Topic
Data visualization is the process of transforming data into visual representations that help people understand and interpret the data more easily. Master data management (MDM) is the practice of managing an organization’s core data assets.
What is data visualization?
Data visualization is the use of charts, graphs, maps, and other visual representations to communicate data. It is a powerful tool that can be used to improve understanding, engagement, and decision-making.
Why is data visualization important for MDM?
MDM is the process of creating and managing a single source of truth for all of an organization’s master data. This data is critical to many business processes, such as customer relationship management (CRM), supply chain management (SCM), and financial reporting.
How can data visualization be used to improve master data management?
- Identify and resolve data quality issues.
E.g., a map of customer locations can be used to identify customers who have duplicate addresses.
- Track the progress of MDM initiatives.
E.g., a dashboard can be used to track the number of master data records that have been cleansed or the number of MDM-related projects that have been completed.
- Communicate the benefits of MDM to stakeholders.
E.g., a pie chart can be used to show how much money an organization has saved by implementing MDM.
How to create effective data visualizations for MDM
Choose the right type of visualization for your data
Different types of visualizations are better suited for different types of data. For example, a bar chart is a good choice for visualizing categorical data, while a line chart is a good choice for visualizing time series data.
Use clear and concise labels
The labels on your visualizations should be clear and concise. This will help people understand what the data is representing.
Use consistent colors and fonts
The colors and fonts used in your visualizations should be consistent. This will help people focus on the data and avoid getting distracted.
Keep your visualizations simple and easy to understand
Your visualizations should be simple and easy to understand. This will help people understand the data and make informed decisions.
The benefits of data visualization for MDM
- Improved communication of data.
This can help to ensure that everyone is on the same page and that decisions are made based on accurate information.
- Increased understanding of data.
This can help to identify trends and patterns that would not be visible in raw data.
- Better decision-making.
This is because it can help to identify the most important factors to consider when making a decision.
- Increased engagement.
This is because it can make data more interesting and easier to understand.
Conclusion
Data visualization goes beyond creating visually appealing graphics. It is a potent tool for conveying complex data, particularly in master data management and its related services. By utilizing data visualization proficiently, companies can resolve MDM difficulties, empower stakeholders, and achieve success through data-driven decision-making. In the future, adopting data visualization will undoubtedly play a critical role in gaining and retaining a competitive advantage in the data-focused industry.
