Developing a thoughtful strategy is your first step to realizing the business benefits of Master Data Management
Mismanaged master data wreaks havoc on a business. For capital markets, the absence of a trusted security master can produce incorrect pricing results for end-of-day net-asset value (NAV) publishing, causing volatility in an already delicate market environment. In the pharmaceutical industry, mismanaged prescriber data can lead to incorrect sales compensation and an inability to produce accurate government reporting. In the retail space, the inability to participate in the Global Data Synchronization network can put you at a significant competitive disadvantage.
Regardless of your industry or business area, inaccuracies with master data have undoubtedly caused you trouble. There is no one size fits all solution to tackling the master data problem. A combination of business process, data governance and technology will lead to the proper solution for your business. Collaborative has developed a master data management strategy methodology to assists clients in right-sizing a solution for them.
As depicted in the diagram above. Collaborative’s strategy includes six major tracks:
- Identify MDM Objectives- Identify the overarching objectives of the MDM initiative as framed in the needs of the business. This will ensure that the MDM effort is focused on delivering value to the business and not investing in work that is non-essential or peripherally valuable.
- Data Track- This track provides the necessary insight to determine what comprises the master data subject area in focus.
- Systems Track-The goal of this track is to gain an understanding of how master data is used, structured, and distributed in systems across the organization.
- Process Track- This track works with the business to identify the key business processes where the appropriate master data is touched; by whom and how. High-level future state models will be developed to show how master data will be managed
- Governance Track -The governance track has two key areas; the development of a governance model for on-going data management and alignment of leadership and communications including the building of a change management strategy. It provides a mechanism for managing the quality, consistency, usability, security, and availability of data.
- Future State Definition- In this task, we consolidate and organize information gained throughout the project. The blueprint will provide a clear view of what needs to be created in terms of business solution, technology solution and data integrations. The roadmap will describe a series of releases that will deliver incremental value on the path towards achieving the future state defined in the blueprint.
