Apply MDM today to avoid paying a hefty price tomorrow

How can MDM help you? is a series exploring how applying Master Data Management techniques and best practices can affect your bottom-line profit.

2e1d93a

Eniko Tucker

Have you ever wondered why organizations wait to make changes until data quality issues bring them to their knees? There are many key steps that companies can take today to proactively manage information assets without breaking budgets. By investing in MDM, organizations can solve key business problems and provide long-term solutions to run their companies more efficiently.

MDM best practices

If you are a manufacturing or pharmaceutical executive with data quality problems or broken business processes that have led to less than ideal performance in enterprise resource planning, supply chain management, or customer relationship management, consider the potential of MDM.

First steps should include the following best practices.

1. Start with the need and not the solution.

  • Find the pain points in your organization first, and then quantify the benefits.

2. Identify a top-level executive sponsor who will support your MDM initiative and clear roadblocks out of the way.

3. Systematically examine your organization. Identify key personnel throughout each business unit who know the data intimately and ask these simple questions:

  • Is this business unit creating or using any master data? If so, capture how.
  • What is its role in the unit’s end-to-end business processes?
  • Who is the most qualified to own and manage this set of master data?

4. Educate your entire organization on everyone’s responsibility to keep data clean.

  • Make sure everyone understands that MDM is a long-term program, not a short-term project.
  • Explain the importance of accurate data and proper data management.
  • Embed improving data quality into everything you do.
  • Train your data stewards on their role and responsibilities.

5. Start measuring your success and share your accomplishments to fuel additional improvements in data quality.

The most important best practice is to use a holistic approach. Start with your people and culture, then move on to data governance and stewardship, followed by technology.

  • Putting a data governance organization structure in place can significantly improve decision-making, help escalate issues, and find resolutions for open questions.
  • Once the foundation of data governance is in place, organizations can entertain investing in technology-driven MDM solutions that would drive further ROI.
  • An investment in a potentially expensive technology solution may not be necessary to achieve tangible business results. If you do choose to invest in technology, make sure you do your homework and find the best fit for your organization’s needs.

Value and opportunity

A comprehensive MDM strategy can show you new and innovative ways to improve your most critical performance indicators and help you achieve your business objectives. Consider implementing an enterprise MDM program that can assist you in solving your business problems and potentially prevent them from happening again. Invest your time in improving your data quality and purposefully embark on a journey to achieve a higher level of MDM maturity. The larger the organization, the more benefits can be gained from an enterprise-wide MDM implementation.

One Response to Apply MDM today to avoid paying a hefty price tomorrow

  1. Pingback: Improve your reporting accuracy with MDM | The Slalom Blog

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: