The data in company databases is constantly changing, with 10 to 30 percent of this data being updated every year. Data Management saves, secures, updates and supplements the data and makes it available. This ensures that contact and other information is accessible quickly, at the same time offering valuable new marketing insights. This Wiki explains the importance of Data Management, the three key process steps involved and how it differs from Master Data Management.
Data and good data management increasingly determine business success. Using high quality data, the marketing department can enhance its knowledge of customers and improve the customer experience. For the financial department, accurate customer data is vital for improving the accounts receivable and invoicing process. Incorrect or obsolete data create inefficiency, higher costs and even customer dissatisfaction.
Data Management is about enriching and maintaining the database, but Master Data Management[LB1] takes this one step further. Master Data is a unique key within a database. All these keys are saved to a central master data file and all databases of the company are subsequently linked to this master data file. If there are updates to the master data file, all databases are automatically updated. This improves efficiency and reduces the risk of error.