For some time now, businesses are working with Master Data Management (MDM) as a key component of their success. With MDM software, businesses are maturing and understanding ways and means to communicate with their target audiences effectively. This is also helping businesses to bring together all their information (data) in one single place and analyse the same as a whole.
Every business works with the following areas and data-
- Social media data
- CRM data
- ERP data
- Supply and Logistics Data
- Website/Ecommerce Data
The margin for error becomes significant for small businesses who cannot select MDM on a daily basis. This is an investment, which needs to be right from the get-go!
As MDM has become key to many business operations, making a mistake while choosing a MDM software can be fatal. In this article, we are going to help small businesses with five key things they should know to ensure best data quality management with their MDM software.
5 Things to know before going for a MDM Software
1- The Pricing and Affordability Factor-
There is no doubt that a great MDM software comes with premium pricing. However, as small businesses cannot afford to shell out thousands of dollars at one go, getting a service provider, which is affordable and cost effective is necessary. Thanks to the advent of many great and innovative MDM software companies, small businesses have a wide range of options to choose from. Figuring out the pricing, add-ons, extra support and so on at the outset, will go a long way in ensuring complete peace of mind.
2- The Ease of Using the Software-
As we have already stated, a MDM software helps collect data, collate, process and analyse it from multiple sources. This means that in order to make the most out of the data, it is essential that the software is easy to use. Small businesses should keep in mind that it would be the employees in the various departments, who would be using the software. If they are unable to use the software, read the dashboard or get what they were looking for, the entire process will be a failure.
3- The Tech Support on offer by the software company-
While many MDM software companies state that they offer 24×7 Tech Support, in most cases, these are unverified claims. When you start using the software, you will come across small issues on a daily basis. This is natural, and nothing to be scared of. A great MDM software company is able to help small businesses navigate all aspects of using the software. They are available on phone, WhatsApp, emails and live chat support. Read up on forums and communities about the real value of tech support offered.
4- Whether the Features and Functionalities fit your Business Goals-
Before going for any MDM solution, a company needs to assess itself internally. This means figuring out the problem areas, and how a MDM software, can help them address those areas. This is critical and needs to be put across to the software company at the very start. Having a MDM software just for the sake of being a data-driven organization might be good for perception, but not great for operations. What you are specifically looking for- sales, engagement, exposure, visibility, etc. needs to be prioritized and made compatible with the software.
5- Does the MDM software integrate with your other Business Tools-
Imagine you shell out thousands on a MDM software only to know that it does not connect or integrate with your ERP. There are incidents, where such incidents have occurred. This is why you need to have a detailed discussion with the MDM software company and ask them which tools, dashboards and functionalities can be integrated. The best MDM software integrates with all major tools and platforms. This helps make the process seamless and well integrated. It also saves up on time and generates efficiency in a major way for any small business organization.
(Selecting a MDM Software)
Business owners who are looking to create or set up a MDM do so because they have read about all the advantages of the same. However, it is essential that you do your research and see whether the MDM fits into the goals of your company. At the end of the day, you want a software to make your life easier, rather than make it more complicated.