In many organizations, MDM or Master Data Management is handled by IT professionals, but it may not work properly. So, organizations are in need of an inclusive strategy to include both the business community and the IT for the success of MDM.
There are 5 essential elements which ensure the success of MDM and they are:
- People (organization design and change management)
- Process (business process redesigning)
- Technology (MDM hub, data integration and quality)
- Information (internal and third-party content)
- Data governance (finding the right track and guidance in the future)
If your master data management program does not include these elements, then chances of failure will increase significantly.
The people element
When an activity covers multiple boundaries within an organization, political, cultural and functional issues crop up. To resolve these issues, well-connected business leaders, senior management and IT professionals all need to come together. Moreover, master data management should always align with corporate strategy and closely related to corporate objective. It simply means, having a clear idea about how MDM will support and help your business to grow along with employees in the years to come.
One of the most important parts of MDM solution is creating a foundation on the repository of high-quality master data and using it for the improvement of business. It of course cannot happen automatically and needs redesigning of your current process. Now, improving the MDM will change the process which in turn will bring in better master data. In order to implement something like that, it is crucial to bring together all the master data from source systems and define it. After that, you need to consider the process improvements and associate master data as well. It is better to go for the model-driven approach for business improvement, because this way you can create a prototype which will get better as it approaches production.
The technological element
Having the proper technological platform will guide and synchronize the effort from idea assessment to production with the help of structuring data quality, remediation and governance. Technology provides the tools to get the data from source system to the master data management hub, along with transforming and modeling it to create the working MDM environment. In an ideal situation, the technology platform allows you to collapse the multiple entities and create something valuable for publishing to the rest of the enterprise.
The information element
Data can come from both internal and external sources. So, relevant third-party data attributes like industry codes, revenue, corporate hierarchies, age, number of employees, financial risk and other variables should be handled with proper care as well. If you do not consider these points, then the whole process will be incomplete and flawed.
Data governance element
To ensure that your analytics project is on track, a strong big data governance function is required. Taking time to design data governance foundation into your initiative increases the chance of success. This is because; you are taking the help of a large section of your employees for this.
Wizard Consultancy Services offers one of the best and most consolidated master data management services. We understand your requirement and have the expertise to provide exactly what you have been looking for. Hence, you can gain quick result from our MDM program.