Best Practices for Building a Master Data Management Strategy

Master data management

Master data management can be considered a problem solver for various business issues as well as anything that improves the efficiency and effective seamless integration of information with the traditional business processes.

It is a matter of fact that most of the present-day organizations and business houses treat Master Data Management as a technical issue.

This can start up well with various organizations in the initial stages but it does leaves some of the most critical problems unattended and dilutes the overall benefits of the Master Data Management program.

Having a technology-driven approach in the business for master data management, however, decreases the business confidence and makes it difficult to sustain. All these will surely give rise to the premature death of the global master data management program.

However, having a technical solution with well-integrated business processes running with proper governance program is the right way to kick start an MDM program. A proper business-driven approach and data governance strategy can ensure the success of the MDM program as well as enable a path for further expansion.

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Here are some of the best practices for building a strategy for various data management services:

1.Establish a business case

It is considered very easy to get an executive buy-in if the key corporate goals are linked to the Master Data Management Project through a business case. It is very essential to build a strong business case and start getting sponsorship and funds for various senior management. Establishing a strong data governance strategy will be very helpful in driving the efficiency of your company.

2. Get executive sponsorship

It is a matter of fact that most master data management projects are an integral part of the data management initiatives and are driven by critical business priorities. MDM ought to be positioned as an enabler of the key business actions and should explain to the potential sponsors how MDM can be of help for them and they should be brought on board as one of the supporters.

Having a strong executive sponsor will be of great help in finding the right funding and support. The backup will help you to deal with all the internal politics and conflicts.

3. Get business Involved

The main aim of MDM is to solve the issues present in the business by putting forward the effective management of master data. It should be driven by the needs of the business or else it would turn out to be another isolated master data mart.

The proactive involvement of the business groups, however, improves the overall success and strengthens the usability of the program. At the beginning of various MDM programs, various organization groups and business lines must be brought into the right loop. The business units and the department of IT must hold ownership of MDM.

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4. Invest sufficient time in planning and evaluation

The implementation of MDM is much more complex than it actually seems. You should actually invest sufficient time in planning and evaluating the vitals in order to get a bigger picture of the landscape of master data.

Businesses should start with the proper MDM blueprint and then thoroughly understand the commonality and divergence of the master data that is one of the critical factors for the entire MDM program. Analyzing the build versus buy strategy and studying the feasibility and optional analysis for the MDM Solution should be performed.

5. Institute MDM governance and stewardship

Businesses should not underestimate the complexities and the politics underlying the execution of the MDM project. It is at all times advisable to define and establish the MDM governance committee and stewardship in advance to start off the MDM project. The MDM stewards will be of great help in the efficient execution of the day-to-day data management services.

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6. Adopt the right topology and architecture

MDM is exceptional to all the organization and it can be termed as the collection of various processes, governance practices and technologies, which are specific to the enterprise. Businesses should adopt the appropriate architecture for the MDM environment and then support the long-term functional and non-functional necessities.

The architecture of the MDM should be able to define and accommodate the data coming to the system from various sources. Businesses should also be ready for real-time integration strategies and at times add complexities to the architecture. It is at all times better to adopt real-time architecture and have a flexible model of data and process architecture that is open to adopting any of the future changes without going for a lot of rework.

Hopefully, this piece of article must have been informative for you and must have provided enough insights regarding various data management services.

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