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What is Master Data Management (MDM)?




In today's data-driven world, businesses have access to advanced tools that provide valuable insights into their customers. However, a significant challenge lies in the fragmentation of customer data. This raises the question: how does this happen and how can we effectively address this issue?


Have you ever had to search for a customer's name in a database and found multiple entries? This occurs when customers accidentally create multiple accounts. How does this happen?


Envision a circumstance where Jennifer Smith (she/her) is a busy professional and she occasionally misplaces her passwords, forgets about her existing accounts, or switches email addresses. She resorts to creating fresh accounts, unknowingly contributing to the proliferation of multiple data entries that all pertain to her.


She is not alone in this behavior. This is a widespread occurrence and has given rise to a fragmented dataset. It is confusing, and it can certainly cause mistakes.


Over time, data fragmentation has become a prevalent issue in our digital landscape. According to a survey, 97% of industry leaders [1] believe that organization-wide data access is crucial for business success. However, we also face the challenge of bad data. Another survey revealed that bad data shows an average impact of 26% of revenue [2]. These statistics highlight the importance of clean data.


At Paciolan, we offer the master data management (MDM), identity resolution process to seamlessly consolidate your fragmented data into a single, golden record. As the custodians of your fans' and patrons' data, we have a comprehensive data warehouse that covers every interaction, from ticket purchases to donations. Our unique and proprietary method of identity resolution ensures an initial one-time "clean-up" of your data that is tailored to your specific needs, resulting in accurate and trustworthy account profiles.


Our identity resolution process is streamlined into two parts:


1. First, we examine account data by comparing factors such as emails, addresses, and phone numbers, then, we determine whether these accounts belong to the same individual. Collaborating closely with our clients, we establish tailored business rules to accommodate your unique requirements. Our identity resolution process allows you control over the identification of primary accounts.

2. Second, we work with you to consolidate these fragmented accounts. By integrating the history into a primary account, you gain a holistic understanding of the user. This consolidation process equips you with valuable data, providing unparalleled insights into the user's clean profile data.


While others are attempting to tackle duplicate account issues, Paciolan’s approach stands out from the crowd. We provide the initial "clean up" with ongoing service that offers identity resolution of your data within your CRM tool, resulting in a single golden record. Let's highlight some of the exceptional features that set us apart:


  • We dive straight into the database, and our methods balance art and science, continuously refined to simplify and automate the deduplication process.

  • The Paciolan process includes nightly updates to ensure your account data is always up-to-date.

  • We deduplicate, where your accounts reside, in our data warehouse. We understand that each organization has a unique journey toward identity resolution, which is why we offer tailored expertise to address the specific nuances of your accounts.

  • Our MDM system safeguards sensitive customer information through robust data security and compliance measures. Rest assured, your data never leaves our Data Warehouse, instilling trust and fostering loyalty among your patrons, knowing their data is always safe and protected.


With our exclusive MDM identity resolution process, you gain access to state-of-the-art technology while enjoying the assurance that it is executed with the utmost safety and accuracy. Experience the peace of mind that comes with knowing your data is in capable hands.


Having explored the concept of MDM, we are excited to announce that we will be releasing a series of articles in the upcoming weeks. These articles will explore the numerous benefits that MDM can bring to your organization in greater detail. Stay tuned for valuable insights and practical advice to help you make the most of MDM.


Sources:

1. Harvard Business Review Analytics Services. 'Turning Data into Unmatched Business Value.' Harvard Business Review, 2020.

2. Monte Carlo. 'The State of Data Quality.' Monte Carlo Survey, 2022.


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