What Is Identifying And Classifying Master Data?

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Identifying and Classifying Master Data

The retail industry has become more connected in many ways, as the degree of separation decrease, the amount of information available seems to have exploded (Loshin, 2008). An organization that can accommodate the flood of mostly redundant and conflicting pieces of data find that the combination of information sharing and operational collaboration is a distinguishing factor for organizational success (Loshin, 2008).
Today’s retailer are looking for ways to compensate for increasing competition, price pressure, and operational cost. A customer satisfaction strategy is a top focus, when retailers can enhance their knowledge of the customers across the retail channels, they can strengthen customers’ …show more content…

Customer data is scattered and duplicated across multiple systems, making it difficult for sales, marketing, operations, and customer service to have a complete and authoritative view of the critical business information (Shankar, 2013). It is not unusual for retailers to have a set of system, such as point of sale (POS), e-commerce, and a call center, which have different formats to create and store data (Shankar, 2013).
Given the fragmentation, it is no surprise retailer face the challenge to manage marketing, sales, and customer service within the tradition stores, the web, and call centers (Wolter and Haselden, 2006). To conquer this difficulty, the retailer must find a way to leverage single version of customer data, create a holistic view of customer data, and harness the overflow of interactive data through social media(Wolter and Haselden, 2006).
Accomplishing this is possible with the implementation of a Master Data Management system. Governing and synchronizing information across channels has become a demanding precedence for retailers implementing an omnichannel strategy. A master data management solution can help retailers address these needs and improve profitability, performance, and customer experience. With an MDM retailers can leverage the complete view making them better able to identify profitability, promising customer, and better understand buying

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