MDM is a systematic process that ensures that available master data can be defined and linked with other relevant rules, regulations, definitions and meta data. Its ultimate goal is to create and control a high level of reliability and consistency across data.MDM With the help of MDM, a business can not only give lines of business responsibility for the data assigned to each of them, but also introduce processes that enforce corporate business rules and practices that ensure seamless analysis of information. An MDM strategy can only be fruitful if it includes the right processes, master data management software, and qualified people with vast experience in selecting, organizing, implementing, and managing the information in question.
Assembling a knowledgeable team is imperative to guaranteeing the success of a master data management initiative.
The selected team should work in a cross-functional program rather than in a unilateral manner. This guarantees process efficiency, improved ROI and overall customer and stakeholder satisfaction. Team roles and responsibilities should be appropriately defined and the exact duties and responsibilities of each member and individual should be well defined. In addition, there should be some criteria for performance measurement. A team of IT members who control and support business efforts across the corporation and a team of business members who can control and manage the master data being delivered should be a full partnership.
For the project to be considered successful, the assigned MDM team must first identify the MDM business case. After the specification, it should work to select the MDM solutions that best suit the current business needs. The final stage involves regular, ongoing maintenance.
Here are some of the roles the process should assign to specific person(s) from both the business and IT teams:
In a business group:
Information Steward – Collaborates with IT Data Steward. Establish data quality objectives and quantify results and objectives.
Process Manager – Collaborates with the System Manager from the IT team. MDM also defines and manages processes.
MDM Champion – Collaborates with IT Architect. Makes the business case for MDM. Also controls purchasing from related business persons and elements. Briefs the business about the project and equips them with general estimates and statistics.
In the IT team:
Data Steward – Identifies which data quality elements need fixing. Maintains a high level of data quality and ensures that solutions operate in compliance with business data governance rules and regulations.
System Manager – Maintains regular contact with Master Data Management vendors to assure employment solutions are compatible with existing IT platforms.
IT Architect –
Mainly responsible for creating the basic enterprise-level strategy for MDM apps and ensuring that all people involved in the initiative are always connected with the current MDM process.
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