SAN FRANCISCO, Nov. 19, 2018 /PRNewswire/ -- Innovit, a global master data management solutions provider, today released the findings from its 2018 MDM Survey conducted by 200 IT decision-makers on Survey Monkey. The findings reflect the glaring standards between the quality of their organizations' master data and how business-critical this data is to their company. According to the findings, 74 percent of respondents say master data is critical to their organization, while nearly 30 percent of respondents say that the quality of their master data is 'average' at best.
"The results of this survey were quite shocking for any organization as there is a huge disconnect between where data is maintained, and where it is needed," said Bang Chau, Vice President of Business Development. "These organizations have been getting by with using master data that is not validated and not managed rigorously – impacting customers, suppliers and the efficiency of key processes & systems. An MDM solution provides accurate and synchronized master data to large enterprises and mid-sized companies that can be trusted by all users and automated systems."
According to the respondents, an MDM tool was selected as the most wanted tool to reduce manual labor (44 percent). Historically, completing master data projects requires technical skills and resources that many enterprises simply don't have. More than half of respondents said it takes them more than 16 hours every week to complete MDM upkeep. Innovit's affordable MDM solution vastly cuts down on the time it takes to complete master data projects, lowers the technical skills hurdle, while giving companies enhanced data quality, reduction of supply chain costs and improvement in product marketing effectiveness.
Additional findings from the survey include:
- No. 1 reason why respondents don't currently have an MDM solution is that it's "too expensive" (38 percent)
- 20 percent of respondents say data upkeep only happens once a month or less
- Nearly 20 percent of respondents say their organization doesn't have a master data initiative in place
- 30 percent of respondents say their master data is still manually recorded
To view the supplementary infographic, visit: http://www.innovit.com/MasterDataManagersToolkit
For more information on Innovit's MDM solution, visit: http://www.innovit.com.
Innovit's globally certified product master data management solutions protect revenue streams, reduce supply chain costs, improve online product marketing effectiveness and ensure regulatory compliance. Delivering the fastest time to value for a complete end-to-end solution, Innovit provides preconfigured modules that have out-of-the-box data validation, the broadest global coverage for data synchronization, and publication capabilities that offer maximum syndication advantage for omni‑channel commerce. Operating since 2000, Innovit is based in San Francisco CA with offices in London, Sydney and Melbourne and serves customers such as Johnson & Johnson, Kellogg's, 3M, Colgate Palmolive and B. Braun across diverse industries including healthcare, CPG, industrial supply and distribution.