If you’ve searched online lately for MDM, you likely received plenty of results pointing you toward Mobile Device Management. But is that really what you’re looking for? The answer really depends on the data.
Mobile Device Management helps business IT teams manage how their workforce interacts with sensitive corporate data, either on company-issued or personal mobile devices. It also helps track these devices if they become lost or stolen. However, if you’re a company that needs to gain control over your enterprise data — like Product, Customer, Supplier, etc. — then you likely need a different type of MDM, called Master Data Management.
What is MDM?
MDM, when referring to Master Data Management, involves leveraging a centralized repository to collect, manage, enrich, and organize your enterprise data. MDM results in accurate, consistent data accessible across the organization to meet a myriad of goals (e.g., supply chain efficiencies, customer experience, digital transformation, etc.).
Why is MDM important?
Data is growing in volume, variety, and velocity every day. With expanding attributes, variations, relationships, and hierarchies, it’s become more difficult for legacy platforms and outdated processes to keep up with modern businesses’ data demands. And companies know that bad data also brings high costs and risks.
With the help of MDM software platforms and established data management processes, companies can reach the data quality necessary to compete in today’s omnichannel landscape. In the digital space, agility is critical — and high-quality data helps companies stay nimble.
Additionally, MDM enables more robust privacy and data security — factors crucial to building trust with today’s buyers across channels, as well as B2B and B2C.
How does an MDM solution work?
An MDM software solution helps companies create and collect data across disparate sources (ERPs, CRMs spreadsheets, etc.) and manage it through a central hub. Using business rules to validate accuracy, consistency, and completeness, they create a “golden record” of master data across the enterprise. The organization typically assigns data stewards to oversee the data governance and data management processes.
What are the benefits of using an MDM solution?
Implementing Master Data Management creates short-term wins and lays the data foundation for long-term growth and flexibility. Some of the many benefits of MDM include:
- Improved data quality: All aspects of your data quality (accuracy, completeness, etc.) improve with MDM, giving your organization a reliable source of data truth.
- Improved transparency and lower risk: Up-to-date, accurate data that’s easily accessible to all stakeholders lowers risk in areas such as product recalls, regulatory compliance, etc.
- Faster time to market: By eliminating data siloes, all aspects of your organization (suppliers, operations, marketing, etc.) can use centralized data to speed up production and distribution times for products and product content.
- More informed decision making: When your data is more visible and accessible, it creates more opportunities for informed decisions that help companies increase revenue and drive down costs.
- Greater agility: Organized, managed data enables you to quickly move into new channels, test different pricing strategies, uncover new supply chain efficiencies, and much more.
- Improve customer satisfaction: Providing your customers with the information they want, as well as a trusted experience, improves their satisfaction and loyalty to your company/brand.
What industries should use MDM?
Any industry that deals with large sets of data can benefit from MDM. Some common examples include Retail, Automotive, Beauty, CPG, Manufacturing, Industrial, Distribution, Healthcare, Grocery, and Restaurant.
The MDM Your Business Needs
If you want to secure your corporate mobile devices, then Mobile Device Management may be what you need. But if you want a way to transform your company’s data to positively impact your entire business, you want Master Data Management.
At Amplifi, we understand the critical role of master data — and all its nuances — in enabling successful digital transformation projects. For over a decade, we’ve worked in the trenches with some of the largest brands in retail, manufacturing, distribution, and beyond, helping them harness the power of their #1 asset — their data.
Do you have questions about MDM? We’re the Data First Consultancy, so we’ve got you covered. Reach out — we’re here to help.