John Ladley pretty much sums up our greatest modern-day challenge - Businesses in possession of tons of data that is devoid of valuable information to impact the desired change.
We principally establish one fact here: data is the core of today’s business. Every enterprise, be it a large organization or a small business, relies on data to make critical business decisions. However, not all businesses have an effective way of handling data. Data is generally spread across multiple systems and applications, and this makes it challenging to retain and use effectively. To help enterprises streamline their data Jade Global offers Boomi Master Data Hub (MDH) implementation services, a central data management hub that enables enterprises to model, match, synchronize, cleanse and enrich data across multiple business systems, thereby resulting in improved customer experience. Let’s understand first the importance of data, the challenges that come with managing data, and how you can resolve them.
Importance of Data:
Most businesses talk about the importance of data, but they often don't apply that to their business. Instead, they assign it a function, such as: 'Data is important, let's put it in a database.' Then they have separate teams dedicated to managing that database.
But data is fundamentally about people. It's about understanding your business, your users, and their habits; it's about predicting how the market will change; knowing which customers you most want and which you don't.
Data helps businesses make better decisions, but it's not good enough just to make decisions. You also need to understand what you're doing, and why. Data analytics is most useful when it can change the way people make decisions.
It helps businesses forecast future behavior. If your customers make the same decision repeatedly, then you can model their behavior. Using data from users, you can then create a model that predicts what will happen next, and when.
Companies who manage data well already compete on their ability to innovate and create new offerings, which generate future revenues. But for that to happen, data must provide actionable information. In the game of poker, for example, you can't just know that your opponent is bluffing; you need to know how much and when to fold.
A comprehensive data approach captures the right data, from the right sources and in the right format. With a unified view of your customer, you can allow them to engage with the power of personalization, knowing exactly what they want when they want it.
Problems with Data coming from desperate siloed systems:
The mountain of data that enterprises need to deal with is only growing larger. This roughly translated means, even the challenges to manage them are growing in abundance. So, it is conveniently bracketed in different categories, departments.
What do we see as the biggest problem in data? The problem is that data is everywhere. It is stuck in a million different places, and in unsynchronized way. And that unsynchronized data is what is inhibiting everyone’s ability to get value from it. These data silos come from different places and different regions. We use different types of applications that are creating data.
For instance, Salespeople enter customers data CRM application and possibly never update the customer details after closing the deal. Now, the same customer is served by different department that keeps their data in ERP or fulfillment or any other systems. If they have any updates on Customer details, then they just update their records in their ERP or Fulfillment systems. For example, if fulfillment team get to know that customer’s contact number has changed then they will update the ERP records with new contact number, but at the same time the CRM system has old contact number. These two sets of information about same customer may create many problems. These types of issues can be easily solved by an automated Data Synchronization strategy with having a single source of truth for your organizations.
What is Data Synchronization? How can it help?
You need to synchronize and enrich trusted data across your enterprise by mapping it to your enterprise directory.
Synchronizing data between multiple business applications is an effective way of building a single source of truth for entire organization.
As depicted in the below image, you can have a centralized golden data records in a data hub and connects all of your applications to it. Any changes in any of these applications will automatically route to other application via the central data hub i.e., Boomi Master Data Hub.
The main advantage of an enterprise data hub is that it allows companies to centrally manage and secure their data in a single, trusted environment. This eliminates duplicate data, conflicting records, and redundant copies scattered across various silos. An enterprise data hub also makes it easier to manage data because it provides a single, authoritative source of truth.
A data hub gives companies the tools they need to cleanse, cleanse, de-dupe, and synergize their data.
Data hub solutions integrate disparate data sources, technology, and systems. This enables companies to build applications that combine business intelligence with a wide range of other data sources.
When data is cleaned and merged, it becomes more manageable and easier to search, and companies gain valuable, actionable insights.
How Boomi MDH helps solve the data synchronization problem?
Boomi MDH (Hub) is the foundation of an enterprise architecture that integrates data into one source of truth winning the battle in the system of record vs source of truth ring. It allows enterprises to effectively govern their data assets by enforcing data security, auditing, compliance and reduces the risk posed by running applications on incomplete or inaccurate information.
Seamless User Experience:
With the Boomi Integration within the AtomSphere Platform, it is possible to create a seamless user experience across various applications. This means that certain elements of data — such as contact information — will always be updated with the latest information, regardless of where that data is managed by MDH.
It helps you define, manage and synchronize data related to your business across your existing systems, regardless of their origin. This helps businesses acquire and retain customers from different platforms, at the same time ensuring data quality, consistency, and accuracy.
Easy to Use and Integrate with any System:
Boomi Master Data Hub is a simple and easy-to-use application that can be easily integrated into your existing applications. It can also be deployed and managed on any cloud or on-premises system.
How Jade can help to implement a robust Data Management strategy and implement Boomi MDH in a fast and cost-effective way?
Robust Master Data Management(hub) makes it easier to manage the consistency and quality of data that is replicated across multiple systems or applications. Jade Global aims to help our customers align and improve data across all their applications and set up a data quality hub for applications in the Cloud or On-premises.
Jade Global provides end-to-end solutions for Master Data Management (MDM). Our services help our customers address challenges such as data integration, data quality, lineage, and data security.
As a leading MDM player, Jade Global has successfully implemented MDM solutions for a variety of organizations Our Boomi MDH Implementation Specialists have been helping small to large organizations overcome their critical Master Data issues with the faster, simple, and cost-effective implementation of the Boomi MDH platform.
About the Author
Vinit Verma, Global Practice Head – Digital Platforms & Solutions | Boomi | Snowflake
Vinit Verma is Global Practice head for Boomi and Snowflake Practice at Jade Global. With over 18 years of IT consulting experience, Vinit has been helping small to large organizations build a connected and data-driven business.