How MDM Can Help Find Jobs, Provide Better Care, and Deliver Unique Shopping Experiences
Industrial data is doubling roughly every two years. In 2021, industries created, captured, copied, and consumed 74 zettabytes of data – by 2023, that is estimated to rise to 130 zettabytes. This rapid growth is creating a problem because vast volumes of data on their own are not useful.
Data needs to be organized, synthesized, and analyzed to unlock insights that drive value. The average data scientist spends up to 60% of their time gathering, cleaning, and collating data rather than driving insights. With so much time devoted to data-gathering, it’s no surprise that companies that can master their data effectively will give themselves a competitive advantage in terms of productivity, innovation, and growth. World Economic Forum estimates that companies that use data effectively see their productivity double.
With productivity and growth at stake, it’s clear that digital solutions which can gather, cleanse, enrich, organize, manage, and distribute data are rapidly becoming the backbone of the global economy. Data needs to be collected and contextualized in ways that decision-makers can easily consume – and to do this, you need a master data management (MDM) solution purpose-built for specific industrial applications that can make sense of data domains that span the entirety of your business operations. Using this insight, you can discover patterns and anomalies and leverage analytics and AI to shift entire business models from reactive to proactive decision-making, boosting efficiency and driving sustainability.
Many industries are creating and storing ever-vaster amounts of data. Mastering this information correctly can supercharge companies’ productivity, innovation, and growth – but there are pitfalls. Here are several case studies from organizations that have made the most of the digital revolution using MDM.
MDM Connects Job Seekers with Right Employers
We all get emails from recruiters who promise us great jobs, better salaries, and higher roles. Sometimes, I get offers that do not fit my profile and completely ignore my aspirations and skills. What if the talent and staffing companies put data to work? One of the world’s best workforce solutions providers is a direct employer of nearly half a million people and connects thousands more with opportunities through a global network of partners. Laser-focused on the evolving world of work, this organization helps people “ditch the script” on old ways of thinking and embraces the value of all work styles in the workplace. By investing in an MDM solution, the company created a rich and accurate profile of job seekers by extracting data from resumes, emails from employees, and video interviews. The solution helps the company streamline job placements, expedite the talent selection process, and offer the right opportunity to the right talent at the right time.
MDM Fuels Analytics and AI to Provide Better Patient Care
One of the world’s leading biotechnology companies based in the US is committed to discovering, developing, and delivering innovative therapeutics for patients suffering from serious illnesses. Its achievements in cardiovascular treatment have improved the lives of patients suffering from heart disease, the leading cause of morbidity and mortality worldwide. This organization can reach more patients with potentially life-saving therapies with a trusted view of providers, products, and payers. As the company develops its pipeline of innovative medicines, it must understand the relationships between patients using its medicines, its partners, such as care providers, suppliers, and wholesalers, and products, as well as publicly available information about its competitors’ products, to reach more patients with the right treatments. By leveraging MDM powered by AI and machine learning, the organization created high-quality data for analytics. This patient-centric approach to analytics helps the company notify a care provider and present preventive treatment to a patient before a health incident occurs. This new data-driven approach also reduces the time to market for new product launches.
MDM Delivers Unique Shopping Experience to Retail Customers
One of Europe’s largest food retail co-operatives has millions of members and hundreds of stores. Customer, product, and sales data is integral to this retailer’s effort to personalize the shopping experience for its members and customers. The company realized that it needed to unify its operations to provide each store with consistent business information to drive efficiencies and profits. On the heels of the merger, the retailer also decided to launch a new e-commerce site to deliver a unique online experience by offering a wide selection of foods and fresh products to customers. Data in various formats needed to be accessed from different source systems, integrated, and exported to the e-commerce engine to fulfill these requirements. The MDM and PIM solution implemented is helping the company support the success of its web channel—a site designed for a superior shopping experience by offering a wide selection of foods and fresh products to customers. Additionally, MDM helps the retailer manage members’ and customers’ personal data in compliance with European General Data Protection Regulation (GDPR) requirements.
A new mindset for a unique opportunity
Success in our new world is about adopting a new digital mindset. As companies focus on data-centric operations, managing your master data simplifies processes, minimizes wasted work to build value, and drives agility and resiliency. As these examples show, many companies are already adopting this innovative approach across industries. I would love to talk if you have questions on how MDM can help you. Please leave me a comment here or reach out to me on Twitter at @MDMGeek.
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How MDM Can Help Find Jobs, Provide Better Care, and Deliver Unique Shopping Experiences
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