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What is Master Data Management?

An introduction to Onepoint whitepaper Six Steps to MDM Success

“Master Data Management is the control over Master Data value and identifiers that enable consistent use across systems of the most accurate and timely data about essential business entities.”
~ Data Management Association (DAMA)

Most businesses accept that MDM can be a good foundation on which to manage and govern their data, yet many shy away from implementation. Fears over costs, benefits, where and how to start, and how change will disrupt day-to-day business are all common stumbling blocks.

But when implemented successfully, MDM will widen and improve opportunities to deploy the organisation’s most valuable data.

With well-oiled and robust MDM frameworks, businesses can ensure data is shared easily all across the organisation with greater accuracy. MDM can straighten out multiple instances of the same data so an organisation can work off consistent information. And MDM can empower team members to find and use incisive data quickly.

Though conceptually simple, the thought of MDM can lull businesses into a false sense of optimism. MDM is complex in practice and requires investment across the board – in governance, technology, culture, people and processes – if it’s to reap rewards.

Our Six Steps to MDM Success whitepaper describes how setting a firm foundation and an MDM roadmap – that is linked to business objectives – can make for a smooth and successful process and outcome. Our whitepaper has been produced based on Onepoint’s experience in implementing multiple MDM projects, and it has been enriched by research from the Info-tech Research Group.

The six steps offer a framework that paints a picture of the best-practice and best approach when it comes to MDM. Of course, no two businesses are the same so each MDM project will have its quirks and peculiarities. But by taking care and the right steps, companies can come to realise the true, efficient, holistic value of Master Data Management in every unit, department and function of business.

When implemented properly, MDM is the smart way to a healthier bottom line for years to come.

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