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Is Master Data Management an IT Project?

POSTED ON: March 2, 2021 TAG: Master Data Management

“Every company has big data in its future, and every company will eventually be in the data business.” – Thomas H Davenport, International Institute for Analytics

Enterprises today urgently need to make sure their data is ready and able to keep up with new regulations, changing customer expectations, restructuring or acquisitions, etc. Good data helps you mitigate risk and gain a competitive edge, whereas bad data has the opposite effect.

(create space here in the original) When harnessed correctly, data empowers your organization to make informed decisions and provides crucial insights into market behaviors and trends. The benefits of adequately accessing and analyzing your data are well-known and business-critical. Still, the logistics of implementing and maintaining a successful data management plan can be daunting to organizations that aren’t sure where to start.

Master Data Management can unleash real cost savings and operational returns. Yet, IT directors often struggle to make a business case that resonates with the C-suite and encourages buy-in from key decision-makers. The truth is, IT cannot drive MDM implementation alone. A healthy and robust MDM program hinges on company-wide adoption and participation, so it is a project for everyone who has a vested interest in an organization’s success.

How to Get C-Suite Buy-In for your MDM Project

For long-term success with your MDM initiative, you not only need funding upfront but also on-going support from your organizations’ decision-makers. To win this support, you must first convincingly demonstrate the business benefits of master data and how you plan to achieve them. Here are five steps to obtaining buy-in for your master data management project:

1. Identify Business Objectives

Creating business value is the most significant driver of all MDM projects. At the beginning of your MDM initiative, meet with your key business stakeholders to understand their pain points and the business KPIs that are lagging or suffering from a lack of proper data. It’s crucial to maintain open and detailed communication with your executive team to ensure that your project not only has buy-in but, more importantly, that you are on the right track in your efforts.

2. Align MDM Efforts to Business Value Drivers

To prove your MDM project’s value, you need to demonstrate to your executives how the program aligns with your organization’s unique business value drivers. Does your program improve customer engagement? Optimize supply-chain processes? Streamline data for mergers and acquisitions? Whatever the end goal, your MDM initiative is only as valuable as the actionable insights it provides to key decision-makers.

3. Gather Input from Stakeholders

In your search to identify business goals, you’ll need to gather intelligence from many different sources within your organization. These include application and process owners, business analysts, operational managers, and anyone responsible for fixing or consuming the data. Gaining insight into various executives’ data-related pain points will help you have a holistic understanding of what you need out of your master data management efforts. Bear in mind that you’ll want to present a complete picture of both the business and IT logistics and benefits when presenting to the C-suite, so the more information you have, the better prepared you will be.

4. Create Detailed Roadmap

To convince budget holders to fund your program, you need to have a complete understanding of the scope of the project you’re about to undertake. Begin by taking the entire stock of where all of your data lives, whether it is structured or unstructured, how it is currently captured and stored, how accurate it is, and of course—what type of architecture you’ll need to draw it all together.

Once you’ve established where you’re at, it’s time to build the roadmap for where you need to go. Create a list of tasks and a timeline of when they can realistically be achieved. Some examples of jobs on your MDM implementation journey are:

  • Standardizing data in your front-line applications
  • Verifying, cleansing, and enriching your enterprise data
  • Reducing and removing duplicates
  • Delivering clean data to both operational and analytical systems
  • Harmonizing metadata

5. Present Your Business Case

Once you’ve identified your business objectives, tied your project to key business value drivers, gotten crucial input from key stakeholders, and created a roadmap, you are ready to make your business case. When presenting a proposal to your executive team, consider major business use cases, qualitative findings, and quotes from your stakeholder interviews. The data should help quantify the proposed business value and an executive summary that ties all of the pieces together and paints a picture of how your program will solve problems and create new opportunities for your organization.

Organizations today have data living in many places—on-premises, in the cloud, on company devices and phones—and it all needs to be managed in a coherent, strategic way. Doing so enables you to reduce risk, develop new leads, solidify relationships, improve productivity, and lower your costs. As drivers of MDM implementation, modern IT teams now find themselves positively affecting business decisions by leveraging data that provides meaningful insights. Master Data Management is undoubtedly an IT project, but it is also something the entire organization needs to buy into to work successfully.

Are you still unsure about undertaking a master data management project? Check out our ebook on “How to Close MDM Implementation in 6-9 months”.

Learn more about our Enterprise Application Development Services and related content.

POSTED ON: March 2, 2021 TAG: Master Data Management

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