Data: The Lifeblood of an Organisation
We have just gone past the half way mark of 2011 and several events – conferences, seminars, and webinars – have taken place. A number of them have one common denominator, Data Management.
The 20th and 21st century has seen an increase in mergers and acquisitions as organisations pursue growth and wider customer base. Invariably this has led to the explosion of data held within an organisation. This trend seems to have shifted the focus on how best to manage this ubiquitous item.
What is it that makes data so important? The information that comes from data reveals the state of an organisation. Sales figures, financial status, revenue, forecasts are all derived from data. Information at the disposal of organisations, if accurate, can be used to strategize and gain competitive advantage. In reality, data is the engine that moves an organisation.
One way of understanding your data sets and managing it to gain a competitive edge is through Master Data Management(MDM).
In recent times there has been a flurry of interests in MDM and recognition of its importance. It has been noted organisations that are interested in implementing MDM solutions often struggle to address the challenges that come with implementation. Gartner in a published article titled ‘MDM ‘Primer': How to Define Master Data and Related Data in Your Organization’ states that
“MDM program managers and leaders need to ensure a shared understanding
of what defines master data across the organisation. MDM programs will not
go very far without this. If your organisation plans to adopt MDM, you need this
“primer” to help define master data across business and IT”.
The paper goes on to talk about key findings and recommendations.
While there are immense challenges in implementing a Master Data Management (MDM) solution, the benefits are overwhelming. It has been said that by 2013, Master Data Management (MDM) will reduce data redundancy in organizations. As a result will save 80%of the costs associated with managing this redundant data.