According to Forbes, cloud computing is projected to increase from $67 billion in 2015 to $162 billion in 2020. Cloud MDM (master data management) is not new to businesses anymore.
People are using the cloud for data. It helps businesses stay efficient and keep up with the best available technology.
If your business is indecisive on whether or not to use cloud MDM, we’ve got 5 key benefits on why you should.
1) Lower Cost of Operation
First of all, you have to consider all the aspects of how the business produces and consumes data.
What are all the applications and their dependencies? What does the employee operations look like?
All things that will be solved by using cloud MDM. It will also help with inventory schedules and ordering protocols.
The key here is to effectively manage a business.
2) Faster Business Access
People already know how to use cloud-based data if they’re on Facebook or LinkedIn.
One of the biggest benefits of using cloud MDM is finding records. All you have to do is type in a free-text search term, just like with Google. To find a hierarchy, the system will present connected entities (people-to-people).
Using cloud MDM will also show full audit history and data quality levels. It’s all built into the dashboard!
This will definitely help boost productivity.
3) Customer Service
Providing quality customer service should be a business’ #1 priority.
So what can cloud MDM do for that?
MDM provides an “opportunity for customers to interact with you during the transaction process.” Not only will it help eliminate errors, but it will improve product delivery.
The last thing a business wants is poor reviews because of the customer service.
Remember the saying, “The customer is always right.”
4) A 360-Degree View
Have you seen a 360 camera? It’s footage that is shot from every direction using an omnidirectional camera.
A cloud-based MDM creates “a complete, real-time view of each customer.” It will help marketers have up-to-date information.
This is extremely important because of regulations like HIPPA, PCI, CIPA, etc. Most businesses have a full-time compliance employee who just handles that.
Using cloud MDM will help with mandatory compliance reports by meeting all standards.
You’ll See Vast Improvement with Cloud MDM
Technology is changing every day, the cloud is changing the speed and reach of businesses. This is great and should be welcomed.
Cloud MDM will help with product delivery, customer service, operations, compliance, and making life much easier.
It will help lower costs and by using a cloud-based solution will help your business stay competitive.
How We Can Help
At Innovit, we specialize in end-to-end Master Data Management. We help our customers understand cloud MDM, reduce their supply chain costs, and improve online product marketing.
Let us help make your business that much better. Contact us today!