Video Introduction to Master Data Management (MDM)Database Management SoftwareUpdated on Oct 14, 2014 View more like this | Visit RARITAN, NJ | Contact SynapZen |
Learn how your business can increase collaboration, sales and
customer retention by implementing SynapZen's Master Data Management (MDM) Hub
Have you ever wondered how Master Data Management can help your business improve collaboration among departments, increase sales and ensure regulatory compliance? Let us explain how.
Most organizations are structured across different departments such as Marketing, Sales, Operations, IT, etc. These departments use specific tools and technology systems to improve efficiency of each respective department. For example:
● Marketing uses applications to conduct email campaigns, direct mailings, participate in events to promote products or services.
● Sales uses CRM systems to keep track of customers, contacts and opportunities.
● Operations uses ERP systems to fulfill orders and shipments, while the technology department maintains the website and customer support.
In the majority of cases, these systems were purchased from multiple vendors or built at different points in time resulting in lack integration. This results in:
● Departments working independently from one another
● Inefficiencies due to lack of collaboration
● Delays in customer issue resolution
● Difficult compliance and reporting
Master Data Management technologies provide solutions to these challenges. But, before we jump into the solution, let's first try to understand the meaning of Master Data.
Master Data represents the business objects which are agreed on and shared across the enterprise. For example entities such as Customers, Contacts, Vendors, Employees, Households, Products, etc.
Let’s understand some of the key challenges with Master Data. This data is captured by multiple systems, at various points in time by different people within the company. At times, the number of systems increases drastically after events like merger or acquisition. So for example:
● If you look in the Marketing system, you might find Customer information that is slightly different compared to that which is stored in the CRM system.
● Similarly, information in the ERP system or on the company website may be different as well.
As you can see each of these systems has information for the same customer, but which differs slightly from one another.
This causes three main challenges to most organizations:
● Accuracy. It is very difficult to know which system has the most up-to-date and accurate information.
● Availability. Since the information is kept within the individual systems it is not readily available.
● Actionability. When information changes in one system, the other systems remain uninformed.
An MDM solution resolves these and many more issues by centralizing and consolidating this key information in a Master Data Hub. It allows companies to maintain a "Single Version of the Truth" regarding key entities, which is then shared with individual systems and used for accurate reporting and analysis.
Let us briefly talk about some of the key capabilities required from such an MDM Hub.
● First and most critical is the ability to bring information about key entities such as Customers, Contacts and Vendors into a single repository, consolidate and build into a "Single Version of Truth" or "Master Record". This requires a platform-driven approach through which you can define entities, relationships and hierarchies specific to your business. After which you can standardize, match, enrich & consolidate information from all internal and external sources, with data governance capabilities to build accurate Master Data.
● The second key capability is to make this data readily available to both Operational and Analytical systems in both batch and real-time.
● The third key capability is to make this information actionable, whereby you can monitor and evaluate data changes occurring in each source system, and react to the situation quickly.
There are three ways to implement an MDM Solution. The first approach is to buy various tools and custom build an MDM system. This approach is most expensive and time consuming, while providing least capabilities. The second approach is to buy MDM product from large software vendors and hire consulting services firms for implementation. This approach has also proven to be very expensive and time consuming since many companies have multiple products for different entities and there is lack of accountability as multiple vendors need to be involved. SynapZen’s approach is the least time consuming, since we have built our technology from ground up, which can be setup quickly and configured by our expert team. Our approach is least expensive since we provide our solution on the Cloud as SaaS solution, eliminating huge capital costs.
SynapZen has built multi-domain Master Data Hub technology, which can be set up quickly via configuration and can help organizations overcome challenges associated with silo applications. The use of our technology can help your organization increase collaboration among various departments, increase customer sales and provide holistic solution for regulatory compliance.
To learn more about Master Data Management, please visit our website at
Most organizations are structured across different departments such as Marketing, Sales, Operations, IT, etc. These departments use specific tools and technology systems to improve efficiency of each respective department. For example:
● Marketing uses applications to conduct email campaigns, direct mailings, participate in events to promote products or services.
● Sales uses CRM systems to keep track of customers, contacts and opportunities.
● Operations uses ERP systems to fulfill orders and shipments, while the technology department maintains the website and customer support.
In the majority of cases, these systems were purchased from multiple vendors or built at different points in time resulting in lack integration. This results in:
● Departments working independently from one another
● Inefficiencies due to lack of collaboration
● Delays in customer issue resolution
● Difficult compliance and reporting
Master Data Management technologies provide solutions to these challenges. But, before we jump into the solution, let's first try to understand the meaning of Master Data.
Master Data represents the business objects which are agreed on and shared across the enterprise. For example entities such as Customers, Contacts, Vendors, Employees, Households, Products, etc.
Let’s understand some of the key challenges with Master Data. This data is captured by multiple systems, at various points in time by different people within the company. At times, the number of systems increases drastically after events like merger or acquisition. So for example:
● If you look in the Marketing system, you might find Customer information that is slightly different compared to that which is stored in the CRM system.
● Similarly, information in the ERP system or on the company website may be different as well.
As you can see each of these systems has information for the same customer, but which differs slightly from one another.
This causes three main challenges to most organizations:
● Accuracy. It is very difficult to know which system has the most up-to-date and accurate information.
● Availability. Since the information is kept within the individual systems it is not readily available.
● Actionability. When information changes in one system, the other systems remain uninformed.
An MDM solution resolves these and many more issues by centralizing and consolidating this key information in a Master Data Hub. It allows companies to maintain a "Single Version of the Truth" regarding key entities, which is then shared with individual systems and used for accurate reporting and analysis.
Let us briefly talk about some of the key capabilities required from such an MDM Hub.
● First and most critical is the ability to bring information about key entities such as Customers, Contacts and Vendors into a single repository, consolidate and build into a "Single Version of Truth" or "Master Record". This requires a platform-driven approach through which you can define entities, relationships and hierarchies specific to your business. After which you can standardize, match, enrich & consolidate information from all internal and external sources, with data governance capabilities to build accurate Master Data.
● The second key capability is to make this data readily available to both Operational and Analytical systems in both batch and real-time.
● The third key capability is to make this information actionable, whereby you can monitor and evaluate data changes occurring in each source system, and react to the situation quickly.
There are three ways to implement an MDM Solution. The first approach is to buy various tools and custom build an MDM system. This approach is most expensive and time consuming, while providing least capabilities. The second approach is to buy MDM product from large software vendors and hire consulting services firms for implementation. This approach has also proven to be very expensive and time consuming since many companies have multiple products for different entities and there is lack of accountability as multiple vendors need to be involved. SynapZen’s approach is the least time consuming, since we have built our technology from ground up, which can be setup quickly and configured by our expert team. Our approach is least expensive since we provide our solution on the Cloud as SaaS solution, eliminating huge capital costs.
SynapZen has built multi-domain Master Data Hub technology, which can be set up quickly via configuration and can help organizations overcome challenges associated with silo applications. The use of our technology can help your organization increase collaboration among various departments, increase customer sales and provide holistic solution for regulatory compliance.
To learn more about Master Data Management, please visit our website at
