Develop a Master Data Management Strategy and Roadmap to Better Monetize Data
- Clarity Solution Group
- Cognizant Technology Solutions
- KAYGEN Enterprise Solutions
- Knowledge Integrity, Inc.
- Hub Designs Magazine
- Data Management International
- University Health Network
- IT and business leaders are recognizing the need to implement master data management (MDM) processes and technology to better manage enterprise master data.
- Master data is pervasive throughout the business and is often created and captured in highly disparate sources that often are not easily shared across business units and applications.
- Simple in concept, MDM is complex in practice and requires investments in governance, technology, and planning.
- Several different MDM implementation styles exist and it is difficult to know which one is most appropriate for the organization.
- MDM impacts the organizational data processes: how data is entered, maintained, accessed, and retired.
- MDM is not just for the big guys. Large MDM systems are complex and require deep commitment to deploy and run, but for SMEs to monetize data, MDM is still a critical requirement to achieve success.
- MDM can be difficult and expensive. Organizational buy-in and an understanding of the organization’s data environment are imperative to the success of a MDM implementation.
- Organizational processes are just as critical as technology when implementing and maintaining clean master data.
- Start simply. Get your reference data in order with MDM processes, and ensure the MDM data is usable in your business intelligence and analytics platforms.
Impact and Result
- Don’t get caught unprepared. By identifying whether or not you are ready to adopt a MDM strategy, you could avoid major pains and identify strategic initiatives to make sure you are ready.
- Maximize your success with MDM by identifying the master data domain(s) your organization should target.
- Develop a MDM strategy and initiative roadmap using Info-Tech’s MDM framework, which takes data governance, architecture, and other critical data capabilities into consideration.
- Identify the MDM implementation style that best suits the needs of your organization.
- Maintain MDM by identifying key metrics to measure your successes.