Master Data Management solutions were always traditionally seen as being something for big business, beyond the reach of the little guy. But developments have changed things. Learn more about the continuing democratization of MDM.
As time goes on and technology evolves, Master Data Management solutions become more and more important to small businesses. In fact, 60% of small and mid-sized businesses have Bring Your Own Device (BYOD) strategies that require MDM strategy.
Small and mid-sized businesses worry about a lack of time to implement new MDM strategies, a lack of money to pay for the software and training, a lack of need, and a lack of knowledge about data management itself.
While these concerns are valid, they are not impossible to overcome. Data management strategy has the potential to improve your risk management, regulatory compliance, financial reporting, customer service, and inventory management.
Check out this Master Data Management guide to learn how your company can overcome these hurdles and improve functionality in your business.
When looking at Master Data Management solutions, business leaders consider their return on investment as a first priority. This is good business practice, and data management should not always incur such a high price.
Right now, the hurdle is applying a data management systems across many divisions in a company. If business leaders want to implement a data management system across the entire company all at once, it drives the cost up.
Then, the organization will need approval from the board, justifying the high cost to cover all divisions within the organization. Is there a better way?
While large companies can afford to revolutionize their master data strategy overnight, small and mid-sized companies cannot. However, this does not mean that Master Data Management solutions are completely off limits.
The concept of democratizing data management solutions means that they will become accessible to everyone. All that is needed is to rethink the master data strategy.
While small and mid-sized organizations cannot afford blanket MDM solutions, they can implement them one division at a time. This way, the cost is not exorbitant, and the company can set smaller goals to use as proof of the MDM system’s efficacy.
Additionally, by implementing master data strategy one division at a time, the cost can even come out of that division’s budget, rather than from an executive decision.
Consolidation Issues and Solutions
Organizations worried about MDM strategy costs must be careful about what Master Data Management software they purchase. Some MDM systems are not equipped for multi-domain use, driving up the organization’s cost.
The best MDM choice for small to mid-sized businesses is one that can handle many types of master data. This will save the company from having to purchase additional software or give additional training. There are MDM vendors out there that can provide these accommodations.
More on Master Data Management Solutions
Master Data Management solutions can be tough to implement on your own. That’s why Innovit exists. We help industry leaders configure their MDM systems and improve their business.
You can find more master data strategy resources in our Knowledge Center, where we’ve posted webinars, brochures, analyst reports, solution briefs, and more. Or, you can give us a call to have your questions answered directly.