Key Steps to Kick Start Your Master Data Management Strategy in 2020

Data is king. And, it has become the new support function for organizations ever since digitization has leapfrogged. Data management is becoming more necessary than ever to ensure its quality, accuracy, and integrity remain intact, all-around. That said, merely consolidating and managing data does not cut the mark anymore. You need more than a platform, system, or solution. You need an intelligent strategy to ensure the effective utilization/reutilization of your data.

Master Data Management (MDM) plays a critical role in consolidating and cleansing data to provide reliable information for actionable insights. It serves as a go-to solution in this wave of unstructured data growth that wraps every platform or existing system in the organizational framework to provide a ‘single source of

truth’. Hackett Group determined that digital transformation will fundamentally change the way businesses function over the next 3–5 years after 2017. They seconded the prediction again the next year. It is estimated that data visualization tools will increase by 4.6 times, and MDM technologies will increase by 1.9 times in the market by that time

Strategic Data Management

Without strategic planning, a master data management program can quickly steer off route or lose its momentum in the corporate shuffle. Often the master data management strategy shapes up in a piecemeal manner over time as projects, teams, technologies, systems, and data assets are mingled together through organizational development.

Data management strategy must help organizations gain the best benefits from their data and data assets. This data can be master, operational, transactional, or any other form. Whatever you strategize for MDM, it forms the backbone of the data management program as long as the program continues. Ensuring that this backbone is firmly architected is one of the factors for reaping the benefits of a successful strategy. A well-planned MDM strategy ensures consistency across integration processes, encourages best practices in data usage and implementation, and facilitates new technology adoption in 2020.

Here are the key factors you should consider while building your MDM strategy.

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