Lessons Learnt in Master Data Management

What did we learn from past customers?

Lesson 1:

Know every detail of what you're working on before going ahead with it.

Data and Analytics Leaders are recommended to create a robust business plan by thoroughly assessing the requirements of sustainable governance for mastered data in the organisation.

This involves clearly defining what MDM will provide, by aligning it with which business initiatives it supports. It is crucial to ensure that all key stakeholders approve of this measure before going through with deploying such a strategy; otherwise, there might be a failure from other departments down the line who were not consulted prior to taking action.

Recommendations:

• Identify key business assets by looking at major domains and where the data comes from. Take a company-wide perspective to make sure there are no inconsistencies in how data is used.
• Gather the requirements of the end users and consider their processes to help make sure the product has what they need. Consider their requests so that you can address any future issues or worries they may have before it becomes an issue.
• Categories initiatives that require an effective MDM solution for success. These can be digital business solutions, holistic customer data optimisation, efficient product management or compliance and operational effectiveness.
• Network with the upper management so they can be convinced of the benefits of having an effective Master Data Management program. Clarify why discipline is important when it comes to managing data effectively; also emphasise how this will lead to an improvement in achieving accuracy through business analytics and a reduction in operational mistakes due to low-quality data.
• Adopt a programmatic approach that outlines the long-term benefits and metrics of success to demonstrate a clear vision by working with proven frameworks to map out the transformation journey.?

Lesson 2:?

It is important to conduct pilot experiments using realistic use cases

Leaders from D&A are advised to establish a set of use cases for the organisation before running proofs of concept in order to become more familiar with the functionality offered by vendors and understand how users would react.

Leaders must take into account several important factors such as business process management, data modelling, information quality, semantics, data stewardship and governance support- all while making sure that there are no restrictions placed on which domain it can be used in.

Recommendations:

• Identify vendors with experience and knowledge of the company's industry vertical and focus area. Vendors that offer customer support related to this specific field should be prioritised as they will expedite ROI while minimising risk at the same time.
• Evaluate the vendors' deployment models for applicability to the use cases, looking at factors such as total cost of ownership, ease of use and flexibility.
• Evaluate the full product line-up, customer service forums and development goals of any suitable vendor before making a decision about how scalable they are in the long run.?
• Perform proof-of-concept (POC) tests for the shortlisted vendors to understand both how much business value they will provide and how easy it will be to integrate them so that we can anticipate any possible infrastructural problems before it happens.
• Evaluate the MDM vendors' market presence, skillset, pricing model, support and deployment options.
• Discuss this with current customers as well as leaders in the industry; find out both successes and pitfalls that others have encountered.?

Lesson 3:?

Create an effective governance framework to ensure a robust MDM implementation?

Recommendations to execute the critical task of modelling data, ensuring consistency in its naming convention, semantics, default values and security.

Additionally, establish a business-driven governance framework for master data which will also make way for expanding this type of governance to other types of data such as unstructured content and transactional data.?

Recommendations:

• Catalogue all of the data points and information from the target domain so that it can be properly entered into the database. Doing this will give you a clear understanding of what is needed for an accurate entryway and will make transitioning legacy databases much smoother.
• Evaluate existing processes and preserve consistency in order to ensure they align with the new data format, adhering to all industry standards or best practices.
• Ensure a thorough governance framework that lays out the guidelines for appropriate behaviour, and acceptable practices in the valuation, creation, storage, archival and deletion of information.
• By adopting a collaborative approach to data modelling and governance, organisations can foster relationships across the business and IT sectors.

This will allow for establishing data steward policies and operational data management responsibilities which will lead to long-term value, and continuing success of MDM initiatives.?

Lesson 4:?

Hone Skills for Optimal Implementation of the MDM Solution?

Organisations are instructed to train the SMEs and end users so they can use the system effectively. This way, they will see maximum benefits from deploying it.?

