Is master data management CRM’s secret sauce?.
Gartner’s John Radcliffe explains why MDM is destined to be at the heart of future CRM and social CRM projects.
Experts are predicting big things for master data management (MDM) in the immediate future. While far from being a new kid on the block, its potential benefits at a time when organisations are drowning in data mean that it is in the right place at the right time.
As a result of this aligning of the stars, Gartner recently forecast that by 2014, 66% of Fortune 1000 organisations will have deployed two or more MDM solutions to support enterprise MDM strategies.
“MDM is not ‘nice to have’,” explains John Radcliffe, research vice president atGartner. “If tackled in the right way it can provide near term business value that plays into an organisation’s new focus on cost efficiencies, risk management and regulatory compliance, while supporting growth and future transformative strategies.”
The analyst estimates that within two years MDM could be significantly reducing data redundancy in organisationssuch that firms could be saving up to 80% of the costs associated with managing this data. But there’s more, because MDM could also have huge implications for CRM – and particularly so in light of its new iteration social CRM and the application of new sources of data that this heralds. And if recent history has taught us anything, it is that anything that can support social CRM is likely to catch the attention.
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