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Why your business would benefit from specialist support with their Master data Management capability

The following contains a summary of what I would consider to be the basic building blocks of a successful Master Data Management capability (managing your master data on a day to day basis) I say basics as this list just really scratches the surface:

  • Master data governance strategy - overall what are you going to manage, who's involved (ownership and data model), where will it be done (systems etc involved) and how success will be measured.

  • Master data management strategy/s - specifically for each data object what exactly is to be managed, how will it be managed, where and by whom. The whole life cycle needs to be covered from creation to deletion to resurrection. Consider exceptions and definite no no's as well as positive scenarios. The detail of Housekeeping and audit of the Master data should also be considered in these strategies.

  • Business operating processes & procedures - step by step process maps and narrative integrating master data management requirements into day to day business process.

  • Transaction guide/s - specifically how to create, change or delete Master data through interacting with the systems for any resource directly involved with 'hands on' Master Data Management.

  • Data definition document/s - including quality bench marking something to measure your master data standards against.

  • Training materials - excellent master data management is not achieved organically, resources need to be trained. Consideration needs to be given as to who needs training, and what type of training should be delivered (1:1/ classroom / e learning etc).

  • Resources the right people in the right roles with clear job descriptions and tailored objectives. This is very likely to refer to a wider pool than just those directly administering your Master Data.

  • Reporting and KPIs how is the success and progress of the Master data management capability going to be measured. (Please see my blog on Master Data KPIs for further thoughts on this subject).

  • Feedback you need to know that what you are doing is working but also to engage the business and garner suggestions and ideas as to what can be done differently.

Almost all of the above information needs to be communicated, accessible, and most importantly kept up to date. None of the above is rocket science but its rare to just find someone in the work place that has the skills, the time and more importantly wants to get involved.

There are many articles written on the subject of Master Data Management and technically yes they are useful to gain understanding, however in many cases the authors have never actually managed master data themselves in a business environment, are these individuals really the 'experts' or 'specialists'?

We all roughly know how a car works but most of us would never dream of fixing one for ourselves - we take it to an expert at the garage. Master Data Management is not just a ' trendy concept' its a fundamental business asset, and like a car, it really needs a specialist with experience and the time to dedicate to really drive success.

A Master Data Management specialist (such as MMZER01 Consulting Limited 😉 shameful plug) will have a variety of hands on experience of the above in many business areas often with many different systems. They will bring a different perspective to your organisation that might just unblock some those hurdles, answer some of those questions, help you to see the wood from the trees, share positive experiences and engage with your key influencers / stakeholders.