Making the Most of Your Data
- August 3, 2024
- Posted by: Tony
- Categories: Blog, E-Commerce Development
Like all enterprises today, your e-commerce enterprise is likely to be receiving data from multiple channels. Is all this customer, sales, social media, and other data sitting in silos in your organization?
Data silos prevent an enterprise from developing a 360-degree perspective of clients and personalizing interactions. How do you consolidate your data, maintain a single source of truth, do away with duplicates, and develop a holistic strategy of engaging with your clients? Master Data Management (MDM) holds the key.
MDM is a solution that allows e-commerce enterprises to store data related to their products, customers, employees, vendors, and suppliers in a single repository. This data is critical to a business and all business transactions are planned based on this data.
A master data management solution usually contains three types of data, namely,
- Transaction data related to business processes, for example, an order-to-cash process.
- Analytical data, for example, reports and dashboards.
- Governance data related to privacy regulations and other compliance controls.
One can hardly overstate the importance of Master Data Management. However, these are the top 5 benefits of MDM software.
- Access consolidated data on customers, products, and relationships based on which your enterprise can plan personalized cross-selling and up-selling. Interact with customers on their channel of choice at the right time, and experience a higher conversion of your sales efforts.
- With a single source of data, ensure your sales and marketing efforts are focused, planned, measurable, and highly productive.
- Centralize the storage of product information and ensure your users always have access to updated information at their fingertips. It also means your enterprise has accurate information on inventory and stock. This allows you to forecast and plan.
- Access insights and act faster. This could help the enterprise to identify and chase opportunities before competition does, and have a direct impact on the bottom line.
- Centralized data simplifies the management of customers, partners, and products. It also ensures compliance.
There are an expanding set of MDM products in the market. Are you looking for the right product for your enterprise? Don’t just rely on your expertise. Reach out to Navabrind IT Solutions. Make the right choice of an MDM, and simplify the process of adopting a solution. We have helped a host of B2B and B2C customers across industries deploy an MDM solution, and we can help you.
With over a decade of expertise in e-commerce solutions, we also help small and medium e-commerce businesses deploy Magento, Akeneo PIM, Odoo ERP and integrate them with your DAM solution. We have also helped our clients in the US, Europe, and India with mobile apps, cloud solutions, complex customizations, and have software developers you can hire.
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