Business Analytics and the Data Driven Organisation

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The reason why company applied master data management because master data is used by multiple applications. If there is an error in master data, it would cause a chain reaction. For example, an incorrect address in the customer master would lead to many errors in orders, bills and marketing. What is more, since many companies grow by mergers and acquisitions, every organization have their own set of master data, each company was acquired comes with its own customers master, item master and so one. Therefore, if companies have nice master data management some customers and products that comes from different company might appear in both sets of master data(https://msdn.microsoft.com/en-us/library/bb190163.aspx). All in all, the advantage of master data management can be divided by three part. First improve the operational efficiencies by using single sources. Second streamlining data management and governance. Third, simplifying the data quality because it make data maintenance become easy through maintain one copy of customers data correctly rather than maintaining various copies.

Benefits of Using master data management to Improve Predictive Analysis of Market Trends (Large Organisations)

Companies always face fragmented master data, especially to those large companies. Thus, the inconsistent data will result in a lot of conditions and bad outcomes such as defective business process. Also, this situation has negative influence on many aspects of business applications, which not only include value chain and company-wide, but also customers and suppliers suffered. Hence, adopting master data management is beneficial to large companies whose business strategy rely on consistent data.

If companies create a strategy to Implement master data management and they support business driven technology, the companies are able to deliver the important business value. Thus, the companies would be competitive because MDM help companies enable competitive differentiation, make business grow, improve customer services, reduce time to market and make delivery more efficiency.

Actually, MDM strategies are linked with information technology transformation efforts and MDM would offer these effort more additional value. MDM is able to highlight opportunities to business process optimization.

Master data management is an important step in the well-designed program. It is beneficial to support disciplines, which include data quality,company architecture and information governance.

Benefits of Using master data management to Improve Predictive Analysis of Market Trends (Small Organisations)

The business value of enterprise applications is only as good as the data that can be leveraged. Fragmented, inconsistent data affects cross-sell/up-sell ability, delays time to market, creates supply chain inefficiencies and weakens market penetration. When customer data has duplicates, is incomplete or inaccurate, enterprises find difficulties in proper revenue recognition, new risks get introduced; marketing campaigns lack effectiveness and customer loyalty is lost. Similarly, with fragmented and inconsistent product data, enterprises have to deal with long product release schedules, increased inventory, stock-outs, and increased cost of compliance. Oracle Master Data Management (MDM) solutions are applications designed to consolidate, cleanse, enrich,

Many small and medium businesses (SMBs) feel that they cannot develop robust master data management (MDM) practices due to limitations in budget and resources, or do not feel that MDM is a “nice to have” within the organization. With the importance placed on business intelligence adoption and optimization, some companies focus on the front-end applications and neglect developing a strong data infrastructure. This could be due to pricing constraints or lack of knowledge about the value of MDM and general data management as part of business intelligence, but the fact remains that to provide enhanced value to customers, businesses require strong data management. Although master data management may not be a mainstream initiative that complements business intelligence, the reality is that both software initiatives are slowly overlapping to provide organizations with a way to manage their data entities and expand their visibility from data entry point through to strategic planning.

The combination of master data management and business intelligence is becoming essential for organizations aiming to increase efficiencies and interactions with customers, partners, suppliers, and the like. The concept of providing a “value add” will continue to be what separates the market leaders from the laggards. For organizations aspiring to be market leaders, developing a forward-looking approach is essential. Companies that don’t adopt this approach will not become or remain leaders in the long run. Unfortunately, not all businesses realize this and feel that insights into performance are enough. The reality is that business intelligence alone will not be enough to help drive business success. Organizations require a robust and overlapping approach to business insights and holistic data management.

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