Master Data – either IT data or other data – is the most precious intangible assets of a company; that is why the Master Data Management (shortened in MDM) is the best management and treatment system available on the market. We are talking about a sector of advanced corporate governance that includes both multinational holding companies and medium and large size companies. Indeed, any medium and large companies can take advantage of adopting an efficient strategy of Data Master Management. This advantage will be greater and greater because of the exponential growth of the IT systems and the volumes of data that is collected by manual activities (i.e. call centers, data entry, etc.) as well as automatic or semiautomatic activities (i.e. funnels, newsletters, landing pages, etc.). Data comes from different channels, therefore we should not think of Master Data Management as something that concerns the Information Technology only. The advantages, as it will be given in this article, are real only if we consider all the involved variables.
Databases of loyal customers, personal details of suppliers and partners, lists of data relevant to the economic resources of the company (from the marketing budget to the purchasing costs of materials)… All these activities require management as integrated as possible as well as fast, precise and intuitive so that they don’t have to be dealt with by a team of experts but by a group of people that will be trained and updated properly. That is the only way to achieve a higher competitiveness in the business where the company operates, reducing wasted time and money and improving performance and the capabilities to cope with the challenges of the modern market. Let’s see the tools you need so that your Master Data Management satisfies your expectations.
THE MAIN TOOLS TO IMPLEMENT THE MDM IN YOUR COMPANY
As it’s easy to see, the Master Data Management is ruled by a complex strategy that asks for a global revision of the company’s environments and software. Therefore, it is not realistic to think that you can just install an ERP type software (Enterprise resource planning) and appoint external consultants for its upgrade. Even if the most recent ERP generation might already be present and operative in your company, it might not be as functional and reliable as they forecast. To get the best from ERP and from any other solutions for interfacing the company resources, you have to adopt specific tools able to work upstream of the operations to be carried out. Why? Because if the data collected from ERP or the central MDM hub, is polluted, redundant, obsolete or incomplete, big mistakes can occur, and the quality of the whole system could be affected negatively.
That is why a few software programs have been developed to analyze both Master Data and standard data to reclaim, complete and valorize it according to the instructions of the company staff. These programs, such as Address4, meet different needs, sometimes complementary to one another. The main services are as follows:
- ADDRESS VALIDATION
Addresses and personal details of people and businesses that work with the company are an important asset, but they are scattered to different channels and applications. The first step to guarantee that the MDM hub properly achieves the tasks it was created or purchased for is to be sure that addresses and details are correct, updated, complete and consistent. Thanks to the address validation, the corresponding Master Data will be reliable, reconfigured, translated and formatted according to the settings and the target country established, resulting in enormous monetary savings and a strong increase in the agility of the company processes.
As we know, more and more often, geomarketing, mapping, logistics, shipments and other tools are implemented in a company. Many of these tools communicate to one another or are installed on vans, PDAs or the cell phones of employees, accountants and carriers also outside the company. In this case, the possibilities of Data Master are fully exploited by the geocoding or georeferencing. More specifically, the Address4 software will translate the space coordinate of the validated address and will give the exact position on the map with tiny approximation. The benefits are as much immediate as important.
- NAME VALIDATION
For names, as we do for addresses, we have to eliminate ambiguities and potential mistakes due to repetitions, lack of information or other. If we consider the number of names in a set of databases, we can get an idea of the dangers of mixing up one person with another or wasting too time in a search. If we also think about the Data Manager, it is clear that the negative consequences of a banal error might be more serious. Once again, the Address4 software solves the problem at its base by offering an evolved name validation service that checks and reclaims hundreds of names with a click.
- EMAIL & PHONE ADDRESS VALIDATION
Email addresses and phone numbers are a part of the Data Master as much as addresses and names. This kind of detail cannot be disjoined from one another for too long. They need to be integrated and merged and email addresses and phone numbers have to be linked to their relevant owners by carrying out periodical operations of extra analysis and query. The Address4 suite provides both the email validation and phone validation. It is a fast, practical and immediate solution to use optimized data whenever you want.
THE ADDRESS4 SUITE FOR THE MASTER DATA MANAGEMENT
Getting from a situation with a low level of automation and data knowledge to a modern scenario with Master Data Management implies great investments but they will be paid off in the long term. A large amount of work will have to be estimated both for the involved specialists and the resources to create or purchase. That is why a step by step approach is recommended, planning activities according to short-term and long-term priorities. Starting with the reclamation and arrangement of the data you own can be the smartest solution to face the problem, completing the first stages to get to the Master Data Management.
Address4 proposes a forefront tool suite for the MDM and it is dedicated to companies belonging to the most different sectors. Thanks to data coverage to more than 200 countries, Address4 is the proper answer to achieve any business goal. Thanks to the software trial version, you can get a first taste of our tools’ potential for data quality. No installation is needed; just complete the form and you will get anything you need without any cost. Once tested, our software can be used with plug-ins, in real time, with API and other ways on different operational environments and systems. So, go and take advantage of the Address4 software free trial for a proper Master Data Management in accordance with the latest standards of the global market.