How can you effectively communicate MDM benefits to stakeholders?

MDM can be implemented across multiple business functions where possibility of identifying correct business entity. E.g. you can identify your customers acquired through different channels, identify agents/sales representatives onboarded through different business verticals , your own products MDM can help in understanding which domains have most overlap with each other or how to identify your true unique customer, agent , product. You can create value to different stakeholders by improving customer onboarding, improving information and retention, building better loyalty and rewards for customer/agents , reducing IT footprints by de duplicating and improving quality of data. Benefits of good and robust MDM is across spectrum.

One time at work, we were rolling out an MDM solution aimed at streamlining customer data across various departments. The marketing team was focused on enhancing customer personalization. Senior management was looking for tangible ROI and compliance improvements. So, we tailored our communication strategy. For the marketing team, we shared examples where accurate customer information led to better engagement. For senior management, we focused on the big picture of how MDM would lead to cost savings through improved operational efficiency, and compliance adherence. It's about translating the complexities of data management into a story that resonates with each stakeholder group.

- Business should be the primary shareholder for MDM project. - IT is the custodian of data but business is the owner of the data. Once you able to identify the respective business owner's of each data points then it becomes easy to structure your message. - First step for MDM project is to setup data governance framework incase if it's not there.

In a recent project, our aim was to improve product data management for an e-commerce. For the product managers, we showcased how correct product information can have a 25% decrease in product launch delays. With customer service, we highlighted that it could lead to a 30% decrease in customer complaints related to incorrect product information and link that with customer loyalty and satisfaction. For the executives, it was all about the bottom line. We illustrated how MDM could increase sales by 20% through customer segmentation. We used historical data on data error rates, time spent on manual processes, and customer feedback to demonstrate the potential impact of MDM. Quantifying benefits, aligning them with stakeholder goals is pivotal

Data is one of the most valuable resources for the company. It allows to have information about the clients, market, development inside the business and other aspects related. To understand it helps to improve the company's development and being prepare to future changes. That's why it's important not only to gather and store data, but to secure it and manage it in order to get reliable information which can be use and analyze to make decisions regarding to the business. That's what make MDM important because do it in the right way allows to mantain the data clear, safe and reliable to work with them in order to have a good perspective of our business.

MDM is very valuable for the business as its a cost saving as it helps in tracking and managing mobile device inventory, optimizing device usage, and potentially reducing the total cost of ownership. and more it enables centralized management of software updates and patches, ensuring that devices are running the latest and most secure versions

During a MDM implementation, conflicting data from different sources led to doubts about the reliability of the MDM. To address this, we implemented a staged approach, focusing on data profiling and cleansing as initial phases before full integration. Another challenge is data ownership. So, we initiated workshops for stakeholders to define data ownership and governance protocols. We also integrated robust security measures using role-based access controls, and compliance with GDPR and CCPA We developed a change management plan that included training sessions, user guides, and a phased adoption strategy For measurement, we established KPIs such as data accuracy improvement rates, reduction in data duplication, and adherence to data policies

This is what is wrong with this article, it straight away starts with MDM without explaining what it exactly is. MDM is Master data management it involves creating a single master data, from across internal and external data sources and applications. As a single source of truth. This information has been de-duplicated, reconciled and enriched. Once created, this master data serves as a trusted view of business-critical data that can be managed and shared across the business to promote accurate reporting, reduce data errors, remove redundancy, and help workers make better-informed business decisions.

Imagine explaining MDM using a library metaphor. Just as a library organizes books across different genres, MDM organizes and categorizes data across various systems. Each book in the library represents a piece of data, and MDM acts as the librarian who ensures each book is cataloged correctly, making it easy to find when needed. We employed storytelling. we shared a story about a retail company struggling with customer dissatisfaction due to inconsistent product information. After implementing MDM, we painted a picture of streamlined data leading to improved customer experiences, resulting in increased sales and brand loyalty. We created visual for how MDM acts as a central hub, connecting disparate data sources and ensuring data accuracy

In a recent project, we adopted a collaborative approach from the outset. Rather than presenting MDM as a finished solution, we positioned it as an ongoing process that thrived on stakeholder input using interactive workshops for their concerns, and expectations. For instance, after hearing concerns about adapting to a new system, we provided targeted training sessions and user-friendly guides We also invited stakeholders to participate in defining data governance policies to foster a sense of ownership Also, involving marketing experts helped in fine-tuning customer data management strategies It's all about creating a sense of shared ownership and commitment towards the common goal of effective data management.

In a recent project, we established a regular cadence of progress reports. We highlight the contributions of various stakeholders to keep them engaged. We showcased how a department feedback led to enhancements in the user interface, emphasizing the direct impact of their input. We also openly discussed challenges and setbacks as well. to encourage stakeholders to provide solutions or support. If we committed to address a particular pain point, we ensured it was followed through. This built trust and credibility As the project progressed, we quantified improvements in data accuracy, reduction in error rates, time saved on data-related tasks, and, the positive effect on business outcomes like increased sales or cost savings.

Take an example to understand, Imagine we're working with customer data. In this data set, there's a date field about when a customer will like delivery of a particular item. How one organization defines the actual delivery date may be different from the acquired organization defining the actual delivery date. Now, as you bring the two datasets together, you start to have data quality issues. My advice to combat this challenge is to bring the two organization data governance teams together as early as possible in the merging process.

In a retail setting, we showcased how MDM evolved to incorporate new data sources like social media or IoT devices to enrich customer profiles. Demonstrating how MDM evolves to accommodate emerging technologies and business needs underscores its relevance and longevity. Sometimes, stakeholders might not immediately relate to MDM's benefits in their context. Sharing stories of how MDM transformed operations or improved outcomes in a different setting can spark inspiration and understanding. Encouraging stakeholders to share their experiences, challenges, and innovative ways they've used MDM helps create a community invested in the success of the initiative. This collaborative approach encourages continuous learning and improvement.