Do Businesses Need Master Data Management to Succeed?
Written by: Maryann Werner
As we learned withinourMaster Data Managementwhitepaper, businesses can leverage Master Data Management (MDM) tools to address many issues that plague operations. The emergence of MDM has become popular to combat poor data quality and miscomprehension of data. This blog will uncover the fundamentals of MDM and the resources available to combat data discrepancies.
According to Gartner, Master Data Management (MDM) is a technology-enabled discipline in which business and IT works together to ensure the uniformity, accuracy, stewardship, semantic consistency, and accountability of the enterprise’s master data.
The main goal of MDM is to create a single and shared reference point for the business. Departments may have different definitions and concepts for an entity or relationship. A lack of MDM can quickly create confusion, inaccuracy, and incomplete data across the enterprise with a range of data types.
For example – If the mailing address for a customer is incorrect at the master level, it will have a downstream effect on analysis and decision making for marketing, shipping, and accounting.
For businesses looking to enact an MDM solution, leveraging a platform like Profisee can lay a trusted data foundation. The Profisee Platform six core elements include:
With a tool like The Profisee Platform, businesses can match, validate, standardize, connect, and publish master data.
However, technology is only part of the equation. Without adequate data governance, businesses will fall into similar challenges for maintaining trusted data across the business. By enacting a data governance solution, you have policies and procedures that encompass data’s full lifecycle, including acquisition, development, use, and disposal.
“Trusting your data means that your data is complete, current, consistent, clean, and compliant.” Says Bill O’Kane, Former Gartner Analyst and VP & MDM Strategist at Profisee. “By leveraging CCG’s unique Data Governance framework alongside resources like The Profisee Platform, you can see immediate value in the quality and usability of your data.”
CCG’s DG methodology ensures that the proper program management (including resources, people, and processes), metadata management, information architecture, data quality, and data privacy are in place to align with a business’s strategic goals.
Learn how to get started with enacting DG and MDM into your business in as little as six weeks by connecting with an expert or calling CCG at (813) 265-3239.
Written by CCG, an organization in Tampa, Florida, that helps companies become more insights-driven, solve complex challenges and accelerate growth through industry-specific data and analytics solutions.