Most of us are aware Master Data Management is not just managing data, but it’s beyond just MDM, it actually requires use of technology, data integration tools & processes to create and maintain consistent and accurate list of master data in organizations.
Master Data Management or MDM typically called as might become a nightmare for many organizations either large or small if it’s not planned and implemented at the right time. So how organizations need to plan for it?
3 Steps to Plan for Master Data Management
1. Identify Master Data Requirements – First and foremost thing when you have decided to go for master data management is the need to evaluate your existing systems, processes, infrastructure, organization structure and more, then try to find out if your organization actually requires an MDM and start identifying the requirements by asking questions as what’s are the business values to be achieved with this information from MDM & more.
2. Business Process Requirements – Once you have identified your MDM requirement your next immediate things to do is to start asking questions related to business process like what needs to be managed, who would be managing the MDM, what are the processes to be considered, what are the integration tools required, who can access the information, what’s the format of display, who can alter or edit the information, how to maintain the master list should it be in single format or multiple formats/copies, what locations to be maintained and more.
3. Type of Analytical requirements – Next would be to find out what types of analytical requirements for your organizational MDM plan like for areas as business intelligence & management reporting for accurate information for various roles and responsibilities.
From these steps and information start building the MDM project plan & look out for vendors like IBM, Informatica, Oracle, SAP & others who can implement MDM for your organization. During the next few years Master data management might become mandatory due to increase in mergers & acquisitions worldwide. Developing a strong MDM for large or small business helps in organizations success.