Uncovering the Best Practices for Master Data Management
By Mike Sargo
Chief Data and Analytics Officer and Co-Founder of Data Ideology
Master Data Management (MDM) allows you to manage data assets better.
In 2020 data was estimated at 30 billion across the globe, MDM's goal is to implement best practices that will help you optimize the management of your organization's data assets. You can more quickly understand your customers and which products they're buying, and ensure effective compliance procedures. Here are some of the best practices for a successful Master Data Management program: Create a Strategic Plan With MDM, it’s important to develop a strategic plan that will continue to evolve and improve. With the critical business stakeholders actively involved in the MDM process, the strategy will better represent its best interests. When the leadership is engaged in the process and dedicated to the process, the implementation process is often more streamlined and effective. Any strategic plan should include the following action items:
- To determine and move toward your strategic goals
- To improve business processes to optimize your business
- To ensure consistency to achieve the best possible results
- To establish what works for the company with a clear understanding of the current challenges (and future possibilities)
An essential part of the MDM development is to gauge the return on investment (ROI) insights and act upon them. Ultimately, it is recommended to monitor future possibilities and to take steps to move in that direction. Prepare for the Future In preparation for the future, ROI and testing out the strategy will help grow the business. Trends should be instituted that include cloud-based data warehousing and organizing multiple data domains to better support data complexity and volume. In addition, implement the following steps:
- To identify past successes as part of your strategy to adopt and implement an MDM program
- To make education a crucial part of your strategic plan
- To train and retrain for current business processes and technology while focusing on how the MDM program will evolve in the future
- To focus on the current situation first and then move to develop new MDM strategies to address future pain points
The strategic plan and architectural design of the data center only go so far. Security and integration protocols are essential, as they can tie customer profile data to unstructured data. Protocols also ensure that compliance and regulatory benchmarks are achieved in the most efficient way possible. These are all part-and-parcel to differentiate your organization based on efficiency and speed by leveraging your valuable data assets. Support MDM Best Practices At Data Ideology, we will work with you to determine the solutions that will best support your company's data management needs. Then, we help you implement the best practices to save you time, money, and headache for years to come. These best practices also help ensure that the data is safe and secure, which also protects the company's best interests. Contact us today to learn more.
Written by Mike Sargo
Mike Sargo is Chief Data and Analytics Officer and Co-Founder of Data Ideology with over 18 years of experience leading, architecting, implementing, and delivering enterprise analytics, business intelligence, and enterprise data management solutions.