Requirement for Material Master Data Governance
Often overlooked, providing efficient access to, and maintaining the accuracy of, the material master is pivotal to operational success and protecting your data investment.
Data Governance has emerged as the point of convergence for people, technology, and process to manage the crucial data (information) of an enterprise. This is a vital link in the overall ongoing data management process for it maintains the quality of data and makes it available to a wide range of decision-making hierarchy across an organization.
Before diving into the details around Data Governance, let’s look at why the requirement for Data Governance is so strong.
The decision to undertake an MDM initiative is strategic. The consequences of transitioning from multiple systems to a consolidated (albeit virtual) one has huge logistics and operational issues.
A Master Data Management project should address the following concerns:
• Improving and managing quality of data
• Setting standards for data management
• Effective data governance structure
• Data ownership
• Data integration
All MDM initiatives have two parts – one is historical data cleansing, and the other is ongoing data management. Historical data cleansing essentially involves standardization, normalization, and enrichment of data.
Yet historical data cleansing is just half the battle won. The bigger challenge lies in ensuring the quality of data on an ongoing basis. Harmonized legacy data is “assumed” cleansed when it is first deployed.
As soon as it is touched by human hands (again virtually), inaccuracies, duplicates, and general quality errors may be introduced.
In our next post, let’s look at how data governance can limit the downside and protect the investment.
For more information on master data management, contact us at email@example.com.
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