Master Data Management

Essential steps to transform your master data advisory approach

As data has become an invaluable commodity for modern businesses, Master Data Management (MDM) solutions have become an integral part of the data management and governance approach businesses take. However, implementing an ineffective master data management strategy can lead to unstructured and siloed data and a lack of visibility, which, in turn, leads to unsuccessful digital transformation.

Having a clear understanding of your data lifecycle stages, from data creation and storage to data processing, analysis, and subsequent disposal, along with a clear data governance plan, can help you strategize for a more efficient master data management system. This will help you not only create the initial master data record but maintain the master data as well. These are crucial to navigate through the volumes of data, diverse data structures, and applications in today's data economy.

Challenges to overcome when implementing a master data management strategy

Every business has its unique data journey and has to take a different approach when developing a master data management strategy. However, no matter the data governance approach you choose, there are some common challenges you will encounter when implementing MDM that your data management strategy must overcome. Here are the top five challenges any business will face when implementing MDM:

• Applying business context to the data
• Data integration
• Long-term maintenance and modernisation
• Change management.
• Access to the right expertise

Leveraging MDM advisory services is a great way to overcome these challenges and ensure you have a robust data governance framework in place to survive and thrive in today’s data-driven landscape.

Choosing the right data governance approach

Effective data governance is the cornerstone of an effective master data management strategy. Given the significant time and resource investment MDM requires, choosing the right approach to data governance and management becomes crucial. Here are some factors that can help you choose the right data governance approach in your organisation’s data journey:

Business drivers and goals

The first thing you need to do is identify your business's data drivers, such as the need for better quality data or improving operational data management and define the goals accordingly. This can help you find the right approach for MDM implementation.

Data lifecycle management

Defining the data lifecycle is another crucial element, given the dynamic nature of data and constantly changing data sources. Once you have defined the data lifecycle stages, you can factor in data security at every stage to ensure compliance.

Single source of truth

Maintaining a single source of truth is a key feature of MDM. However, you must establish that before implementing a master data management solution.

Data quality KPIs and benchmarks

With your business’s unique data needs, you need to define the relevant data quality KPIs and benchmarks to evaluate MDM performance. It is not practical to measure every data quality indicator, so clearly defined KPIs give you a clear roadmap for data management.

Data owners and data customers

Clearly defined data management roles, including data owners and customers, and understanding how they will impact the organisational goals can help you determine the right data governance approach.

Master data management solutions and tools

Choosing the right MDM solutions and tools is critical to ensure you meet all your data goals. This includes simplicity of use, scalability of the MDM, integration of AI and ML-enabled tools, and overall performance efficiency of the system. Seeking expert MDM advisory can help you build a scalable, flexible, and intelligent master data management system.

Budget

Last but not least, you must consider budgetary constraints before designing your MDM strategy and choosing the tools you will use. You must be able to justify the ROI of MDM investment to stakeholders to ensure successful MDM implementation.
Master data management solutions are one of the cornerstones of digital transformation success. Choosing the right data governance approach can help you leverage data and navigate today’s competitive landscape.

How can Infosys BPM help?

Choosing the right data governance approach has become crucial for modern businesses operating in today’s data-driven market. MDM advisory services play a key role in helping businesses understand their data needs, find the right data governance and management approach, and implement the right master data management solution. Infosys BPM offers a transformative approach to master data management and advisory services, offering solutions for:

• Maturity assessment
• Data strategy and roadmap definition
• Defining the target operating model
• MDM process blueprinting
• Master data projects

With IBPM, you get access to expertise across domains, innovative solutions, and global reach to make sure you can leverage the data available and stay competitive in today’s dynamic business landscape.