Every C-level executive talks about the value of a data-driven business. That’s all well and good, but they may not understand that a comprehensive data management plan sets the foundation for this. So, they don’t always actively promote the use of or changes in how the company manages master data.
In the absence of that, there’s no real incentive for line-of-business leaders to cooperate on eliminating data silos. There are no consequences when they fail to do so. That hurts the ability for data managers to make top-level data, such as customer or vendor ID, consistent across diverse enterprise platforms and software.
Constantly having to manually resolve errors in master data for entities that live across functions and that have different levels of granularity is time-consuming and resource-draining. Data instability decreases the efficiency of reporting, analytics
Data management, then, continues to take a back seat to almost everything else that business leaders think is important to do in order to achieve enterprise-scale digital transformation. But the fact is that well-managed and well-governed master data is the backbone to achieve enterprise-scale digital transformation. Since all applications rely on master data, its integrity must be assured.
What many heads of business haven’t fully recognized is that if data managers aren’t given the support and wherewithal to stabilize master data across different operational systems, the ability to execute collaborative business opportunities is in jeopardy, as are cross-brand promotions, and an increased likelihood of making ill-informed decisions based on inaccurate reports and so much more.
How Will the Dynamic Change?
A data manager, and even a data analyst, generally doesn’t have access high enough up the business chain to make a direct case about why it’s important to change the culture so that everyone plays a part in making data great. They aren’t empowered on their own to make business stakeholders invest in efforts to define and manage an organization’s critical data in the journey to having a single point of reference. That includes processes, policies, governance and technology to provide a trusted data foundation across the business.
But the shift may occur if C-level leaders find themselves face-to-face with a major situation that reveals that something is rotten in the state of master data.
Did You Know?: The Csuite may have been shielded before from the challenges that data managers consistently face in trying to reconcile, link and synchronize master data across different systems, but incidents like the ones below could at last make it plain that data management isn’t an IT problem. It’s a business one.
Consider these scenarios:
Any business facing such concerns potentially – and hopefully – will spur top executives to realize that building a data-driven culture starts at the top and works its way down the business line. Data managers will be the first to cheer the revolution.
of executives say that having a strong master data management program is important to ensuring their future success.
of executives believe their organizations are underinvesting in their enterprise-wide data strategy.
of executives say their organizations rely on more than 6 data types that are essential to business operations.
of respondents who have employed MDM say their organizations' approach to MDM is moderately or very effective.
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