In today’s rapidly evolving business landscape, multi cloud adoption is skyrocketing, bringing both opportunities and challenges.
However, the rising multi cloud adoption is throwing a new complexity in the form of data management!
In a dynamic cloud environment with huge volumes of data and multiple datasets mapped to different functions, managing master data across diverse platforms is emerging into a new business challenge.
A thorough analysis of the scenario, followed by deep insights from data experts, suggests that having a centralized solution can be an effective means to addressing this data challenge.
Reference MDM for Multi Cloud Business: A Strategic Approach
Reference Master Data Management (MDM) is a centralized solution that harmonizes reference master data and metadata across multiple platforms and applications within your multi cloud organization.
This strategic approach establishes data standards, ensures consistency, and empowers data-driven decision-making. It’s the single source of truth that will revolutionize how you manage your data.
Decentralized Data: A Glance at Most Common Challenges
For years, decentralized data management has plagued organizations. But with the advent of multi cloud transformation, it has become an emergency, given the dynamic nature of the environment and the diversity of the functions involved.
Here are some of the most common challenges that organizations have been facing due to data decentralization:
Inconsistent Data Standards: The cloud environment involves diverse platforms and applications, each one of them having a set of defined data standards. This is resulting in severe data inconsistencies! Reference MDM cuts through the chaos, aligning data standards and brings harmony to your operations
Data Inaccuracy and Process Inefficiency: Juggling reference data across multiple clouds leads to data inaccuracies and inefficient processes. Manual reconciliations and redundant data entries become the norm. This is where Reference MDM proves to be an advantage, ensuring accuracy and streamlining processes for maximum efficiency.
Poor Data Quality: Inconsistent reference data issues create havoc in business operations, affecting the ability to make informed decisions, inflating costs, and undermining the overall customer experience. Reference MDM can help businesses overcome these poor data quality challenges, and make you witness the next desired change in your business process.
Complex Cloud Architecture and Integrations: Adding new cloud platforms to your ecosystem becomes a daunting task with decentralized data management. Complexity skyrockets, making integrations feel like an uphill battle! Reference MDM simplifies the process, untangling the cloud architecture web and making easy integrations possible.
Lack of Governance and Ownership: Lack of proper governance is a serious challenge most organizations face, facing ownership concerns. Reference MDM brings order to the multi cloud realm, establishing a governance framework that ensures clear ownership and accountability for reference data management.
Given these concerns, the Reference MDM solution is definitely the need of the hour for every organization for a wide range of business benefits it offers towards effective data management.
Unleashing Reference MDM Potential: Core Business Benefits
Various research studies show that implementing Reference MDM as the single source of truth for reference master data and metadata in a multi cloud environment presents a wide range of benefits, adding to the overall business value.
Improved Data Quality: No more data inaccuracies and errors! Reference MDM helps you enforce consistent data standards, eliminates duplicates, and ensures pristine data quality for your growing business. Do you know? poor data quality costs organizations an average USD 12.9 million, says Gartner.
70% of organizations track data quality levels via metrics and believe improving that by 60% significantly reduces operational risks and costs.
Enhanced Operational Efficiency: Harness the power of accurate and consistent reference data. Reference MDM helps you make informed, data-driven decisions that ultimately drive effectiveness in processes, boost resource allocation, and deliver an exceptional customer experience. Organizations adopting MDM report a 30% reduction in data integration efforts.
Data-Driven Decision-Making: Accurate and consistent reference data backed by Reference MDM helps multicloud organizations make informed data-driven decisions, leading to better insights, improved resource allocation and enhanced customer experience. Studies show that leveraging data analytics can lead to a 19% rise in organizational revenue.
Strong Governance and Ownership: It’s time to streamline governance and ownership process in your multicloud business. With Reference MDM in place, you’ll have a governance framework that defines ownership, accountability, and paves the way for efficient reference data management.
Organizations with effective data governance experience a 33% faster time-to-market for new products and services.
Simplified Cloud Integrations: Merging cloud environments or embracing new platforms? Reference MDM is here to simplify the integration process by means of harmonizing data across clouds, reducing complexity and ensuring a seamless transition during mergers and acquisitions. Organizations with effective MDM can reduce integration costs by 30%.
The aforementioned business benefits speak of the value that the Reference MDM solution can offer to for organizations in handling data management operating in a multicloud model.
Use Cases of Reference MDM in Multicloud
Here are some use cases that further illustrate the relevance and significance of Reference MDM. Let’s have a glance through them:
Address Attributes: Standardize address attributes across systems, eliminating inconsistencies and supercharging your commerce processes. For instance, consistent spelling and representation of city names like Paris or New York can reduce time spent on manual reconciliations and improves operational efficiency. Integration with Reference MDM will enable consistency in business operations and reporting, reduce redundancy between systems, and increase trust and reliability by sharing and harmonizing data standards.
Country Price Book: Centralize country-specific price books, banishing discrepancies caused by
locally-maintained data. Streamline your quote cycle time, boost revenue realization, and enhance sales lifecycle coordination.
Cloud Service Offerings: Achieve consistency across cloud platforms in service offerings, pricing models, and configurations. Delight your customers with a seamless experience and accelerate time-to-market for new services.
- SaaS Commerce Standards: Harmonize SaaS attribute standards and ISO formats, eradicating billing errors, discrepancies, and deal delays. Unlock productivity, foster collaboration, and ensure offer availability for maximum success.
- Cloud Resource Management: Optimize your resource allocation by centralizing reference data related to cloud resources. From naming conventions to metadata, Reference MDM simplifies resource management, reducing complexity, and boosting efficiency.
- Product Codes and Classifications: Streamline product management and reporting by standardizing product codes and classifications across systems. Accurate identification and categorization will be a breeze, ensuring a seamless product lifecycle.
- Product Specifications and Descriptions: Centralize product specifications and descriptions with Reference MDM. Fuel collaboration between product development, marketing, and sales teams, ensuring consistency and accuracy that sets you apart
Organizations will be able to witness more use-cases in the real time as they begin to explore the potential of Reference MDM solution.
The Conclusion
Overall, Reference MDM is definitely a strategic asset for multi cloud organizations in effective handling of reference master data and metadata across diverse platforms and applications.
By leveraging Reference MDM as the central hub for reference data, multi cloud organizations can navigate the complexities of their cloud landscape with confidence, achieve data-driven success, and stay ahead in a rapidly evolving business landscape.
Addressing the challenges of decentralized reference data management helps achieve improved data quality, streamlined cloud integrations, and enhanced decision-making capabilities.
Gear up! It’s time to unlock the Reference MDM potential to maximize the value of your cloud investment, drive operational excellence and unleash your organization’s data potential.
