Friday, 25 October 2013

Does Master Data Management Help In Effective Data Monetization?

Effective Data Monetization

Cost cutting is crucial to any business, as most business activities are profit-oriented, and thus, revolve around sticking to tight budgets and so on. So, why shell out money for master data management and its diverse set of software tools and solutions, when one can easily stick to the old 'tried and tested formula'?

This is because, effective MDM solutions guarantee results in the form of money or money's worth, which is their ultimate driving factor. MDM projects, though challenging, are effective in equipping the business with operational efficiencies, improved reporting and analysis, actionable data quality, etc. This may not exactly fit into the monetary section as a whole, but it does give CFOs, a rough idea of the money that can be made or saved.

Thus, one can visualize the total business potential that can be unlocked by a well planned and executed data monetization project. However, a few important queries that arise before the initiation of any such project include questions such as- how to go about monetizing the data into actual currency, how big or small the monetization strategy must be, will the investment guarantee the results expected by the business and how to test the monetization ideas.

One must remember that master data management is not just a process that converts raw or aggregate data into something useful and valuable; it is also an asset that aids in effective decision making. This is exactly where revolutionary data management solutions come into play. Investing in these solutions makes for a great reservoir of monetary value, for years to come.

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