Master Data Management refers to the process of enabling an enterprise, including its people and technology to develop and manage an archive of data. It centralizes data from several departments, such as finance, operations, marketing, sales, customer experience programs, supply chain optimization, governance efforts, compliance initiatives. This is why it’s important that there be one source of data as data from several sources can become complicated to analyze or be error-free. In this case, enterprises will need to leverage all sources in order to reliably trust one over the other and use it as a single point of reference from which all departments can pull. The intention is to increase business value and decrease uncertainty. Master data will enable enterprises to make intelligent, timely and actionable decisions to stay ahead of the competition.
When we take on Master Data Management initiatives we take into account three factors within the enterprise: people, process, and technology.
- People within the company need to be on board with the transformation and a team needs to be designated. This team is responsible for leading the initiative and facilitate communication between departments and ultimately be responsible for establishing data governance.
- Once we’ve identified the people responsible, we then move to process. We first start out by mapping the objective of the MDM initiative. We assist in identifying the business value and strategize a step by step plan for the project. Within our strategy and plan, we develop foundational data models to establish consistent data integration among different distributed applications.
- Choosing the best technology platform for the company’s MDM initiative is also a key factor in data quality and governance. We’ll assist you in defining the impact, sizing, performance and security required for your specific project as well as whether your enterprise will deploy in-house, on the cloud, or in a hybrid environment. We have partnerships with several companies providing MDM platforms capable of high performance and scalability.
- We’ll circle back and educate the multiple departments by way of workshops and changes to Standard Operating Procedures in order to have everyone within the organization easily access master data for the specific business use within the department.