The Importance of Master Data Management (MDM)
The Importance of Master Data Management (MDM)
Now there is a relatively new acronym out there -- MDM. In a recent article from TMCNet, Master Data Management is defined as "a strategic business driver as it enables organizations to unify and consolidate data about their customers, products and organizations; data that is often fragmented across different systems. By creating a centralized master data hub, organizations can deliver the most reliable, complete views of key business data within their existing business processes, and more importantly, leverage these data assets within operational business processes to remain in compliance, adhere to various privacy requirements and simplify reporting." Hmmm . . . sounds a lot like a description of CRM, doesn't it?
The difference with MDM is that it focuses on the data specifically, as opposed to the customer relationship. One could argue that these (CRM and MDM) are one and the same, however, the article's key point is about how the Pharma and Life Sciences industries are using MDM to mainly manage regulatory compliance (as opposed to customer relationships).
Why is this so important? MDM has become imperative "as hundreds of millions of dollars of penalties are faced by market-leading pharmaceutical companies related to kickbacks to physicians." And, these penalties "may signal the start of stricter enforcement of what had once been considered trivial legislation." The article argues that all of this could have been avoided if only these industries had put MDM practices into place earlier.
When it comes right down to it, any industry should practice good MDM. As privacy legislation continues to grow, managing your customer data is more important than ever. Not only that, we've always argued that the only way to effectively market to your customers is to effectively manage your customer relationships. It does increase profitability and customer satisfaction. However, it isn't always that easy to accomplish -- particularly as you bring in the technology vendors and they unveil their complex solutions and technologies to solve your business problem. As a matter of fact, it can be downright overwhelming.
This is a pet peeve of ours because we've lived through some of the presentations and the resulting implementations. Here's our advice: when looking for an effective way to manage your data, take a careful look at exactly what you are trying to accomplish first -- then make (force, cajole) the technology partner that you bring in address only those needs. Too often we see that companies are romanced into spending tons of dollars on technology that just isn't needed. Worse still, we see that technology sit there and gather dust as time goes on because it's so complex that nobody can ever figure out how to use it.
So, embrace MDM, CRM . . . whatever you want to label it. If you're embarking on a search to update your technology, read our white paper on Data Management Solutions first. It'll help you avoid some common pitfalls and make your data management initiative more successful (just send us an email at info@rrwconsulting.com and we'll send it on over to you).
The Importance of Master Data Management MDM - To learn more about this author, visit Nancy Arter's Website.
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CRM has been a buzzword for years. As direct marketers, we've all heard it and know that it means a whole bunch of things to any given person or company. It seems to be customizable to the client problem. The bottom line is that it's all about managing your customer relationships (hence the name, right?), and doing it in a way that increases profitability while also increasing customer satisfaction.
Now there is a relatively new acronym out there -- MDM. In a recent article from TMCNet, Master Data Management is defined as "a strategic business driver as it enables organizations to unify and consolidate data about their customers, products and organizations; data that is often fragmented across different systems. By creating a centralized master data hub, organizations can deliver the most reliable, complete views of key business data within their existing business processes, and more importantly, leverage these data assets within operational business processes to remain in compliance, adhere to various privacy requirements and simplify reporting." Hmmm . . . sounds a lot like a description of CRM, doesn't it?
The difference with MDM is that it focuses on the data specifically, as opposed to the customer relationship. One could argue that these (CRM and MDM) are one and the same, however, the article's key point is about how the Pharma and Life Sciences industries are using MDM to mainly manage regulatory compliance (as opposed to customer relationships).
Why is this so important? MDM has become imperative "as hundreds of millions of dollars of penalties are faced by market-leading pharmaceutical companies related to kickbacks to physicians." And, these penalties "may signal the start of stricter enforcement of what had once been considered trivial legislation." The article argues that all of this could have been avoided if only these industries had put MDM practices into place earlier.
When it comes right down to it, any industry should practice good MDM. As privacy legislation continues to grow, managing your customer data is more important than ever. Not only that, we've always argued that the only way to effectively market to your customers is to effectively manage your customer relationships. It does increase profitability and customer satisfaction. However, it isn't always that easy to accomplish -- particularly as you bring in the technology vendors and they unveil their complex solutions and technologies to solve your business problem. As a matter of fact, it can be downright overwhelming.
This is a pet peeve of ours because we've lived through some of the presentations and the resulting implementations. Here's our advice: when looking for an effective way to manage your data, take a careful look at exactly what you are trying to accomplish first -- then make (force, cajole) the technology partner that you bring in address only those needs. Too often we see that companies are romanced into spending tons of dollars on technology that just isn't needed. Worse still, we see that technology sit there and gather dust as time goes on because it's so complex that nobody can ever figure out how to use it.
So, embrace MDM, CRM . . . whatever you want to label it. If you're embarking on a search to update your technology, read our white paper on Data Management Solutions first. It'll help you avoid some common pitfalls and make your data management initiative more successful (just send us an email at info@rrwconsulting.com and we'll send it on over to you).
The Importance of Master Data Management MDM - To learn more about this author, visit Nancy Arter's Website.
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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