It's time to take a fresh look at an old problem: "garbage in, garbage out." Everyone knows that information is only as good as the data it was built upon, yet according to Harvard Business Review, only 3 percent of companies' data meets basic quality standards. With data becoming the world's most valuable resource, it raises the question, "How is this possible?" I believe the answer is that traditional approaches to data accuracy and master data management simply cannot keep up with the digital transformation that is happening all around us.
Digital Transformation Is Increasing the Need for Master Data Management
Today's companies are constantly trying to gain a competitive advantage, and data is at the center of that effort. Before the advent of cloud applications, companies would make a large investment in a system such as enterprise resource planning (ERP) or customer relationship management (CRM). These solutions would be installed and delivered to their staff on internal corporate networks. This approach suffered from quite a few flaws:
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