25 Jun Technology Roadmap to Master Data Management – A Strategic Evaluation
Data mismatch and misalignment is a common problem across enterprises. Small, Medium and Big sized businesses have been facing this problem for a long time. This problematic data migrates to different processes and affects the entire operations. Wrongly interpreted data can create huge issues across the organization, and it can affect customer and partner relations.
How we can assess this situation and come up with recommendations?
A well accepted, simple methodology for Master Data Management has the following steps:
- Educating the enterprise teams about current issues in their data strategy and the probable aftereffects if not intervened & mended at the right time.
- Assessing if the enterprise and its workforce is ready to accept the initiatives and understand that there are gaps in their current systems. Current business processes, technology Infrastructure, people and culture are all evaluated.
- Gap analysis measures – Once the current state is identified and compared with the ideal future state, suitable data strategy fine print is recommended.
What exactly is a Master Data Management Strategy?
There are certain principles and a series of systematic procedures for data governance. It includes keying in, accumulating, consolidating, de-duping, standardizing, and overall maintenance of data across the entire enterprise. An authentic Master Data Management Strategy can improve decision making which would have a positive impact on the profitability of the enterprise.
One of the most crucial things to do regarding this development of Master Data Management strategy is defining the Time Frame. Whether it must be short term or long term depends on various factors which are directly related to enterprise vision, mission and objectives. The roadmap gets complete once these are clearly understood, evaluated and implemented.
Why is gap analysis an essential component in Master Data Management?
The enterprise needs to understand that there are gaps in their system, and it needs timely analysis for preventing further damage to operational processes. Figuring out what are the gaps, causes of gaps and time frame and resources needed to close the gaps is the basic first step in any Gap Analysis. Gaps are usually listed as the key components of deliverables and grouped based on severity. Specific data strategies for gap closure are suggested to help the enterprise move forward. Gap closure strategies can be grouped into 4 domains of enterprise architecture. Business, Application, Information and Technology.
What is the role of the Enterprise Data Management Strategy?
Your digital journey gets a positive boost when Nuvento streamlines your enterprise data.
Quicker and seamless access and retrieval is an assured thing. This reduces errors and data remains consistent throughout. Enterprises depend largely on Bigdata, data visualization and data discovery and here EDM is a must to magnify productivity and efficiency. Migrating data across databases be it SQL Server, Oracle or DB2 gets easier with Nuvento. Cloud-based migrations or migrating data between versions of the same technology is all part of the latest EDM strategy based on enterprise requirements.
Diverse data sources of large enterprises can be centralized easily using Data Lakes. Different channels of social media data is also integrated using social media data integrators which is a specialized service of EDM.
How to monetize your data assets and drive greater business results?
The Roadmap to Master Data Management has the following 3 main steps:
- Leadership and Planning – Business relationship with leaders and planning in order to align with business strategy is a crucial step. Strategic imperatives regarding data management must be clearly defined and adjusted based on changing business needs. Establish PMO practices and processes.
- Project Development and Execution – This is a stage where we tie projects to outcome-based targets. Incremental business value is calculated, and data management capabilities are strengthened. Project milestones are clearly defined and executed.
- Cultural Readiness – Key elements include defining communication goals and executing them. Data driven behaviours are deployed throughout the enterprise. Change the mindset of entire enterprise to a data driven mode. Data driven organizations usually understand the need for transformation in attitudes, behaviours, processes, skills and infrastructure.
Master Data Management greatly enhances the productivity of workforce across the organization, it eliminates the need for mundane data entry and thereby improves operational efficiency and strategic planning. A good MDM strategy can eliminate many data related challenges like inconsistent data across the value chain, tampered cross-domain relationships, and poor process orchestration and data governance.
Nuvento provides a set of tools, technology and processes which are required to better manage your data and keep your master data secure and clean. This is particularly useful for synchronizing your customer data to offer unique products/services and largely helps your marketing teams to target the right customer groups. An efficient MDM system offers access to seamless information across multiple channels.
Increase Trust in your enterprise data, Call Us to know more.