Once your organization decides that master data management (MDM) is a necessity, the challenges of implementation may appear to loom large. Don’t let this slow you down. There are four clear, concrete steps to successful master data management implementation:
- Assemble the right MDM team from across the organization
- Define business value with clearly established, justified, and prioritized goals
- Measure MDM program returns on investment (ROI)
- Select the right MDM management solution using a “key capability” checklist
That’s it. This sets your MDM program on the path to success.
Master Data Management Implementation
TIBCO EBX software is a six-time Gartner Magic Quadrant Leader. Our Master Data Management implementation guidebook includes input from MDM product experts plus industry case studies. And its worksheets will help your organization craft a successful MDM strategy. This includes helping you select which team members should help lead the effort. It also includes best practices for ongoing MDM program management.
Master Data Needs Master Data Management
Master data is a single record of each person, place, or thing in a business, which must be reconciled, enriched, and corrected to become a trusted view of shared, business-critical data. Effective Master data management (MDM) promotes more accurate information, eliminating errors caused by bad data and enabling the business to collaborate and make decisions based on trusted data.
Master data management ensures a single, accurate source for your most important shared data. Without it, operations, customer service, sales, and corporate value all suffer. Simply put, MDM is an investment in your organization’s future.
Master Data Management Challenges
There can be challenges, of course, to implementing an MDM strategy. First, your organization needs a clear understanding of all its data—specifically the data you are going to master and what sources contribute. These sources must be unified, consistent, and appropriately accessible. This means collaboration across different units, including business stakeholders and IT.
Diving deeper, successful master data management implementation requires the following:
- Data that is easily accessible and available across domains, units, and locations
- Data that is secure, with appropriate access and governance controls
- Data that is current, complete, valid, accurate, and consistent
You should also be mindful of these data concerns:
- Data errors
- Data redundancies, including in data storage, where changes in one set lead to incorrect data in another setting
- Issues with timely, effective data access and reporting
The Importance of Master Data Management
Master data management is a necessity in a digital organization but making the business case for MDM is only half the battle. What will your strategy be? How will you measure and prioritize business value? Most importantly, how can you architect overall success with MDM?