Achieving a mature master data management system (MDM) does not happen overnight. And it is not just a matter of securing the proper technology to get the job done. The implementation process itself requires cultural change and engagement across all internal stakeholders. This purposeful buy-in on the part of all involved is equally as important as selecting the right technology.
Five Critical Success Factors
MDM maturity requires companies to address these critical topics:
- Cross-organizational agreement on the purpose and strategy for handling enterprise data; define clear and realistic MDM objectives and targets
- Education across functions on awareness of the importance of master data and data handling; align organizational culture and goals and manage buy-in
- Early involvement of end users to assess their needs for enhancement of usability and acceptance
- Appropriate staff selection, partnership-based communication among all stakeholders; ensure that sufficient time and resources are provided for implementation
- Continuous focus to maintain and grow the quality of the Master Data assets to ensure a permanent quality of data and data flow
In addition to cultural readiness, the five key platform essentials for master data management are data model, data integration, data quality, application program interface (API) for external content providers/systems, and data governance.
Asking the Important Questions
Before embarking on a comprehensive MDM strategy, it is imperative to ask the implementation team key questions, such as:
- How is data processed and how is the data quality assured?
- Are there structural weaknesses that need to be eliminated?
- What are the unmet needs?
By analyzing the current situation, the requirements for the new system can be documented based on the defined goals. This project setup requires detailed elaboration, as it forms the basis for measuring the project’s success.
[Figure 1] 6 DIMENSIONS OF MDM MATURITY MODEL