Master Data Management Business Drivers

I recently came across a survey from Gartner ranking the primary business drivers of current MDM plans/initiatives. 

According to the survey, the current MDM business drivers ranked in order of highest priority are:

1. Cost Optimization & Efficiencies
2. Compliance & Risk Management
3. Revenue & Profit Growth

As Cost Optimization & Efficiencies is the number one business driver (43.5%), I thought we’d take a look at how MDM can help in this area.

Here are a few cost optimization & efficiencies that an organization can achieve with an MDM initiative:

• Allocation of Resources – Matching and linking data from multiple data source can help you understand the proper number of customers, prospects, market potential, market penetration, resources being used to sell and service customers, and other items.  This understanding can help an organization measure the current status of the business and analyze where the business is heading.  Thereafter, an organization can determine the proper number of sales reps, customer service reps, distribution centers, and other cost factors in order to reduce expenses without jeopardizing revenue.

• Employee efficiency – With information at their finger tips, customer service reps can view the complete and accurate authorized information about a customer across data silos in order to help preserve customers and potentially up-sell and cross-sell existing customers when the opportunity exists.  Similarly, sales reps can have a single view of their customer in order to prioritize who they should target.  Further, sales reps can be armed with the best available information to help up-sell and cross-sell their existing customers.  Other departments can also perform their jobs in a more efficient and effective manner with a single view of the customer.

• Multi-Channel Interactions – First, customers and prospects may initiate contact with your organization through multiple channels.  MDM is needed so that you can correlate these multiple touches in separate sources and identify them as being part of the same opportunity or issue.  Additionally, there may be multiple departments in your organization that are involved in selling or servicing a customer.  These multiple departments may be directly communicating with the customer or they may be only communicating internally.  Either way, it is important that everyone is on the same page by knowing all the relevant information from the separate silos in order to service the customer as effectively and efficiently as possible.

In addition to the examples above, Andrew White from Gartner offers some additional cost savings and efficiencies in his blog entry, Economic woes will drive need for MDM.

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