It is critical for organisations to foster a data-centric culture that drives business value. The key to this, Quantexa argues, is a contextual approach to master data management (MDM).
A recent e-book by Quantexa explored why standard MDM is lacking, how adding context to data management improves reliability, and hence why contextual MDM is the way forward in an era of growing volumes of data.
Quantexa outlined that as a company grows, the volume of its data grows too, a lot of which is collected in silos. However, disconnected data can lead to a myriad of problems. This includes incomplete or outdated records, difficulty getting an accurate view of the customer, data teams being overloaded with manual tasks, all of which puts the customer experience in jeopardy.
This becomes even more complicated when you take the regulatory side of things, which are becoming more stringent, into account. While there are many different kinds of standards, the issue at the heart of most is data and how it’s governed.
Specifically: data quality, reliability, safe usage, consistency and control. To stay compliant, many companies fulfil the minimum requirements of the standard—but then find themselves struggling when they realise that their efforts failed to address critical data issues at the source.
Traditional MDM suffers from a range of limitations, which Quantexa wants to tackle. For example, the systems often run using a fixed data model—meaning all data has to be painstakingly transformed into a single, fixed format, which is incredibly time consuming.
Even once the data is transformed, companies can expect to wait several more years before seeing any true value or returns on their data. However, Quantexa doesn’t want to throw the idea of MDM away completely, the principles underpinning the practice remain key, but it should be more reliable.
This is where contextual MDM comes in; by adding context back into the equation, Quantexa argues, contextual MDM (cMDM) captures important nuances such as underlying relationships, relevant history, relative hierarchies, households, location, timelines and more.
Quantexa’s contextual approach to MDM uses entity resolution to link any number of data sources. This enables companies to create and maintain a rich view of master data, allowing easier scalability in line with business growth, enabling teams to work more dynamically and efficiently, and also protects an organisations reputation through better data management practices.
The cMDM solution uses Quantexa’s contextual decision intelligence (CDI) at its centre. The CDI platform is able to connect tens of billions of internal and external data points to create single, enriched views of customers and reveal hidden risks and opportunities.
This enriched data connectivity is then used to power Quantexa’s different solutions—including its cMDM offering.
Quantexa argues that organisations would do well to tackle the data quality and data management challenge early, in a market rife with fast-paced competition and disruption.
Read the e-book in full here.
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