Master Data Management (MDM) solutions
Data is moving more and more quickly through organisations and in ever-larger quantities. As a result, it is becoming increasingly clear that this data needs to be correct, complete, timely and unambiguous. This is because real-time work activities call for information to be "first-time right". In an organisation with multiple linked systems, incorrect master data can spread rapidly and cause undesirable effects in all sorts of places. When data proves to be unreliable, users begin to avoid IT solutions and fall back on their own spreadsheets and methods. Trust in automated systems takes a long time to build and is easily shattered.
MDM solutions prevent waste
In practice, one of the biggest wastes of data can generally be traced back to the lack of solid and reliable data foundations. By this, we mean knowing how to interpret the most relevant data, what definitions are applied to it and, above all, who owns the data. One way to introduce structure here is by using master data management (MDM). Master data management is a business-oriented approach to managing the data derived from your core business processes and from the relationships between them.
A strategy for accurate master data
Master data management offers a structured, holistic approach that ensures reliable and accurate master data. Creating proper, reliable data foundations of this kind is actually an ongoing process.
Companies that work with MDM often restrict themselves to appointing data owners and acquiring a convenient tool. However, MDM is about more than just loading and amending data. MDM ensures that data contributes to faultless process handling and meaningful reporting. MDM therefore brings a great deal of added value to your organisation.
The four MDM components
Every successful MDM solution has four components that work seamlessly together: data quality, governance, processes and systems.
- Data quality: What data do you have and what is the quality of that information, or what quality would you like it to have? What information do you need for effective management?
- Governance: Who is allowed to enter or modify specific information and at what time? Who is responsible for what data? Who checks the accuracy of your data?
- Processes: How does new data enter your systems, when is it updated, and how is outdated or incorrect data deleted? How quickly does data get refreshed?
- Systems: What does your technical infrastructure look like? Where is data stored and what applications are used to add, retrieve, process, use and modify data?
Ctac has in-depth expertise in MDM in a wide range of industries. We offer step-by-step help in creating solid and reliable data foundations. We do so firstly by advising you on data quality, governance, processes and systems.