Has the promise of #masterdatamanagement been oversold?
Informally, some colleagues have suggested that their companies still struggle with justifying continued investment in #MDM. 💸
Others point to difficulty in assuring #dataquality to meet their users' needs.👌
Sometimes the underlying #dataarchitecture 🏚️ is not suited to meet the business demands 🏢.
How does your MDM program justify continued investment? Two ideas that I heard were #dataprivacy compliance and #datamonetization. Both of these ideas are informed through an assessment process to link business value to the use of high-quality master data. This boils down to some straightforward steps:
1) Identify the business data consumers of master data.
2) Solicit their use cases (such as #compliance or #customerexperience).
3) Ask how their business objectives are impacted by issues with master data.
4) Determine metrics to quantify those impacts.
Linking these metrics to the source data issues lays the groundwork for quantifying the value of high-quality master data. If your organization has not adequately monetized master data, contact us - we can help with value-oriented metrics that allows you to justify continued development and production of your MDM program.
