Master Data Management

Strategies and best practices for effective Master Data Management

Master Data Management: What is MDM?

Master Data Management (MDM) involves several components including data collection, cleansing, and standardisation to achieve a single view of assets.

As digital transactions and data grow, more organisations are recognising that MDM needs to be a critical component of their data management strategy and digital transformation efforts.

To achieve effective MDM, organisations need to have a well-defined data management strategy and data governance structure in place to enforce it.

Strategies and best practices for effective MDM

  1. Have a single view of assets: No more debates about who or which system is right, and which data to use – there is just one trusted source
  2. Gain a better understanding of your business: Achieve a complete view of customer, supplier, product and other assets – and the relationships between them
  3. Reduce costs: Remove duplicates and silos, and stop wasting time on bad data
  4. Integrate systems: Get clean, complete data which sync to CRM, ERP and other systems
  5. Make decisions based on facts: Good data quality leads to greater operational efficiency and informed decision making
a dock leading to a beach
Faith Luo

Webjet case study: Taking flight with Master Data Management

For many who have been on holidays, there’s a fair chance they might have booked part of it on Webjet. Webjet Limited is a Global Travel Organisation that enables customers to travel the world through market leading brands supported by innovative technology. In FY23 alone, the award winning global travel business processed over 7.4 million

Data Management

What is Data Management?

Data management refers to the way data is collected, organised, and made secure and accessible. The goal of effective data management is to optimise data to support an organisation to be more efficient and effective at delivering on its goals.

There are many systems that aid data management, including customer relationship, marketing, data warehouse, and analytics systems.

Having data is good.
Having data that is well managed is better.

What are the benefits of data management? Strong data management practices can help your organisation in these areas:

  • Risk management – operate according to compliance and rules
  • Business intelligence and analytics – based off reliable underlying data
  • Operations – with data that drives decisions to improve
  • Customer service and revenue – when data is put together in context to deliver insights and trends

Data Quality

What is Data Quality?

Data quality refers to the standard and condition of data. Data that is of good quality is accurate, complete, consistent and up-to-date, and serves those who need it.


Managing data quality can include data cleansing to fix errors, and enhancing data sets to complete or update records. It involves a continuous process of reviewing and managing the data to ensure data rules or standards are kept.

Businesses need good data quality to thrive

Having good quality data results in:

  • Greater productivity: Staff spend time on value-adding activities rather than fixing data… again
  • Less costs: Save on postage when you mail 30,000 customers instead of 50,000 because you have the right customer data
  • Happier customers: With a complete view of customer you can market to them more relevantly
  • Actionable insights: With reliable, up-to-date data, you can draw insights, evaluate the business truthfully, and be more confident in your decisions
  • Better decisions: When you have the right data, you can get the reliable insights to make fact-based, timely decisions 

Golden Record Management

What is Golden Record Management?

Golden Record Management is the process of matching, surviving and merging to create a single complete record about an asset such as customer or product.

“Golden record” refers to the accurate and complete record. This record can be fed into other data sources to ensure they have the same up-to-date information.

Golden Record Management typically involves a combination of data governance, data quality, and data integration technologies and processes. It is important for organisations who want to ensure they have a consistent and accurate view of their data.

Get a single source of truth you can trust

What are the benefits of Golden Record Management?

  • Eliminate data duplicates, inconsistencies and inaccuracies
  • Automate business rules for survivorship to create the Golden Record
  • Cleanse, verify and standardise selected attributes for better data quality
  • Harmonise data by making the Golden Record available to other systems to reference, so you always have a consistent and accurate view

This in turn leads to better understanding of the business, operational efficiency, time and cost savings, and better decision making.

Implementation Styles

What are implementation Styles?

There are different ways to implement a software. Deciding on an implementation approach can depend on the development method, tools and technology, and processes used to manage the project.

Master Data Management implementation styles include:

What is your MDM project plan?

Factors affecting which Master Data Management implementation style to use include:

  • What is the process?
  • How simple or complex is this?
  • How quickly do we need to see results?
  • What are our priorities?
  • What resources do we require to make this happen?
  • What buy-in can I get from business stakeholders?
  • What outcomes do we want?

Digital Transformation

What is Digital Transformation?

“Digital transformation” has become a bit of a buzzword, but in essence it is how organisations are approaching an increasingly digital world, to stay relevant and competitive.

Digital transformation is the integration of technology into all areas of an organisation. It can involve adopting new technologies such as cloud computing and artificial intelligence. While often the remit of the IT department, it generally affects all areas of the organisation.

Successful digital transformations result in organisations becoming more efficient, agile, and relevant.

Improve efficiency, increase agility and enable scalability with digital transformation

The benefits of digital transformation include:

  • Increase efficiency: Automate manual processes to reduce error and save time
  • Improve decision making: Having real-time data and analytics lead to data-driven decisions
  • Better customer experience: Deliver better, faster, more tailored services
  • Competitive advantage: Deliver better, faster, more tailored services
CPM Resources Background
Michael Coyle

MDM in Digital Business Transformation Webinar

[eBook] This eBook covers what is master data, why bother, and where to start. We dive into deciding what Master Data to manage, how to create and maintain a Master List, Versioning and Auditing and more.

Profisee

What is Profisee?

Profisee is the fastest growing vendor in the Master Data Management market. It enables organisations to build a trusted foundation of data and brings together every domain, source, user and record to deliver a single source of truth.

Profisee offers a complete end-to-end solution to handle key business data and important data management challenges. Profisee is known for its ease of use, cost effectiveness and rapid deployment.

QMetrix is a Profisee Field Certified Partner – Gold Status.

The fastest growing, #1 time-to-value Master Data Management solution

The benefits of Profisee include:

  • Connect across systems: Synchronise clean data across applications and warehouses
  • Improve data quality: Get rid of inaccurate, incomplete, duplicate, siloed and ungoverned data
  • Have a single source of truth: Get a complete view of customers, vendors, products, employees and other assets – and understand hierarchies and relationships
  • Enforce governance: Take stewardship of your data with a fast, affordable and scalable solution with quick time-to-value
a dock leading to a beach
Faith Luo

Webjet case study: Taking flight with Master Data Management

For many who have been on holidays, there’s a fair chance they might have booked part of it on Webjet. Webjet Limited is a Global Travel Organisation that enables customers to travel the world through market leading brands supported by innovative technology. In FY23 alone, the award winning global travel business processed over 7.4 million

Case Studies

Practical stories from Australian businesses with real results​

QMetrix has worked with organisations across many industries to achieve their data management goals. Learn about the challenges, solutions and outcomes in these case studies of real businesses like yours.

 

What can an MDM solution do for you?

“We no longer have to manually source, integrate and align data from multiple systems to get what we need.

The data integrates with Profisee and makes it easily available for consumption through an integration layer or MDM reporting functionality.” – Senior Data Analyst from a large energy producer in Australia

a dock leading to a beach
Faith Luo

Webjet case study: Taking flight with Master Data Management

For many who have been on holidays, there’s a fair chance they might have booked part of it on Webjet. Webjet Limited is a Global Travel Organisation that enables customers to travel the world through market leading brands supported by innovative technology. In FY23 alone, the award winning global travel business processed over 7.4 million

Want to leverage the right technology to make smart decisions, plan better and propel business growth?

We’ve worked with businesses across Australia to do just that. Let’s chat about how it could work for your organisation too.

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