For fashionistas, Farfetch is a heavenly marketplace for the most coveted luxury brands. The number of fashion brands that Farfetch offers will blow your mind, as well as your wallet, especially if you’re among their many avid shoppers.
While one may not associate luxury fashion with Master Data Management (MDM), the success of Farfetch can be attributed to its smart use of technology to promote and provide customers throughout the world with the must-have fashion items of their dreams. And MDM is at the heart of this.
Yasemin Kural, Head of Data Architecture at Farfetch, gave a highly creative and compelling presentation championing the value of MDM at the Enterprise Data and BI & Analytics conference in London this month.
According to Yasemin, MDM is core to Farfetch’s business: “Without valid and shared taxonomy, decisions become high and miss. Without accurate context, your company’s data and numbers have little meaning and without effective classification, problems are often mis-stated or mis-read.”
The issue is MDM isn’t currently that fashionable – pun intended – and takes commitment. Yasemin compared implementing MDM to Marie Kondo, famous for her trademarked KonMari method of organizing your belongs and ultimately your lifestyle. She wittily paralleled KonMari steps for a better life with the principles of MDM.
Committing to tidying up would mean sponsoring culture change in MDM speak, imagining your ideal lifestyle would be defining your data strategy. And there were more: discarding – cleansing your data, tidying by category – defining data model, following the right order – establishing workflows and processes. Yasemin offered an uncannily similar, fun and imaginative way to prove the fundamentals of MDM.
Yasemin emphasized that MDM does not need to be expensive or take ages to get results. After just a few months of implementing the Kalido MDM product from Magnitude Software, Farfetch identified key areas of value. Kalido is currently being deployed to harmonize and enrich data for geographic dimensions. Farfetch is also considering the use of Kalido to help a key project to establish a unified customer profile, while ensuring GDPR compliance.
Quick strategic wins for an MDM initiative has to be the new normal to get MDM back in fashion — and Farfetch is paving the way with its creativity and style in conjunction with Kalido.
To learn more about how to run your business with trusted data with Kalido MDM, check out our video demos.