allowing you to control your data better to find and fix inaccuracies and incomplete information before it becomes an issue.
You already know an MDM project brings all your software, ERP, CRM, etc., together under one roof. However, it also allows you to pull together reports based on all that data — not manual ones either; they're automated, meaning more time doing things you want to do (such as getting home before dinner or not feeling guilty about playing 9-holes after work).
Kidding aside, MDM implementation allows your company to be more accurate and efficient and, in turn, make better decisions guided by factual data.
In most industries, customers are the top priority. Happy customers or clients are more likely to refer your business. Short of an automatic door, nothing's easier to close than a good referral.
One great way to guide your decision-making is by seeing what resonates most with your favorite customers. Doing so is more accessible to track with an MDM solution. Imagine having complete, accurate, insightful, and automated reports. MDM offers just that.
For example, how would you know a specific email outperforms others if you're not tracking it or pulling it into your contact records on your CRM? Whether we like it or not, we live in a world where everything can be tracked. The more information we have, the more informed our decisions can be. The more informed our choices are, the greater the probability of positive consequences.
If you want to partner with Aspirant to achieve the most successful Master Data Management implementation possible, contact us through the form below.