With the growing number of interactions and observations enterprises collect through various data acquisition points, it is becoming critical to collaboratively govern these core data elements in an agile and measurable environment for a single version of the truth. However, this governance process comes with its own set of challenges.
Some of the greatest challenges include:
Overcoming these challenges requires robust data governance frameworks, establishing clear data ownership, defining data stewardship roles, and enforcing data quality standards. This is where Master Data Management (MDM) tools come in – tools that bring together information across different applications to manage, leverage, and integrate across the enterprise without the burden and expense of managing multiple, siloed systems.
Selecting a solution that will fit the scope, context, and identified MDM requirements can be challenging. A few considerations you will need to review include:
There are many solutions available in the MDM market for any business use case. The challenge is selecting the right one for your context, scope, and requirements. But you first need to assess your current state by conducting a data audit. This involves identifying the data sources and stakeholders and evaluating the data quality, governance, and integration aspects.
The first place to start is with the projected context and scope of your project:
The right master data management strategy can deliver comprehensive information on all locations and assets at your fingertips, so you can connect functions and teams to improve your performance and business continuity.