Businesses today have to deal with a high volume of data spread across different systems and applications, which can easily become redundant, outdated and fragmented. This data could be product data, customer data, location data or transactional data, but if they are not maintained across the organization, a business could face performance issues. Now businesses around the globe have realized the importance of consistency and quality of data throughout multiple departments to drive customer experience and sales. That is where Master Data Management comes in.
What is MDM in PIMCore?
Master Data Management or MDM is a collection of tools, technology and processes that help businesses keep their data consistent, accurate and complete across the enterprise. It is very crucial for businesses to maintain high-quality data because failing to do so may result in time-wasting debates and poor employee performance. Using MDM in PIMCore allows you to manage data from a single location, which reduces data redundancy, improves data reliability and provides useful insights.
5 Key Benefits of Master Data Management in PIMCore
#1 Easy Master Data Edits – One of the biggest issues faced by many enterprises is when a data record is changed or updated, it remains isolated to that particular location and doesn’t update the record stored at other locations. PIMCore’s MDM solves this issue by allowing you to make master edits, which update the record stored at every location, ensuring absolute data consistency.
#2 Connects All the Data – Usually, businesses have data that reside in different locations and formats. The employees have to put repetitive efforts to fetch records information from numerous systems and combine them together. The PIMCore MDM system allows you to merge data from different sources and gives you access to the single data repository to add and update the records that reflect changes across all the channels.
#3 Faster Time-to-Market – When managing a high amount of data without an efficient MDM system, data discrepancies, data redundancies and data silos are very likely to happen. It could easily lead to loss of operational and business efficiencies. Fortunately, PIMCore offers GUI based data modeling system and dashboard that allows you to work quickly without any coding. It drastically improves operational efficiency and offers faster time to market.
#4 Provides a Unified View of Master Data – Having a complete view on all the data assets of your business is vital to drive operational efficiency. Integrating PIMCore in your system gives you an integrated view of your vendors, consumers, products and other data. This data may be stored in silos across various departments if not governed by MDM system.
#5 Reduces Cost – Businesses today expand at a rapid pace. They continually look for better information management systems to respond to their changing business needs. PIMCore’s MDM system is designed in a way that integrates flawlessly with any future system. It significantly reduces the development cost of the new systems as the multidomain nature of PIMCore MDM enables you to expand the data sets to new domains without costing much.