When it comes to master data management, one of the primary goals of professionals working within this field is to ensure organizations maintain consistency with their data. I recently read an article from Computer Weekly that discusses this issue, and offers a few tips for master data management (MDM) best practices.
Author Andy Hayler describes the issues that large organizations face when it comes to maintaining data consistency. Since data comes from many disparate locations, organizing this information and keeping it within high quality standards is a challenge.
Hayler points to a survey completed by the firm The Information Difference that found organizations had an average of six master data sources, all in competition with each other. Despite the many available sources of data, the same firm found that organizations faced issues monitoring the quality of this data.
To successfully work toward a better way of managing an organization's master data, Hayler suggests that business leaders become involved in the process. Each source of data has a different system and different person managing it. To reap the benefits of all of that data, there has to be an overarching perspective of how the systems are working together.
In addition to developing a strategy to manage each source of master data, the type of software selected to complete this task will play a role in its success. In conclusion, Hayler offers the following advice for organizations: "Ensure effective data governance is in place; choose your technology carefully, using people that have a track record in MDM delivery; and take an approach that considers all data domains, but takes a gradual, step-wise approach to implementation, delivering incremental business value."
Data management professionals who are able to incorporate these best practices will help their employers complete their goals.