Master data management even when in crisis

The quality of an organisation’s data management capabilities is causally linked to business efficiency and success. In the current context of the Covid-19 Pandemic many organisations have had to overcome losses – often at the cost of their data management processes and procedures. Such contextual factors can so often have a detrimental impact on the quality of data and the ability to effectively manage data.

“It is imperative that data management is mastered for success and survival. This can be achieved by embracing applications like Oracle’s Enterprise Data Quality (EDQ), with a focus on Master Data Management (MDM); which offers a fully comprehensive and detailed view of the client,” explains Debbie Fernandes, Business Unit Head at iOCO (Oracle Services).

How EDQ and MDM Enhance Data Management

For organisations that require large amounts of data, managing their files and documentations during a time of crisis and increased stress can lead to crucial errors which can have detrimental ramifications. EDQ through MDM offers exceptional organisational structures which make the management of even the most complex datasets simple and effective.

Unfortunately, the Covid-19 Pandemic has led many organisations to close their doors, and clients to have to cease their spending. Businesses’ client bases are changing at a more rapid pace than ever before. The EDQ through MDM solution provides a complete and accurate audience profile and a high-volume customer base, able to keep up with the evolutionary pace and immediately provide essential information.

As a back-end solution, there is no front-end disruption. Once implemented, functions such as onboarding, prepopulating forms and tailored product or service solutions deliver:

o An improved data management foundation
o Increased ROI on existing systems
o Enhanced IT agility
o Improved customer revenue and retention
o Accelerated go-to-market with new products
o Increased scalability and contact-ability

How the Process Works

According to Fernandes, a simplified overview of this solution is as follows:

Step One: Historical and disparate data are identified
Step Two: The Oracle Services team provides the client with an understanding of the current quality of the data while cleansing and standardising it
Step Three: Algorithms are run to match relevant data for one solidified and accurate version of the dataset to be achieved
Step Four: Data is enriched and/or enhanced, implementing information from various sources
Step Five: The data is incorporated into an MDM, which provides easily accessible customer records, while ensuring a single point of truth

The process enhancements and business rewards of EDQ through MDM are vast. What is clear is that EDQ and MDM solutions enrich all existing data and provide a solid base for superior and highly efficient data management, even in the times of a crisis.

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