What Is an Example of Master Data?

Data is your company's most valuable asset. Every business owner relies on accurate data in order to identify and solve problems, make informed decisions, and improve consumer interactions with a brand. Understanding what master data is and how to manage it can save you time while giving you the tools you need to grow your business.

What Is Master Data?

Master data is the core data you need to run your business. The list of master data includes information related to customers, prospects, suppliers, sites, hierarchies, account charts, etc. This data is not transactional in nature. It doesn't cover specific transactions or actions; rather, it's data that you'll rely on to run your business properly.

The only entities that should have access to all your master data are your business and any IT management company you hire to manage your IT network. This ensures your data is uniform and accurate at all times.

What Is an Example of Master Data?

If you feel overwhelmed by the amount of data your business has to sort through, you're likely not alone. The average person creates about 1.7 MB of data every single second. Even so, it's important to understand what types of master data your business needs in order to operate smoothly. Consider the following master data examples:

• Business One is a beauty salon. It has a list of customers that come for regular visits, and this list includes customer addresses and phone numbers. It also has a list of prospects to target with an email or direct mail marketing campaign. Furthermore, the beauty salon has a list of suppliers that provide the store with needed products. All these forms of data fall under the master data category as the existing data will, for the most part, remain the same long-term.

• Business Two sells furniture. Its product master data example includes a list of all products in stock at any given time. The list provides product SKUs and information on product size, type, and color. Like Business One, Business Two keeps a list of regular customers and prospects. It also has a list of suppliers and sales partners. However, unlike Business One, Business Two may share some of its master data with third parties. Sales partners, for instance, may have access to all product information as well as some information about customers and prospects. Potential customers will have access to product information in the form of a regularly updated online catalog.

Why Master Data Management Is Important?

Proper master data management (MDM) provides a business with easy access to all important data because the data is kept in a centralized location that is easy to update in real-time, as needed. While the master data management process may vary from business to business, most companies use an MDM software solution to consolidate data in a single location. A good program keeps data secure while allowing authorized employees to access, edit, and update data as needed. What's more, MDM software can integrate with other programs to allow a business to share select data with sales partners, suppliers, and customers.

What Is an Example of an MDM?

There are plenty of MDM programs to pick from. The MDM tools list includes software giants such as Stibo Systems, Informatica, PiLog, TIBCO, Profisee, IBM, Oracle, and Microsoft. Alternatively, some companies opt to use a product information management (PIM) system with master data management features. Popular PIM programs include Pimcore, Akeneo, Syndigo, and Lumavate.

Which MDM solution is best for your firm? That is a question only you can answer. Some companies do best with a dedicated MDM solution. This is particularly true of companies with highly complex data needs. However, for most businesses, the ideal master data management platform is a product information management tool with customer relationship management and product information management tools.

There are many points to consider when choosing a PIM platform with MDM features. First, you'll want to make sure the platform you pick can meet all your needs. Tools and features vary depending on the platform you pick. Some PIM tools also include digital asset management (DAM) functionality. This feature makes it possible for you to store image, audio, and video files along with text information. Other tools, such as Lumavate's PIM, offer a digital experience platform (DXP). The Lumavate platform includes a content management system (CMS) that allows you to not only create forms and promotional materials, but also websites and microsites for your business.

It's also wise to check the onboarding process when choosing a master data platform. Some sites require business owners to provide detailed information in order to get a custom quote. If you agree to the quote, the MDM company will create a custom solution designed to meet your needs. However, onboarding can take a long time as the company's IT technicians need time to get your system up and running. What's more, if you need new services at a later date, you may experience downtime as you switch to a new platform or have the current platform adapted as needed.

Lumavate stands out from other platforms because it not only offers all the features and amenities you need to manage your data but also offers a fast, easy onboarding process. You simply have to pick a plan, pay for it, and get started. The platform is user-friendly and does not require the use of code. New features and amenities are added regularly, and you can easily upgrade or downgrade your plan as needed. What's more, Lumavate is up to 75 percent more affordable than other, similar platforms.

Don't let your master data languish in a filing cabinet when you can leverage it to help your business reach its full potential. A master data management platform can help your employees provide stellar customer service. It can maintain brand consistency by providing your sales partners with uniform marketing tools. It can help you improve product experiences and overall consumer experiences with your brand. 

Lumavate is designed to meet the needs of companies of all sizes and in all industries, and it provides the tools you need to streamline your operations, improve your marketing, and keep important data secure. Get in touch with us at your convenience to find out more or to schedule a free product demo.