@Walt Feldman, from Tenerity had a few thoughts around what Master Data Management is and how he would describe it:
"Master Data Management is a technology enabled discipline. Just having a great MDM tool does not mean you are great at MDM. You cannot be great without great stewards, great governance and great processes. Always understand your downstream systems and what they need to succeed from the MDM system. Start with the desired business outcome and work backwards from there."
@Deepak Bhansali, from Fidelity says:
"MDM is a "Continuous" process of Cleansing, Standardizing, Enriching & Maintaining the Golden value of Entity to drive Enterprise Analytics and Operations.
MDM Engine(Tools), Governance, Data Quality Reporting (CDEs) and Data Stewardship are equally critical for success of MDM implementation.
It should deliver the Canonical model of Entity type for the whole Enterprise.
As pointed getting back the mastered data to Source systems in also very important, this is how the improved and enriched data can get into the Enterprise data flow and is utilized and redeemed across the board"
Used Cases on How A Pharmaceutical Company could use Reltio with Mastering their Products:
"Sometimes Companies Master products. We have a customer who is in the Life Sciences pharmaceutical space. They Master every single version of their Pharmaceuticals and sometimes it can be complicated. The drug they master comes in six-packs, eight packs, 30 packs, and 120 packs. It comes in all sorts of different strengths and some are only available to pharmacies. Some of the products are actually the same and white-labeled are complex relationships. What many people would think of as just one drug is tricky and Reltio enabled them to better track that through Master Data Management."
Why a Marketing Organization Should Care about Master Data Management (MDM)
"If your marketing organization, you probably have a few different systems. You might have HubSpot or in certain email tools. You probably have legacy data sets from whatever using before, HubSpot data from the sales or Finance organization in your team. And each one of those will have a, a version of your customer. When you're going to Market your customer. You're going to email them. You're going to mail them a flyer, which address should you use, which emailed should you email them at? How do you know which last name to address them by when you have multiple versions across different sources? Master data management helps you figure that out. For questions about how marketing organizations can use master data management, check out our community and ask: https://community.reltio.com/home"
How Reltio helps Insurance Companies solve the Data problem @Ashley Branham
"If you think about insurance companies, they are focused on relationships who is related to who in a household. What policies they have insured and what claims they have, and all these things tie back to obviously what is related around that main mastered item. Then coming into Reltio we take that, and we can pull everything from these separate systems and their policy system, and their claims and you put them into one view. Then you can see the whole view of the customer and how it's tied together.
What problem does that solve?
It really solves how an agent would interact with that customer. They have an instant view of everything that they are related to everything claims when you tie into what an agent would be in terms of revenue? For example, are they losing revenue on the client because they have had too many claims: Is their spouse losing revenue on it? Are they an at-risk client? You can really see what they've got and also how could they upsell them based on who else is in that household?"
We would love to hear your story about what the definition of Master Data Management is and the purpose is.
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