Have you ever considered the similarity between an impregnable fortress and an active Master Data Management (MDM) strategy?
Both need a solid architecture. Both should be technically superior, built strategically, environmentally compatible, boost overall functionality, act as centralized resource hubs, and, most importantly, provide an excellent vantage point for governance. To really understand the similarities between the two, we need to know the definition of Master Data Management.
Master Data Management is a comprehensive method that an organization adopts to link all of their critical data to a single point of reference with the help of data integration. Many industries effectively leverage MDM to standardize data, remove duplicates, increase efficiency, prevent errors, etc.
However, the need for data management has increased and evolved in recent years due to the increasing number of business users and stakeholders as well as the influx of business data in company systems. That’s why it is important to have a successful MDM strategy. The following are some suggested key steps to developing a successful Master Data Management strategy.
Key Steps for a Successful Master Data Management Strategy:
1. Master Data Profile
Before bringing MDM into use, you need to check your organization’s data thoroughly to prevent potential delays down the road. Data profiling helps you to prepare guidelines for data rectification and provides the capability for examining its future business impacts. The master data profile becomes the basis of data transformation and standardization.
2. Master Data Consolidation
The cutting-edge technology of MDM software is application agnostic. In short, all data from whichever source system (from the CRM and ERPs to stores of customer data) can be consolidated. Data consolidation eliminates duplicate and unwanted content. It also helps maintain the trackability of your organization’s data.
3. Master Data Governance and Cleanse
Cleansing here simply means error correction, standardization, matching, and data enhancement. Governance holds the people and processes as top priorities. Governance empowers business stakeholders with automation in an order to deliver data to the trusted user securely. Data governance and cleansing keep the data protected, ensuring its usability, availability, and integrity.
4. Share Master Data
The next step is to bring MDM software into practice by sharing master data across all business platforms. For sharing, you need service-oriented architecture (SOA), an integral part to realize your master data’s full potential. Data sharing of analytical, transactional, and master data by the several integration forms is vital for the enterprises.
Looking for an MDM strategy?
Developing a sound MDM strategy is challenging and it needs the assistance of a data warehousing company like Caserta with proven experience in Master Data Management. Caserta takes a holistic view of Master Data Management and MDM strategy and has proven MDM expertise across multiple verticals. Whether your business requires a single Master Data Management system to master your customers or products, or a complete enterprise MDM solution using SAP, Oracle, etc., we work with you to craft a solution to address the specific needs of your organization.