Develop a Master Data Management Strategy and Roadmap to Better Monetize Data
Make sure your most important data is accurate and accessible across your business units to ensure optimal decision support and to monetize your data assets.
- IT and business leaders are recognizing the need to implement master data management (MDM) processes and technology to better manage enterprise master data.
- Master data is pervasive throughout the business and is often created and captured in highly disparate sources that often are not easily shared across business units and applications.
- Simple in concept, MDM is complex in practice and requires investments in governance, technology, and planning.
- Several different MDM implementation styles exist and it is difficult to know which one is most appropriate for the organization.
- MDM impacts the organizational data processes: how data is entered, maintained, accessed, and retired.
- MDM is not just for the big guys. Large MDM systems are complex and require deep commitment to deploy and run, but for SMEs to monetize data, MDM is still a critical requirement to achieve success.
- MDM can be difficult and expensive. Organizational buy-in and an understanding of the organization’s data environment are imperative to the success of a MDM implementation.
- Organizational processes are just as critical as technology when implementing and maintaining clean master data.
- Start simply. Get your reference data in order with MDM processes, and ensure the MDM data is usable in your business intelligence and analytics platforms.
Impact and Result
- Don’t get caught unprepared. By identifying whether or not you are ready to adopt a MDM strategy, you could avoid major pains and identify strategic initiatives to make sure you are ready.
- Maximize your success with MDM by identifying the master data domain(s) your organization should target.
- Develop a MDM strategy and initiative roadmap using Info-Tech’s MDM framework, which takes data governance, architecture, and other critical data capabilities into consideration.
- Identify the MDM implementation style that best suits the needs of your organization.
- Maintain MDM by identifying key metrics to measure your successes.
Start here – read the Executive Brief
Read our concise Executive Brief to find out why you should implement a MDM strategy to monetize your data, review Info-Tech’s methodology, and understand the four ways we can support you in completing this project.
Build a vision for MDM
Before diving headfirst into a complex MDM solution, make sure the organization’s culture is ready for it.
Create a plan and roadmap for the organization’s MDM program
Have a well-defined roadmap populated with specific initiatives to communicate the plan to the business, prove the ROI of MDM, and guarantee success of the project.
Book Your Workshop
Onsite workshops offer an easy way to accelerate your project. If you are unable to do the project yourself, and a Guided Implementation isn't enough, we offer low-cost onsite delivery of our project workshops. We take you through every phase of your project and ensure that you have a roadmap in place to complete your project successfully.
Module 1: Develop a Vision for the MDM Project
- Identification of MDM and why it is important.
- Differentiate between reference data and master data.
- Discuss and understand the key challenges and pains felt by the business and IT with respect to master data, and identify the opportunities MDM can provide to the business.
Key Benefits Achieved
- Identification of what is and is not master data.
- Understand the value of MDM and how it can help the organization better monetize its data.
- Knowledge of how master data can benefit both IT and the business.
Establish business context for master data management.
- High-level data requirements
Assess the value, benefits, challenges, and opportunities associated with MDM.
- Identification of business priorities
Develop the vision, purpose, and scope of master data management for the business.
Identify MDM enablers.
Interview business stakeholders.
Module 2: Assess MDM Capabilities
- Recognize business drivers for MDM.
- Discuss MDM methods of use.
- Determine where master data lives within the organization.
Key Benefits Achieved
- Understand how to gain business support for MDM.
- Definition of the three MDM methods of use.
- Identification of where master data lives in the organization.
Evaluate the risks and value of critical data.
Map and understand the flow of data within the business.
- Data flow diagram with identified master data sources and users
Identify master data sources and users.
- Master data dictionary
Assess current master data management capabilities.
- Master data management capability assessment
Set target master data management capabilities.
Identify performance gaps.
Module 3: Analyze Gaps and Develop Improvement Initiatives
- Determine where the organization currently stands in its MDM capabilities.
- Get a clear picture of what the organization wants to get out of MDM.
- Based on the gaps identified between the current and future states, identify key initiatives and timelines.
Key Benefits Achieved
- Communicate IT projects to the business in a way that captures the support of decision makers in the organization is half the battle.
- Have a clear and laid out initiative roadmap to ensure success of the MDM program as this will help create alignment between the goals of the business and IT.
Evaluate performance gaps for remediation.
- Data and master data management alignment and strategies
Develop alignment of initiatives to strategies.
Consolidate master data management initiatives and strategies.
Develop a project timeline, and define key success.
Module 4: Design Roadmap and Plan Implementation
- Define match rules, golden rules, hierarchies, and affiliations.
- Create a strategic roadmap.
- Define metrics.
- Understand new data source quality and integration testing.
- Understand change request procedures.
Key Benefits Achieved
- Understand the importance of match rules, golden rules, hierarchies, and affiliations.
- Produce a strategic roadmap.
- Identify metrics.
- Understand how to integrate new data sources and/or the next domain.
- Implement a change request procedure.
Identify dependencies of initiatives.
- Master data management roadmap
Build a master data management roadmap (short and long term).
Consolidate into master data management strategy.
- Master data management strategy for continued success
After each Info-Tech experience, we ask our members to quantify the real time savings, monetary impact, and project improvements our research helped them achieve. See our top member experiences for this Blueprint, and what our clients have to say.
I enjoyed working with Paul and Rachel. They knew this program very well and they helped us create our road map. I don't think we would have done it by ourselves that quickly. Thanks Paul and Rachel.
Inmarsat Solutions Canada
Navy Engineering Logistics Office (NELO)
Best: Knowledgeable instructors! Worst: Our attendance.