Organizations are implementing master data management solutions to achieve the following goals:
Regulatory compliance, such as financial reporting and data privacy requirements.
Avoid corporate embarrassments. For example, you can improve recall effectiveness and avoid mailing to deceased individuals.
Cost savings by streamlining business processes, consolidating software licenses, and reducing the costs associated with data administration, application development, data cleansing, third-party data providers, and capital costs.
Productivity improvements across the organization by reducing duplicate, inaccurate, and poor-quality data, helping to refocus resources on more strategic or higher-value activities.
Increased revenue by improving visibility and access to accurate customer data, resulting in increased yields for marketing campaigns and better opportunities for cross-selling and up-selling to customers and prospects.
Strategic goals, such as customer loyalty and retention, supply chain excellence, strategic sourcing and contracting, geographic expansion, and marketing effectiveness.