The five golden rules of Master Data Management
In the world of master data management every company has his own set of rules to be successful. They can use specific knowledge from business consultants or advisory councils to implement and remain a data management strategy that works for them. However there are some common rules that will stay no matter what happens. I am sure that there are many more rules that apply to Master Data Management but my experience gives me the insight to these five:
Without connection to the business there will be no success
Master Data is in my opinion the companies gold (read earlier blogpost: Who is guarding your companies goldmine?) But we all should remember that it is there to serve the company in doing the right things on the right time. Master data management is often managed by a separated department within companies. They must be aware of the mutual relationship and understanding between them and the business. Only then the right decisions can be made.
Data definitions are key
Understanding what somebody else means is always an interesting point in many different ways. It is in the nature of people to assume things based on their own perspective. In Master Data Management this is a dangerous aspect. Therefore the data definitions should be clear to everybody and maintained centrally. One client even calls it the “bible” of data management within the company. Everything within his data management strategy stands by this bible.
Data ownership means responsibility
Ownership is a key to success within every line of the business and with ownership comes responsibility. In the world of data management there is no difference. People in the business have to be named as owner of some parts of the data and carry the responsibility. This affects their behavior towards data and they know they are countable for their actions. Research proves that responsibility gives people also the appreciation they need and make them do the best they can to their abilities.
Principle of first time right
Why settle for less? The first time right is an component that every company should value. I think most companies do in their statements and assume this is going just fine. But if you take a close look to your company. Is everything the first time right? From various Business Value Assessments we did, we came to conclusion that a lot of hours of work are spend on correction. I am certain of the fact that most companies nowadays have a safety net, but this comes at a price. Take the principle of first time right serious this ensures quality and gives you the possibility to cut down on spend hours for the correction of data.
Master data management is a never-ending process
You have to keep in mind that master data management is a continuous process that never ends. There always will be some movement in or outside a company that will have impact on your masterdata. You have to be ready for it. Being able to adapt fast to change in data management or data sources gives your company a head start in a competitive marketplace.
If you like to discuss this topic with me? Feel free to reply to this article below. This post is also written as a personal opinion and has an earlier post on my LinkedIn page.