Best Practices of Master Data Management
Master Data Management is an underlying capability for businesses that are using many ERPs, CRMs, analytics platforms, and regional systems. With the increase in the volume of data and its complexity in the system, inconsistent master data has a direct effect on reporting accuracy, operational effectiveness, and regulatory trust. The best practices of master data management are centred on business and IT alignment, governance, phase-by-phase execution and value constant measurement. These best practices primarily focus on a well-organised MDM maturity assessment, a well-specified MDM strategy and an objective way to assess business outcomes. 1. Start With an MDM Maturity Assessment A core best practice of master data management is beginning with an objective MDM maturity assessment . Organisations often underestimate their readiness, which leads to stalled implementations and low adoption. An enterprise MDM maturity assessment evaluates readiness across strategy, governance, techn...