The modern enterprise must be able to respond to changes in the market and swiftly capitalize on emerging opportunities. This is a challenge considering the average data scientist spends approximately 60% of their time cleaning and organizing data, according to Forbes.
According to Accenture:
Fully 67 percent of those surveyed (who are senior managers or higher) say they are not comfortable accessing or using data from their tools and resources. The proportion is significant even at companies with strong data-driven cultures, where 37 percent of respondents still express discomfort.
The root cause of this problem is an inadequate approach to Master Data Management (MDM). MDM is “an approach that seeks a single point of reference for all master information sets within an organization.
Master Data Management (MDM) is a solution that helps with the management of master data, which is any data that is used across multiple applications in an organization. Master data typically includes things like customer and supplier information, product catalogs, business processes, contracts and agreements, and more.
The goal of MDM is to create a single source of truth for your organization's master information so that it can be easily accessed by people who need it. Stibo STEP Master Data Management solutions can help you manage how master data is created and used throughout your organization—whether that means ensuring that all changes are made consistently or making sure that they're stored in one place so they're easily accessible to everyone who needs them.
According to Gartner MDM can be summarized in four parts: a central hub for data; integration and synchronization between systems; semantic consistency through a common view of definitions; and governance over master data. If your business has not already begun working towards implementing MDM or you feel like your current efforts are failing, here are three signs you need to implement an effective MDM solution:
Data inconsistencies are a common problem for businesses, whether you’re just starting out or you’ve been in operation for years. The most common issues that arise when your business doesn’t have an MDM solution include:
If your business is experiencing data inconsistencies, has trouble managing it as more sources emerge and is facing challenges in data governance, then it might be time to consider implementing a Stibo MDM solution. A good MDM solution will help you:
Data governance is the process of establishing a strategy and overseeing its implementation. Data governance is important because it helps to ensure consistency and accuracy of data across your many business systems, which can be used in multiple ways. Having an overall strategy for managing your company's data will help you avoid:
MDM is a solution that can help your business solve the above problems, managing information across multiple sources and systems.
Using the Stibo STEP Master Data Management solution can be a great way to improve your company’s information governance, data management and consistency issues. One of the biggest benefits of using this solution is that it will allow you to implement processes that are much more reliable than what has traditionally been done in the past. An MDM solution will also help you establish a set of rules for how all departments within your organization should interact with one another when it comes time to access or modify any sort of information regarding customers or products sold by those departments.
If you need help with swiftly implementing Stibo Step Master Data Management Solution for your business, get in touch with our Unit of Measure experts to get started.