By TopDown Team
February 8th, 2011
A number of companies are struggling with the issues surrounding their management of their master data. The traditional walls of location and time have been eliminated by today’s 24/7 economy. Companies have worldwide locations and at any given time someone, somewhere within the organization is entering information into a transactional system. All of this diversity comes at a time when the need for accurate, concise and timely information is an absolute business requirement. Organizations are scrambling to conform to the new regulatory requirements and to crunch data into useful information to provide management with the key pieces of information necessary to manage and drive the business in these competitive times.
A Master Data Management (MDM) strategy is a vital part of bringing together the transactional data collected through the organization into a set of meaningful information. At any given time, management must be certain of the information they have in hand when making key decisions. The accuracy, validity and definition of the data used to make critical decisions can mean the difference between success and failure in the marketplace. There is very little room for error and oftentimes error comes at a very costly price.
MDM is a strategic part of an organization. It involves a strict set of business processes and using the right tool for your organization coupled with having the right personnel in place to organize, maintain and administer your MDM strategy. Missing any of the key pieces – people, processes, or tools – will result in a failure of your MDM strategy.
Over the next few months, I will be covering in detail the vital components of a successful MDM strategy. Organizations often times struggle with justifying putting a strategy in place because of the inherent costs. Building a case for a strong ROI resulting from implementing an MDM strategy is difficult because many of the costs of not having an MDM strategy in place are hidden, buried deep in the transactional systems and low-level business processes of an organization. In my next article, I will go into detail on what is required for this initial step and I will guide you through uncovering the many costs of trying to do business in a large organization without an MDM strategy in place.
Al Moreno is a TopDown Consulting Solutions Architect where he works with clients to accommodate complex environments through tailored EPM solutions. Al has over 30 years experience in the datawarehousing and BI space. He has co-authored several publications for Cutter Consortium and has been an instructor for TDWI. He spent the last six years specializing in the implementation of Oracle Hyperion DRM for large installations and has done extensive work worldwide in many industries.