MDM: The Bedrock of Enterprises to Transform Their Operations and Gain Powerful Insights

There is no denying that in today’s digital era almost every organization employs a data quality management strategy that corresponds within its predefined goals and functioning.

Since the incept of Master Data management MDM, management of data may come out as a simple asset for any organization but the true value is applauded only during the crisis. 

Dwindling brands compete with matured brands as well as new brands but fail to come up sometimes. They are less known with the fact the main reason behind sinking of their organization may be due to the fact the MDM approaches they are using are likely to suffer from either of any shortcoming.

Let’s raise our talks, putting some deliberations across the company’s process and the key shortcomings of MDM. 

Master Data Management MDM’s Key Shortcomings: 

• Lack Of Business Sponsorship - Because of the nature of the MDM programs where business users never come witness MDM in action (typically most business users don’t have a user interface to MDM), it becomes a challenge to sell MDM as a valuable investment.
• Paucity Of Demonstrable Value – MDM projects which are tethered to business process or reporting, no measures are yet available to gauge how MDM contributes to the project’s success”.
• Function Focused Efforts:  Function focused MDM efforts (e.g. SCM-MDM or Sales & Marketing – MDM) are rarely able to break beyond the confines of these departments due to a lack of clear articulation of the ‘enterprise vision’ upfront.
•  IT owned: The often sighted problem of MDM is it is being owned by IT.

On the flip side, if we talk about benefits driven MDM, there are slew of advantages deriving from it. Just like it helps organizations to fit MDM capabilities to enterprise practices. It checks and scrutinize if or not there is a clear balance between the short term imperatives and the long terms goal of enterprise. 

Related: Eight Reasons Why Data-Centricity Is the Future of Business

Let’s Watch How To Put Master Data Management MDM Into Practice?

• Assess: Identify Master Data Issues, IT Landscape and Master Data Spread.
• Envision:  This process includes building a business case, identifying champions and sponsors.
• Prepare: Aligning organization for governance, building consensus on master data and migrating existing data.
•  Implement: This process involves steps in building support for global & local data.
• Measure: Measuring success of program.

In general, all this can be planned and dealt with, making the brands life a little easier, at the expense of a more complicated infrastructure to maintain and more work for the data stewards. This might be an acceptable trade-off, but it's one that should be made consciously.

Tip worth Considering: 

In order to avoid complications and to improve business, companies should essentially hire the assistance of experienced MDM experts, who possess sound knowledge of data management.