‘The answer is: Master Data Management’
In my current role as Product Owner Master Data Management & Data Quality I have already learned a lot, but I have also confirmed a number of best practices. It would be selfish of me to keep this to myself. I don’t want to be like that, so I won’t.
That is why I would like to share some insights about my experiences of recent years around this subject.
For starters, what is Master Data Management, also known as MDM?
Defining and maintaining one reliable representation of your company’s most important data objects.
This gives you useful, transparent insights. With these insights, you can increase operational efficiency, reduce costs and improve the customer experience.
Examples of objects are ‘product’, ‘customer’, ‘supplier’, and ’employee’. Which are the most important objects depends very much on the business you are in. Usually the object ‘customer’ is one of them.
How do I become master of my own data and how do I manage it?
After you have determined why you want to set up a Data Governance, determining an owner for each object is one of the first steps. You then assign the people in your organization who are responsible for definitions, storage, management and ‘cleaning’.
Roles and/or functions that are usually used for this are: data stewards, data analysts and data owners, but don’t forget the process managers and process owners. My experience has taught me that the correct generation of data in our mostly (semi-)automated processes makes the difference in mastering your data.
What should we arrange if we know our ‘data’ organisation?
In summary, there are five parts that you can set up to master your data. This of course depends on the complexity and amount of data and your organization.
- Defining roles and responsibilities (Data Governance).
- Identify and define the most important data objects.
- Having insight into your processes and setting up your data management.
- Measuring and monitoring your data quality and the associated processes (Data Quality Dashboarding).
- Setting up MDM-related processes by:
- Master data through design, think in advance where the right data will be stored;
- Master data via the process, correctly setting up your processes to prevent pollution;
- Master data via IT service management, if something is ‘broken’ it can be repaired quickly and corrected;
- Master data via specific MDM tools for synchronization.
Why do I need Master Data Management?
I’m not going to try to be exhaustive here, but what stands out for me is simply having reliable, consistent data and having one view you can work with.
The advantages of this are:
- You can create unambiguous operational reports;
- You have reliable management information for and about your organization, so that you also achieve the objective;
- You can make data-driven choices;
- You can use this information more efficiently in processes;
- Your customer’s details are correct.
Do you want your data to be reliable and accurate? Maybe I can help you. Read more about our services here.