Why should your organization implement Master Data Management (MDM)?

By Scott Moore

Why MDM?

Master Data Management (MDM) helps organizations to streamline how large volumes of data are managed and create a reliable, single source of truth. Is your group ready to implement MDM? We’re addressing some common concerns.

If your company is planning on implementing MDM, it’s understandable that you or some of your stakeholders may have questions.

We’re not going to sugarcoat it – MDM is a large undertaking and can be an ongoing project for your team. You’ll need robust planning and a strong commitment to the project from leaders across your enterprise.

However, the benefits of successfully implementing MDM are well worth the effort. When you consider that organizations are estimated to lose between $10 million and $14 million annually due to poor-quality data, it becomes very clear that managing your data well should be a priority.

Here’s what you’ve told us you’re concerned about and how Semarchy’s xDM platform tackles those concerns:

Choosing the right MDM software solution

MDM software is essential. Finding the right solution for your organization is often the first hurdle. Many business leaders are concerned about whether the solution they choose will keep pace with market trends and directions. Will the software grow with them, or will it rapidly become obsolete?

This is a key concern of ours too. Our software needs to be a long-term solution that helps users stay ahead of their data management practices. To that end, we produce quarterly updates to our software platform and maintain our position as market leaders, always looking for new ways to innovate. Our powerful algorithms update our Smart Data Hub platform regularly, free of charge.

How do we know we’ve found the right MDM software?

Choosing MDM software should be a careful process so that you can ensure your must-have features are met and that your company is ready for the MDM solution. If you’ve been tasked with sourcing MDM software, there are resources available to help guide you through that decision. Check out our MDM Solution Selection Guide here, or you can take a look at SoftwareReviews.com here.

Implementation of master data management

Implementation of any kind of new software can be a big deal. Some common concerns include the following:

Getting buy-in from your team

Resistance to change is a common and problematic issue for groups implementing new systems and software. This can come down to many factors, but lack of communication and poor understanding of how the proposed change will impact them positively are common threads.

Our clients receive implementation support from our excellent customer success team. We’re committed to providing a smooth experience that helps your team realize the benefits of their new MDM solution as soon as possible. 

Support for your MDM solution

Strong software support is an absolute must for most organizations implementing a third-party solution. You need software to work effectively 100% of the time and your team to be confident in how to use it. If there’s ever an issue, you need support to be available immediately. 

We’ve got you covered.

Managing risks

Implementing new software is never a completely risk-free undertaking. For example, some enterprises find they’re unprepared to implement a new solution, and they’ve bought themselves an expensive package to sit on a shelf. 

Some find it challenging to train staff and have them up to speed on the new software, creating a risk that they make mistakes or miss key insights. Other groups have challenges with monitoring data on new software usage and effectiveness, potentially missing improvement opportunities.

Semarchy tackles these common challenges by providing users with direct access to our customer support team. We’re proactive in looking for any challenges with your roll-out, for example, by assessing organizational readiness and helping to ensure you have everything you need for training. Our approach is to plan ahead and look for potential problems before they arise.

Conclusion

We hope this helps to address some of your key concerns for implementing new master data management software. We’re dedicated to building lasting partnerships with our clients, delivering an effective solution that can be implemented quickly and will continue to grow with you.

Ready to implement an effective MDM solution and see ROI in 12 weeks? Your first step is to contact us here.