Montana Finance

Apr 7 2019

Develop a Master Data Management Strategy and Roadmap to Better Monetize Data

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Develop a Master Data Management Strategy and Roadmap to Better Monetize Data

Contributors

  • Salesforce
  • Clarity Solution Group
  • Cognizant Technology Solutions
  • KAYGEN Enterprise Solutions
  • Knowledge Integrity, Inc.
  • Hub Designs Magazine
  • IBM
  • TIBCO
  • Informatica
  • SAS
  • Data Management International
  • University Health Network

Your Challenge

  • IT and business leaders are recognizing the need to implement master data management (MDM) processes and technology to better manage enterprise master data.
  • Master data is pervasive throughout the business and is often created and captured in highly disparate sources that often are not easily shared across business units and applications.
  • Simple in concept, MDM is complex in practice and requires investments in governance, technology, and planning.
  • Several different MDM implementation styles exist and it is difficult to know which one is most appropriate for the organization.
  • MDM impacts the organizational data processes: how data is entered, maintained, accessed, and retired.

Our Advice

Critical Insight

  • MDM is not just for the big guys. Large MDM systems are complex and require deep commitment to deploy and run, but for SMEs to monetize data, MDM is still a critical requirement to achieve success.
  • MDM can be difficult and expensive. Organizational buy-in and an understanding of the organization’s data environment are imperative to the success of a MDM implementation.
  • Organizational processes are just as critical as technology when implementing and maintaining clean master data.
  • Start simply. Get your reference data in order with MDM processes, and ensure the MDM data is usable in your business intelligence and analytics platforms.

Impact and Result

  • Don’t get caught unprepared. By identifying whether or not you are ready to adopt a MDM strategy, you could avoid major pains and identify strategic initiatives to make sure you are ready.
  • Maximize your success with MDM by identifying the master data domain(s) your organization should target.
  • Develop a MDM strategy and initiative roadmap using Info-Tech’s MDM framework, which takes data governance, architecture, and other critical data capabilities into consideration.
  • Identify the MDM implementation style that best suits the needs of your organization.
  • Maintain MDM by identifying key metrics to measure your successes.

Research Tools


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