The prominence of data in today’s business world is only growing with the ever-advancing technology. Data is the core resource for any business process of modern-day organizations. Hence, it is more crucial than ever to safeguard and optimize the use of data.
Master data is the prized possession of any company, as it contains vital business information that is shared and used across the organization. Companies often employ considerable resources to ensure the quality of master data. However, handling master data is not free from challenges. One of the biggest challenges faced by data stewards is bad data management.
Our Master Data Management (MDM) solution helps you to manage bad data efficiently. However, you need to comprehend the scope and depth of the damage bad data could cause your company before you could identify the best way to handle it.
Impacts your business processes
As master data is the most valuable source of information for all the departments across your organization, any discrepancies in the master data would affect multiple business processes in your company. Hence, any error in the master data would have a snowballing effect, which would be very difficult to control once it has started.
Apart from setting off a chain of errors across the departments, bad data would also consume a lot of your business resources. In the case of data discrepancies, you would need to allocate your human, financial, and other business resources to do a root-cause analysis and take up corrective measures. This process would also affect the time management of your business, and in turn, your employees' productivity.
Affects your Decision-making process
Bad data can hamper the quality of your reports. Hence, your company’s management would be either misinformed or under-informed about various business processes. Eventually, this cycle of bad data would lead to weak and uninformed decisions, which in the long run, would jeopardize your company’s growth.
Hinders your Business Operations
Any data inconsistencies like outdated, incorrect, duplicate, or missing data would affect the monetary status of your business. It would also cause delays which your business may not afford. For instance, if you are a manufacturing unit, such inconsistencies may have a ripple effect. If master data is recorded incorrectly, it could affect the whole production line of your business. Even if product labels are not entered into the system correctly, it could result in the return of the whole shipment.
Hampers Regulations and Compliance
With the increase in the importance of data, the compliance and regulations about data management ought to increase across the globe. Especially companies which deal with confidential customer information need to take substantial measures to ensure data quality and security. Bad data would not only hinder the quality of data, but it would also affect the safety of the data. As a result, you could face serious regulatory implications.
Manage Bad Data Efficiently
One of the best ways to manage bad data is to invest in a comprehensive MDM solution. To-Increase’s MDM studio would help you to identify and handle various types of data inconsistencies with little effort. Our solution would reinforce your data stewards with smart tools to manage your master data efficiently.