Cost cutting is crucial to any business, as most business activities are
profit-oriented, and thus, revolve around sticking to tight budgets and
so on. So, why shell out money for master data management and its
diverse set of software tools and solutions, when one can easily stick
to the old 'tried and tested formula'?
This is because, effective
MDM solutions guarantee results in the form of money or money's worth, which
is their ultimate driving factor. MDM projects, though challenging, are
effective in equipping the business with operational efficiencies,
improved reporting and analysis, actionable data quality, etc. This may
not exactly fit into the monetary section as a whole, but it does give
CFOs, a rough idea of the money that can be made or saved.
Thus,
one can visualize the total business potential that can be unlocked by a
well planned and executed data monetization project. However, a few
important queries that arise before the initiation of any such project
include questions such as- how to go about monetizing the data into
actual currency, how big or small the monetization strategy must be,
will the investment guarantee the results expected by the business and
how to test the monetization ideas.
One must remember that
master data
management is not just a process that converts raw or aggregate data
into something useful and valuable; it is also an asset that aids in
effective decision making. This is exactly where revolutionary data
management solutions come into play. Investing in these solutions makes
for a great reservoir of monetary value, for years to come.
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