How Master Data Brings Benefits and Returns to Today’s Enterprise
It’s probably safe to say that many of us understand how having ‘too much of a good thing’ can be harmful. Cake is good, but too much cake can make you feel sick. Vitamins are good for you, but too much of one vitamin can be lethal. Data really isn’t any different. Data is good but having too much data can lead to more difficulties than benefits.
The volume and velocity of data in the modern enterprise is consistently expanding, so much so that we’ve lost the ability to even measure the rate of increase. It seems that everything we touch turns to data. There are so many data points – online and offline – but not enough time or resources to make that data actionable.
Data Chaos
Businesses rely on a consistent, trusted data foundation of core elements, but where data should be creating fabulous insights, in many cases it is creating chaos. More and more, data gathers in disparate, unconnected data silos – sometimes used, but often left untouched – that work independently. Different departments create and manage their own data to keep their part of the business running, resulting in multiple platforms and duplicate records. There’s no shared, common version of the truth. Pressure mounts to consolidate, structure, organize, and steward that data to harness its competitive advantage.
The answer to this dilemma is a Master Data solution that can transform data silos into connected systems. Establishing a common view of customers, vendors, and business counterparts across the organization, a master data strategy can bring interoperability to, and clarity across, the enterprise’s data universe. Teams are united with a common understanding based on a consistent set of core data, and the organization regains control of its data, using more it for competitive advantage.
While most organizations understand, to some extent, the need for structured, governed and accessible data, the process of getting there can appear cumbersome and overwhelm even the most well-intentioned leader. There are costs, resources and timelines involved. Without a measurable business justification or a plan to get stakeholders on board, the case made for a master data project initiative is rejected. This is where the Forrester’s Total Economic Impact™ study comes in.
June 2020 Study conducted by Forrester Consulting Measures ROI of Master Data
Dun & Bradstreet commissioned Forrester Consulting to undertake a Total Economic Impact™ (TEI) study that examines the potential return on investment (ROI) enterprise businesses may realize by deploying Master Data solutions. The study provides readers with a framework to evaluate the potential financial impact of Dun & Bradstreet Master Data solutions on their organization.
Forrester interviewed five Dun and Bradstreet customers with years of experience using Dun & Bradstreet Master Data solutions. Prior to partnering with Dun & Bradstreet, these organizations struggled to understand the data associated with their business relationships. They experienced a rapid influx of data from AI, behavioral analysis and anomaly detection solutions which added to their existing data overload burden, exacerbating the creation of data silos within their organizations. Executives were making decisions with only partial and sometimes conflicting views of customers, prospects, and vendors. These businesses recognized their performance – and competitiveness – was hampered.
Each of the clients leveraged the Dun & Bradstreet Master Data solution to provide deeper insights into business relationships including customers, prospects, suppliers, sites, hierarchies, and chart of accounts. All recognized measurable benefits across their organization including sales and marketing growth, finance efficiencies, and foundational resource benefits.
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| To model the benefits, costs, and risks experienced by the interviewed customers, Forrester created a composite organization representative of the interviewed customers. The subsequent financial analysis for the composite organization demonstrated quantifiable and qualified benefits with initial payback in under three months. |
Within the study you will learn Forrester’s TEI framework and how it can help you demonstrate the value of a Dun & Bradstreet Master Data initiative to senior management and key business stakeholders. The information presented in this study will help you evaluate benefits, ROI, and give you the foundation to begin your master data journey.
Discover the benefits and timeline to ROI of Dun & Bradstreet Master Data solutions, and how it can help your organization.