Choosing The Right Master Data Management (MDM) Platform – How To Tick All The Boxes
Introduction: With a seemingly infinite pool of data, differing data sources, and ever-changing business objectives, choosing the right MDM platform can seem more daunting than it needs to be. That being said, the process of auditing; first, a business’s current state in terms of data, and second, the right platform to fit this ecosystem, can help simplify the process of platform selection to a great extent.
Why MDM, after all?
Organizations create a large dump of data, structured and unstructured, and may not always be in the best position to leverage it for business success. In fact, many business decision makers perceive master data management (MDM) to be strictly IT-related, leading to reluctance in investment. Master Data, however, is not merely about enterprise data warehousing or better integration; rather, it changes the way organizations manage and leverage its most critical information assets.
Typically, an enterprise’s data is gathered through a complex set of disparate systems such as enterprise resource planning (ERP), customer relationship management (CRM) and supply chain management. When this data is integrated, it can result in duplicate, inaccurate or incomplete data that leads to poor business decisions.
The right MDM platform can help mitigating this with ease; and this is exactly what Codifyd brings to the fore. Our partnerships with industry leaders including Stibo Systems, EnterWorks, Informatica, Contentserv and Riversand ensure that no matter what your requirement, you have a tailormade MDM solution for your digital aspirations.
Choosing the right MDM platform can give your business a range of direct and derived benefits; some of them being the following:
- Improved productivity by the provision of consistent and high-integrity master data sources across disciplines
- Improved compliance and cost reduction in terms of compliance penalties and reporting
- Supply chain optimization via centralized access to accurate information across supply chain leading to improvements in forecasting and inventory management
- Easy cross-team collaboration supported by highly consistent, clean data
- Improved data connectivity to multiple data sources and platforms
- Improved monitoring and administration enabled by metrics and performance reports
- Data consistency and integrity achieved through elimination of duplicate data and normalization of disparate data
- Increased usability and business value with a boost in operational efficiency
Getting the house in order
Before a business can embark on auditing a platform for MDM, it is integral to perform a thorough self-review to understand current state and requirements. The audit can be broken down into four simple steps and further granularized as required.
Step 1: Prepare in advance to ensure that the audit is smooth and not too time-intensive
Step 2: Classify data by identifying and creating inventories for all data sources touched upon by end users
Step 3: Manage data by determining accountability stakeholders for data sources
Step 4: Analyze audit findings and provide recommendations to key stakeholders for the required action to be taken
What do internal audits provide?
Simple as the process may seem, internal audits provide businesses with a great visibility of areas of improvement from the point of view of master data. Apart from indicating the presence of incomplete, inconsistent and inaccurate data, these audits give visibility of data sets that are non-compliant with privacy and/or regulatory laws and those possessing gaps in data security processes or levels.
From the point of view of onboarding MDM platforms, these audits help zero down on the location of an organization’s data sources and also point towards untraceable or unverified data that organization stakeholders may not be aware of. They indicate the need for data stewardship, process changes, revisions to existing policies or creation of new policies.
Platform audits: The business end of MDM platform selection
While internal audits provide vital indicators in terms of a business’s current state and unique set of requirements, auditing MDM platforms provides clarity on what they have to offer. Some of the key points to look out for when auditing an MDM platform include:
- The platform should be scalable horizontally and vertically
- It should be future proof and adaptable for changing business requirements
- The solution should support all architecture constructs including consolidation, registry, centralization, coexistence, and hybridization
- Flexible deployment options including on premises, cloud and MDM-as-a-service should be made available
- The service should support integration connectors out of the box
- The technology should use a single set of technology or hardware to handle multiple domains
- Additionally, it would be a great benefit if the tool acts as a single-technology-stack platform for data management for not just MDM but also data quality, business process management (BPM) and data integration
- It should ensure low cost of ownership enabled by open integration to operate on disparate customer environments with flexible and rapid integration
- The licensing and pricing model should be scalable as the MDM solution is rolled out
- In addition, the solution with a platform approach should ensure avoidance of vendor lock-ins
Codifyd helps you get it right
Our MDM services help businesses identify and setup up the right platform for optimized workflow and establishment up of governance rules to make the most of master data. We take an Agile Scrum approach best suited for varying data domains and provide the right consultation for accelerated implementation.
Codifyd is a leading and preferred MDM consultant and system integrator with partnerships with Stibo Systems, EnterWorks, Informatica, Contentserv and Riversand. Our extensive expertise and experience ensure accuracy, semantic consistency, stewardship and security across the board to facilitate digital excellence.