By Kim Kaluba
Maybe your organization is one of the many aiming to become a “data-driven business” as you evolve your business and technology roadmap. It’s a pretty basic concept: You want to use your data to make informed decisions, improve customer experiences, boost profitability, and other worthy goals.
The reality is a bit more complex. It’s not just about using data. First, it’s about getting the data ready to use.
That’s a big gotcha that undermines many initiatives pursuing data-driven ideals. To succeed, master data management has to be an essential step in your data journey.
How Bad Data Hurts Your Business
As it is, some organizations neglect the need for accurate, timely, and trusted information in their long-term data strategies, as outlined in a new Boomi executive brief, “Trust or Bust: Why Trusted Master Data is Vital to Your Business.”
As a result, initiatives meant to be “data-driven” are in fact based on information that’s fragmented and contradictory across dozens of applications, from core ERP and CRM systems to Internet of Things (IoT) devices.
Locked in silos, that disparate information leaves you with multiple versions of the truth. A small discrepancy in a customer name or address can derail customer engagement and cross-sell efforts. Conflicting data can elevate financial, operational, and regulatory risk.
Administrative and operational staff can spend hours rounding up and manually reconciling information. Your leadership teams can spend hours on Zoom calls debating who’s data is “right,” only to resort to best-guess business decisions.
This “bad data” might not be obvious at first glance, but it inevitably erodes functions from sales and marketing to forecasting, supply chain, HR, and many others.
Forward-looking organizations address the bad data problem with master data management before issues spiral out of control.
Solving Data Problems With Boomi Master Data Hub
Boomi Master Data Hub (MDH) is purpose-built for organizations to achieve their data-driven objectives. MDH is the second step that many of Boomi’s ~20,000 customers take once they’ve implemented core integration services.
Recognized as a “Champion in Master Data Management” by Software Reviews, powered by InfoTech, Boomi MDH:
- Consolidates data from multiple systems into a central hub
- Generates “golden records” representing a single source of truth
- Highlights exceptions for manual intervention
- Propagates high quality data back to source systems
Our “Trust or Bust” executive brief examines MDH capabilities and master data trends in more detail. And in a series of future blog posts, we’ll take a closer look at issues such as:
- Top ways that bad data can undermine your business
- Making the business case for master data management
- Best practices for master data excellence
- Top use cases and customer successes with Boomi MDH
94% See Business Impacts From Poor Data Quality
Trusted, accurate, and up-to-date data is imperative in our digital age. Digital transformation efforts will fall short unless you can address the bad data that proliferates across any organization, from a small to mid-sized business to a global enterprise.
The good news is that many organizations are acutely aware of the need to get their data ready for data-driven initiatives. For example, Experian, the data analytics and consumer credit reporting company, has found that 94% of business and IT leaders see poor data quality impacting their organizations.
The better news is that Boomi MDH makes consistent, accurate data possible without the cost, complexity, and limitations of a legacy MDM system. As a cloud-native solution with low-code development, Boomi MDH can be deployed in weeks, versus the months usually needed with legacy MDM.
Jump-start your data journey by downloading our executive brief, “Trust or Bust: Why Trusted Master Data is Vital to Your Business.”
You can also learn more at boomi.com/platform/master-data-hub and by contacting Boomi experts in your region.