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Finally, we have measurement. This pillar brings your MDM strategy full circle, because it requires you to go back to the beginning by looking at the business problem you’re trying to solve and the value of solving it.
Given how technology-centric MDM projects tend to be, it might be surprising that technology doesn’t come into play until the fifth pillar. But in an ideal world, organizations would spend time upfront going through governance, getting their organization in place and starting to discuss current and future state processes and standards before they evaluate or adopt any technology.
As you discuss your processes for managing data, you also need to consider the standards that will govern them. Whether those are regulatory standards set by external parties or internal standards determined by your team, it’s critical to understand the guardrails for how you manage data.
Next comes process, as nothing happens in a vacuum. Implementing a MDM program will impact the organization, and process can help manage that impact.Depending on the scope of your MDM program and how your business currently operates, you might only need to make fairly minor changes to your existing processes (such as how data gets created and maintained) or you might require a complete overhaul.
The next pillar of an effective MDM strategy is organization. Organization builds on governance by getting the right stakeholders identified and enlisting them as part of your governance body.
The foundational pillar of an effective MDM strategy is governance. Governance covers a broad swath of efforts, making it somewhat hard to pin down. As a result, many organizations are not sure how to get started with governance and put off introducing it. However, waiting to introduce governance is less than ideal. In fact, it should really be the first thing you do after defining your business problem.
Who Needs to Be Involved in Your MDM Strategy? As your organization gets started with MDM, there are numerous questions you need to ask and answer. For instance, you need to determine the business problem you’re trying to solve and how you will measure success in order to build a thoughtful program strategy. There are also several pillars of success you need to cover, such as governance, processes and standards, to name a few, to lay the foundation for a successful program.
Where to Get Started with Your MDM Strategy As organizations continue to produce and collect enormous amounts of data, properly managing that data becomes increasingly critical. That’s because proper data management helps maintain cleanliness and accuracy in order to avoid costly errors and makes it possible to glean insights from data to drive new efforts that will add value back to the business.
Over the years, we’ve seen a number of patterns within our customer’s projects. These patterns have pointed to the common best practices our most successful customers always follow. In the context of a MDM program, very few organizations implementing a data management program bother to define success and set measurable goals from the start. Here are some of the best practices companies do to ensure success long term.
There are several best practices our most successful customers always follow. One of the best practices we’ve seen is when they focus first on people versus the technology. As a business, it is vital for your customers to know they’re valued.
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