7 Key Signs Your Enterprise needs Master Data Management
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The document outlines the challenges enterprises face with unstructured and inconsistent data, which can lead to competitive disadvantages, loss of customers, and increased management costs. It highlights seven signs indicating the need for Master Data Management (MDM), including flawed critical data and ineffective integration of data sources. Adopting MDM can streamline data processes, enhance accuracy, and significantly improve operational efficiency.
7 Key Signs Your Enterprise needs Master Data Management
- 1. Is increasing data becoming more of a challenge than an asset for you? Unable to find relevant data Flooded with bad data that needs regular check-ups and diagnosis Puzzled by huge volumes of complex datasets Sharing unnecessary information with customers 7 KEY SIGNS YOUR ENTERPRISE NEEDS MDM
- 2. Unstructured, unclean, and inconsistent data can impede your navigation in today’s business landscape. Competitive disadvantage Loss of customers Damaged credibility with stakeholders Reduced ROI Look for these 7 indicators to pinpoint your data management requirements. Act before it’s too late!
- 3. https://www.datanami.com/2019/01/31/data-management-falls-short-for-unstructured-data/ GROWING UNSTRUCTURED DATASETS Source: Datanami SIGN 1 The typical organization reports that unstructured data grows by or doubles every 40 months 23% annually
- 4. https://baymard.com/lists/cart-abandonment-rate Average documented online shopping cart abandonment rate is CART ABANDONMENT DUE TO INCONSISTENT DATA Source: Baymard SIGN 2 69.57%
- 5. https://www.semarchy.com/why-do-i-need-mdm/ of critical data used by the world’s top companies is flawed. DATA FROM MULTIPLE HETEROGENEOUS SOURCES AND DATA STRUCTURES IS THE CAUSE FOR CONFUSION Source: Semarchy SIGN 3 25% Over
- 6. Frontline sales, marketing, and operations teams are left shooting in the dark without real-time, relevant, personalized, and reliable insights. LACK OF ANALYTICS OR BUSINESS INTELLIGENCE SIGN 4
- 7. https://www.forbes.com/sites/tomcoughlin/2018/11/27/175-zettabytes-by-2025/#7f06bcce5459 HIGH DATA MANAGEMENT COSTS Source: Forbes SIGN 5 more than doubling every two years. Amount of data will grow to Data Management Costs 175ZB in 2025 Customizing traditional platform Sunk costs at every stage of data visualization Losses due to data compatibility and correlation Repeated Iterations and course correction
- 8. Data privacy and leakage prevention is more critical than ever before. However, it’s also becoming more complex with the proliferation of lakes, warehouses, cloud, and IoT devices. LEAKAGE OF TRANSACTIONAL AND INTERACTION DATA SIGN 6
- 9. Cross domain relationships affect data governance in more ways than imaginable. INEFFICIENT INTEGRATION OF VARIOUS DATA SOURCES SIGN 7
- 10. No collaborative data authorization No data integrity and/or security Inauthentic data manipulation Delayed approval of information Bring clarity to chaos with Master Data Management (MDM) MDM empowers you with a single data repository that helps you arrive at actionable insights and accelerate value creation. Turn challenges into your biggest advantages Learn all about MDM in our insight: www.pimcore.com/en/resources/insights Make data standardization easy Ensure data accuracy Simplify processes Drive operational efficiency +43 662 876606230 info@pimcore.com www.pimcore.com Assess your organization’s need for complete, consistent, and accurate data at the right time. MDM adoption will increase 1.9 times in the next 3 years. Source: 2018 Key Issues Study by Hackett Group