Master Data Management
Six best practices to enhance master data management
When it comes to critical organisational data, aspects like accessibility, quality, accuracy, reliability, consolidation, and control are paramount. Insight-ready data can allow businesses to assess risks and vulnerabilities as well as identify opportunities and make smart, real-time decisions.
Master data management (MDM) plays an integral role in affording insight-ready data to organisations. As businesses look to simplify and digitise their processes and streamline their IT operations to achieve greater efficiency, MDM lies at the core of all these efforts.*
Here’s some advice about how enterprises can elevate their Master data management strategies by using certain master data management best practices.
How can master data management be improved?
A common misconception is that Master data management will consistently and successfully deliver quality master data. However, poor planning and execution can deteriorate the quality of your data. That is why data standardisation, scrubbing, and matching strategies are indispensable for any Master data management solution to start delivering real value.
Here are some of the master data management best practices that can help you make the most of your master data management implementation and outsourcing model:
- Plan well
- Focus on the architecture
- Get the right team in place
- Take a phased approach to implementation
- Data governance
- Conduct frequent assessments
It is crucial to invest sufficient time in evaluating the various Master data management tools available to you. One must plan and understand the business cases (tool agnostic) before selecting the perfect fit for your needs. A well-mapped business case will be crucial in choosing and implementing an effective tool. It must also seamlessly incorporate the existing technologies.
Integration and synchronisation are the two most essential aspects of MDM — make sure you know how the proposed solution’s integration strategy works. Integration with data sources, such as big data, is crucial for scalability. MDM can merge batch integration and real-time integration elements as well. Any integration strategy that the MDM employs will be efficient in synchronising data back to the source.
MDM is a highly specialised niche. Whether you outsource the entire process, buy a tool, or handle it all in-house, ensure that you have a qualified team on board. The best bet is to assemble a team with experts in IT, key stakeholders in the company, and vendors. This will ensure a holistic approach to MDM.
MDM is a vast discipline. Plot what you need to do immediately versus what can be taken care of later. Even while setting these steps, it is possible to gain value increments with proper planning. As the business priorities change, the implementation can be rearranged to deliver the most advantages.
The senior management must be invested in the Data governance framework, and a common, high-quality database should be set up to help the business avoid significant deviations in its key indicators. Achieving the optimum use of MDM means setting up a framework upon which the whole business can rely on.
It is vital to evaluate the outcomes of your MDM strategy regularly. The MDM strategies that deliver value can be scaled up or altered. Frequent assessments can prove to be a critical success factor.
How can Infosys BPM help you with Master data management?
Simplify your business processes and IT landscape with Infosys BPM MDM services. With a dedicated master data management practice of master data process specialists, consultants, and project managers across the globe, our RPA-, ML-, and AI-led solutions are built to help you achieve growth, operational efficiencies, and regulatory compliance.
Our portfolio provides an master data management solutions and services, covering advisory, data quality management, and digital transformation services with continuous MDM operation support. We ensure that our MDM program delivers maximum benefits to our clients by improving enterprise operations.
*For organisations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed on organisational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward. A comprehensive, yet modular suite of services is doing exactly that. Equipping organisations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organisations that are innovating collaboratively for the future.