Enterprise Master Data Management: An SOA Approach to Managing Core Information

This is a great book that merges two hot topics in data management today: Service Oriented Architecture and Master Data Management. We highly recommend looking into this book as it can certainly bring value to your organization. Check it out here.

Customer Data Integration: Reaching a Single Version of the Truth

Often times MDM is brought into an organization because of a data warehousing project or to assist with identity resolution type work. This book provides great insight into how to reach that single version of the truth. Get more info.

Data Driven: Profiting from Your Most Important Business Asset

This is a fantastic book that digs deep into the value of Master Data Management and the value that it can bring to your organization. Perfect whether you are pitching MDM or trying to sell its value. Read more about it.

Master Data Management Potential

 

Any effective Master Data Management (MDM) solution requires a joining of company resources and a mindful approach in order to deliver consistent and reliable information: only then will you achieve the full potential of your MDM.

Master data management relies on the people, technology, and processes within the organization to manage a consistently accurate view of its data. To reach the full potential of your MDM, you need to make sure that the data is working to accomplish the business goals set out by the company’s executive team. A successful MDM offers data both up and downstream, which will help your company gain insight to any potential problems the business may be facing.

In order to make the best use of your MDM, you’ll need to have a good understanding of what master data is. Master data is defined as the core data elements that are crucial to business processes. Things like products, customers, suppliers, and materials are all forms of master data. If you change any of this data, it will surely have an impact on your business overall (whether positive or negative).

You would be mistaken if you thought of MDM n terms of a technology solution. It is not something that can be deployed to solve a tech problem. Keep in mind, also, that MDM is not about the data either. Sure, the data is an integral part of the equation, but it only provides the information needed to get the discussions going. MDM is all about solving problems and making sound business decisions.

MDM can be a company’s largest asset, but if the data is inaccessible, incomplete, or inaccurate – you can expect some major problems. It is also important that the guiding principles of the MDM are sound, and these guiding principles will vary by industry. The following are principles that may cross industry boundaries, making them more universal.

1. The business will have ownership of the master data and will be accountable for its accuracy.

2.   The goal of any MDM should always be to ensure a measurable return on investment.

3.   It must manage your master data as diligently as possible.

4.   Data quality must be reliant on process perfection.

5.   The business should establish standards for all master data processes and make sure they are implemented.

6.   Before implementing MDM, the business must setup the framework that will allow the MDM to be successful.

7.   The change management process must include ways to address organizational politics in order to avoid having people stand in the way of a successful MDM integration.

8.   Only one version of the truth should be enabled for core data. This will help minimize errors.

9.   MDM should be linked to your business strategy.

10. Technology will be responsible for launching the MDM framework that will support the requirements of the business and its standards of quality.

Master data management, when implemented correctly can be an asset to any company, large or small. Once master data management is fully understood and the guidelines above are implemented, your organization should enjoy the full potential of its MDM.