Better Data Management Drives Innovation Across Latin America

When assessing the strength of developing economies, an exceptional amount of attention gets paid to the ways companies harness state-of-the-art technology. Generally speaking, businesses investing in digital upgrades have a competitive edge, and that success translates to the local economy. For Latin American companies to generate the revenue of those headquartered in Europe, the United States, and elsewhere, they need to make hefty investments in digital technology. Doing so is key to turning Latin America into a 21st-century economic powerhouse.

With that said, technology is a word that includes an almost infinite array of products and services. Peruvian businesses must decide which options work best for their specific situation. It's a process that's easier said than done, given the prophetic nature of successfully gauging your technological needs for the foreseeable future. However, if there's one digital investment that's likely to appeal to a broad range of companies across Latin America, it's data management.

Systems for gathering and categorizing data have been around for decades. The problem - until recently - has been finding effective ways to put that information to the best use possible. Recent innovations in data management - particularly master data management solutions - are the answer to the problem. By optimizing and streamlining the way they manage data, companies in Peru are primed to compete on an international level.

Accuracy and responsiveness are essential for achieving business success in the digital economy. To do this, their data management systems must be connected, dynamic, and scalable. Doing so helps establish them as companies capable of meeting demand without compromising quality.

Like most products and services, master data management (MDM) comes in various shapes and sizes attached to multiple price tags. Some are better than others, requiring Peruvian business leaders to know what constitutes a preferred MDM solution. Generally speaking, MDM should include the following:

1. Identity Resolution: Find records referring to a single entity across multiple data sources.

2. Data Quality Control: Controlling data usage, discovering inconsistencies, and correcting them.

3. Dynamic Survivorship: When confronted with conflicting records, the system chooses those tied to the most recent actions and developments.

4. Universal Identification: The ability to confirm user identity without relying on third-party services.

5. Hierarchies: Information arranged to reflect relationships, significance, and scope.

6. Connected Graph: Graphical display of relationships between various data sets.

7. Progressive Stitching: Using data over time to develop richer profiles.

8. Data Governance: Ability to guarantee the accuracy of data across its lifecycle.

While master data management plays a central role in developing the digital infrastructure needed for Peruvian businesses to compete on a global stage, it relies on a supporting cast of significant factors. These include management processes, staff expertise, and leadership qualities. Without these must-have components, MDM solutions will always fall a bit short of their true potential.

What's more, as is the case for all businesses in all scenarios, timing is everything. Companies in Peru and across the rest of Latin America can't delay investing in data management solutions. Waiting another six months to a year will mean the competition has had a half year or longer to further establish their advantage. By then, the gains of the investment will be a fraction of what they would be if action were taken sooner rather than later.

For Latin American economies to successfully compete on a global scale in the 21st century, they must take a leap of faith and invest heavily in digital technologies, particularly those related to data. Luckily, the volume of evidence makes it less a leap of faith and more a shift in the right direction. Better ways to utilize business data lie at the heart of achieving success in the decades to come. Is your company ready?