Data means everything to businesses these days. Accurate and retrievable information about customers, competitors, suppliers, and regulators is the difference between having your act together and being up scat creek without a paddle.
For those intently focused on the day-to-day operation of their venture, taking better care of business data sounds intriguing. However, most small business owners think they don’t have the time or resources to make data management a focal point.
That’s where cloud-native MDM solutions enter the picture. Short for master data management, MDM enables small business owners to harness the power of information in an effective and profit-driven manner. What’s more, cloud-based MDM allows business owners to manage business data without significant hardware investments.
With this in mind, let’s take a look at five ways a cloud-native MDM can transform the way your business uses data:
All-in-one data management
As the name implies, master data management covers all your company’s crucial information. From assets to employees to product and organization, every facet of business data is managed through one easy-to-use platform. Better yet, your business information can be accessed and presented in one single instance, saving time and streamlining operations.
Making connections behind-the-scenes is one of the most valuable assets of business data. Unfortunately, those connections are difficult to make on your own when you have ordinary business management tasks to perform. Cloud-based MDM does the work for you via machine learning-based matches. Does that sound like handing over too much control? If so, never fear; match criteria can always be verified and adjusted by the user.
Knowledge is power. The more information you have about customers, vendors, and others, the better your decisions will be going forward. Master data management solutions allow you to harness the power of information from a multitude of reliable sources and channels. While determining the reliability of the data is a built-in feature, users can always go in and choose the list of trustworthy sources, whether they’re in-house, third-party, or other.
Information is only useful if it’s accurate. Cloud-native MDM systems are constantly gauging the quality of the data getting processed. The result is a more straightforward method of calculating the quality of information being received on a daily basis.
Data storage is not limitless. Because of this, there’s typically a cap placed on the number of attributes and relationships based on collected information. However, thanks to cloud-native infrastructure, cloud-based master data management allows for infinite connections. State-of-the-art MDM like Reltio makes it work by utilizing Connected Graph technology.
See the bigger picture
The most successful businesses are those that establish a long history with customers, vendors, and others. But to harness that volume of data in a historical context is an almost impossible task without hiring a dedicated employee to do it for you. Thanks to cloud-based MDM, history and lineage connections can be easily established and quickly cited when necessary.
All small business owners know the power of data. Unfortunately, few find themselves in a position to make the most of the information. If this describes your situation, consider utilizing master data management. It’s the best way to put data to work for your business.