The Need For Marketing MDM Solutions Within Your Organization
The importance of master data management can’t be ignored in today’s corporate world, since it acts as the backbone of every company’s economy. The CEO and manager of any business knows the importance of data quality management; since there is an urgent need for business users to take constructive and prompt decisions, based on the available data and its analysis. Such decisions will not only aid in increasing the turnover of the firm, but will also create an impact on its overall success. Often, the procurement/IT folks at Fortune 1000 companies tend to ignore the fact that, communication is one of the most vital elements in a critical business environment.
For procurement folks, Master Data Management can be especially useful to achieve lower material costs and optimized inventory using Vendor and Material Master Data Management. To make timely and constructive decisions, managers need not become skilled researchers. However, they will need to transform themselves as better consumers with clear communication abilities to get more organizational buy-in for endeavors like better Master Data Management.
Many managers, along with their analyst teams, compile loads of data on a regular basis. Though such data circulates in the auto-generated business reports, they hardly come to the client’s notice. At this juncture, it is important for the managers to market their data and not remain silent, assuming that the results will reveal themselves. No matter which master data management software you use, the data you procure and allocate would be lost in the vast database, unless and until someone keenly searches for them. As MDM projects are prone to be complex and are maintained on a long-term basis, it is essential to continuously market the information on the available solutions along with the business impact of business decisions based on such information. This will keep the stakeholders’ enthusiasm alive, as the whole MDM process itself starts from a small phase and grows with time.
The right way to implement MDM projects starts with the identification of the right source of data, and its proper usage. Next, the data needs to be standardized, before any duplication can be rationalized to aid with data quality improvement. Manual rule based processes are of little help as more time is spent in dealing with exceptions to the rules, and leading companies have an automated standardization system. In the first few months of the initialization of any project, a foolproof MDM registry is created which provides a continuous flow of accessible quality data. Every CFO, CPO, COO or director of Enterprise Information Management of a firm who monitors MDM implementation, should share their MDM program story and its success with its supporters and stakeholders. MDM can often be the ROI generator of ERP deployements. This aids in establishing credibility and winning the confidence of such parties.
So, have you shared your MDM story yet?
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