Master data management may have started as an IT-centered toolset for managing single data domains, but the technology has evolved. It’d be hard to pinpoint a time in recent years when effective data management wasn’t a priority for any large organization.
Traditional structured data still constitutes the bulk of information under management. A host of other data types have grown in prominence and demand better oversight.
External third- party data, unstructured social data and machine-generated IoT data have become more important to more decision makers.
Need for MDM:
Plenty of organizations are still slow to adopt, even those with a user base thirst for data. Research demonstrates that the presence of a formal MDM strategy can have a demonstrable impact on users.
Companies with a technology-backed approach to MDM keep a closer watch on their data, standardize and centralize its management. It alse accelerates its flow among different departments. As a result, these companies enjoy a more satisfied user base when it comes to these critical areas of data quality and expediency.
Certain companies stand out as top performers in their usage of Master data management. While pinpointing the real ROI can be tricky, leading companies seek to capture the right data. They then transform it into insight and leverage that insight to generate a real business impact.
Users are upping their analytical game and looking to be more active in utilizing data. With these ideas in mind, best-in-Class companies were defined by their ability to perform against the following three key performance metrics:
- Data quality
- Organizational trust in data
- Business efficiency / cost reduction
Companies or departments with a need for managing one specific data domain would historically shift towards Master data management, as a way of ensuring higher quality data within that domain.
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