For every Organization, data is the primary key. Without data, an organization is blind as they do not know whom to reach, how to reach?
Data is the first thing we required in the business to reach out to their customers.

It supports business initiatives through identification, linking and syndicating of information across products, customers, stores/locations, employees, suppliers, digital assets and more.
Master data varies from one organization to another. It depends on the organization nature of work. Master Data Management is important because it offers the enterprise a single version of the truth. Without a clearly defined master data, the enterprise runs the risk of having multiple copies of data that are inconsistent with one another.

My upbringing is in a business class family that why? I know the importance of master data. My father told me how master data help an organization to cope with changing markets, ensure a competitive position in them and improve business performance. Profisee can help you perform detailed standardization to eliminate any inconsistencies in the data and manage how your output appears.

How Do You Create a Master List?

Problematic data can lead users to distrust the very applications they rely on to make marketing and sales decisions. The only way to reverse this situation is to “clean” your data with Master data management strategy.

Whether you buy a Master Data Management tool or decide to build your own, there are two basic steps to creating a Master data management strategy:

  1. Cleaning and standardizing the data

    The most critical step towards ensuring that your data is ready to be shared across the enterprise, data standardization helps you make your data consistent and clear. Data consistency affirms dependable output, facilitating the identification of related data using common terminology and format. Clarity of data enables it to be easily understood by even those who are not directly involved in the process of data maintenance.

  2. Matching data from all the sources to consolidate duplicates.

    Matching master-data records to eliminate duplicates is both the hardest and most important step in creating master data. False matches can actually lose data and missed matches reduce the value of maintaining a common list. The matching accuracy of Master Data Management tools is one of the most important purchase criteria. Over time, however, as further mergers and acquisitions occur, the problem multiplies, more and more master databases appear, and data-reconciliation processes become extremely complex, and consequently unmanageable and unreliable.

    You can opt for these steps for better and clean matching data
    1. Single-copy approach—In this approach, there is only one master copy of the master data. All additions and changes are made directly to the master data. All applications that use master data are rewritten to use the new data instead of their current data.
    2.Multiple copies, single maintenance—In this approach, master data is added or changed in the single master copy of the data, but changes are sent out to the source systems in which copies are stored locally. Each application can update the parts of the data that are not part of the master data, but they cannot change or add master data.

     

     

September 17, 2018

25 Replies to “Master Data Is Key To Success”

  1. Bushra says: September 19, 2018 at 6:25 am

    Master data list is so very important for proper functioning of business never know that. Thanks for such a informative post.

  2. Gunjan Upadhyay says: September 19, 2018 at 6:20 am

    I had touched this topic while I was doing my MBA, Glad you have covered it so well. it will be so helpful for new businesses

  3. Dipika Singh says: September 19, 2018 at 2:49 am

    Data Management is the most basic thing before starting any new venture or even managing a page. Nice and detailed post.

  4. Poornima says: September 18, 2018 at 10:13 pm

    Well, I follow your blog only to get such important details and facts to learn from u. Never knew about data management before.

  5. Akanksha says: September 18, 2018 at 9:13 pm

    Data is the building block for right information. My father managed a company which reqd data analysis to create proper information. Great post x

  6. Siddhi says: September 18, 2018 at 7:31 pm

    I had no idea there involves so many layers while planning a business. Help me understand here if Profile will help me manage data Abt my books. Too many books I have genuine query.

  7. Snigdha Prusti says: September 18, 2018 at 4:48 pm

    Master data management is really new for me. You have done very good research behind this post. Great.

  8. Neha Jain says: September 18, 2018 at 4:39 pm

    Thank you for sharing this with me , such a detailed and nice informative post.

  9. Aditi says: September 18, 2018 at 4:08 pm

    Great post at master data strategy. I like it. It is so helpful for me

  10. Namrata says: September 18, 2018 at 3:41 pm

    I agree with everything you have written. Master data is so important.

  11. Snehalata Jain says: September 18, 2018 at 3:36 pm

    The info is really good I too always keep Master data so that I can use for future

  12. Nisha says: September 18, 2018 at 3:35 pm

    Master data is important be it any business. Have been in software industry for a decade and it always acted as a life saver

  13. Charu Chittwal says: September 18, 2018 at 3:32 pm

    One of my friends is planning to start a startup, I am so damn sure this piece of content is going to help him in a numerous ways, will definitely share the same with him

  14. Neha Sharma says: September 18, 2018 at 3:25 pm

    I remember reading about creating a master data list for business management during my 1st year MBA course. You have covered some important points in your post. Well written!

  15. Purva Bhatia says: September 18, 2018 at 3:22 pm

    That sounds like an effective way of organizing and managing work! Pretty useful for corporates.

  16. Priyal says: September 18, 2018 at 1:53 pm

    I was totally unaware of this, will share the details with my hubby, hope it will help him in his business

  17. Surbhi Mahobia says: September 18, 2018 at 12:40 pm

    This reminded me of my HR days. We had to do everything from collecting data to creating the master data. Basically, no information can be generated without the master data. This is a very well researched article, Gurjeet. Good one!

  18. Princy Khurana says: September 18, 2018 at 10:27 am

    my husband works in storage and networking and I have heard from him about how data is crucial and how it is stored. so I had a basic concept, but this was detailed.

  19. Jhilmil Bhansali says: September 18, 2018 at 10:24 am

    Being a Revenue and Marketing professional, I could so very well relate to the master data concept. It’s critical for any business.

  20. Hema says: September 18, 2018 at 7:40 am

    This is such a detailed and well researched post. I was not aware about the master list.. thanks for sharing the detailed post.

  21. Nidhi KM says: September 18, 2018 at 5:55 am

    We used to do so much of this during my my starting Amex years. I could totally relate to the article

  22. Mrinal Kiran says: September 18, 2018 at 5:03 am

    I have no idea about commerce or business and by brother is planning to start a business… This was new and definitely very important to me! Will share it with him!

  23. Varsh says: September 18, 2018 at 3:16 am

    Master data management strategy is a new concept for me. This post has evoked my interest. Will look for more info on this.

  24. Revathy says: September 18, 2018 at 3:01 am

    I am a business analyst by profession and so could relate a lot to this post of yours on Master data collection and management. Nice post!

  25. The Reading Momster says: September 17, 2018 at 6:15 pm

    Very interesting post! I had no clue that Master List was so relevant and important

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