Recommendations:

• Demonstrate the capabilities of the solution via an introductory event for the end users. Introduce them to some important points regarding data governance before they begin work.
• Read the learning material provided by the vendor about the capabilities of the solution. Encourage the developers and end users to go through their web forums to gain useful insight.
• Appoint a team of super-users that is highly efficient in utilising the solution. Administer them while they train the end users on the capabilities of the solution.
• Enable proficiency among the end users by providing on-site training to ensure they are not only able to effectively utilise the solution upon implementation but also optimise future enhancements to build self-reliance.?

Lesson 5:?

Leverage an Experienced MDM Solution Integrator?

Suggested that D&A leaders employ a veteran third-party system integrator to ensure optimum deployment of the MDM solution throughout the organisation.

There is a massive importance in assigning an internal team of SMEs to collaborate with the outsourced team of professionals to ensure internal proficiency in the management of future upgrades and enhancements.?

Recommendations:?

• Engage with an experienced team of third-party professionals to draw out a deployment plan, aligned with industry standards and best practices.
• Allocate an internal team of SMEs to collaborate with the team of professionals to not only integrate the solution according to the specific requirements of the organisation but also learn the specifics of the deployment to efficiently handle future upgrades.
• Set up a customised process with configurable workflows to support end users in the authorship, management and governance of master data, along with approvals to any changes in data flows.
• Ensure a periodic review of the current state of technology to discern ways to implement the latest updates to keep up with the dynamic needs of the evolving market situation.?

Lesson 6:

Ensure Continuous Improvement and Iterative Approach

It is vital for organisations to adopt an iterative approach towards the implementation and improvement of their MDM solutions. A continuous improvement mindset will enable organisations to adapt to changing market conditions and new business requirements effectively.

Recommendations:

• Develop a roadmap for MDM implementation that includes milestones, goals, and key performance indicators (KPIs) to track progress and identify areas of improvement.
• Monitor and evaluate the MDM solution regularly, making adjustments and improvements as needed. This may include updating data governance policies, data models, and data quality management processes.
• Foster a culture of continuous learning and improvement within the organisation, encouraging employees to share their insights, experiences, and suggestions for enhancing the MDM solution.
• Stay informed about the latest trends, best practices, and technologies in the MDM landscape, incorporating new developments into the organisation's MDM strategy as appropriate.
• Conduct regular reviews of the MDM solution's performance, measuring its impact on business processes, data quality, and overall organisational efficiency.

Lesson 7:

Manage Change and Address Resistance

Change management plays a crucial role in the successful implementation of MDM solutions. It is important for organisations to address any resistance or concerns from employees, ensuring a smooth transition to the new system.

Recommendations:

• Develop a comprehensive change management strategy that includes communication plans, training programs, and support structures for employees affected by the MDM implementation.
• Identify potential sources of resistance and address their concerns proactively, providing clear explanations of the benefits and necessity of the MDM solution.
• Create opportunities for employees to provide feedback and voice their concerns throughout the MDM implementation process, making adjustments to the change management plan as needed.
• Offer training and support to employees, helping them adapt to new processes and tools associated.
• Recognise and reward employees who champion the MDM solution, demonstrating its value and encouraging others to embrace the change.

Lesson 8:

Ensure Data Quality and Consistency Across Systems

Maintaining high-quality and consistent data across various systems is crucial for the success of an MDM implementation. This requires organisations to establish effective data quality management processes, including data cleansing, validation, and deduplication.

Recommendations:

• Assess and evaluate the quality of data in existing systems, identifying areas of improvement and inconsistencies.
• Develop and implement data quality rules and validation processes to ensure that the data entering the MDM solution is accurate, complete, and consistent.
• Establish a data cleansing strategy to address existing data quality issues, such as duplicate records, missing values, and incorrect data entries.
• Implement data deduplication processes to identify and eliminate duplicate records within the MDM solution.
• Create a data quality dashboard to monitor and track data quality metrics, enabling organisations to identify trends and make data-driven decisions to improve data quality.

Lesson 9:

Integrate MDM Solution with Existing Systems and Processes

Seamless integration of the MDM solution with existing systems and processes is essential to ensure its effectiveness and usability across the organisation. This requires careful planning, coordination, and execution during the MDM implementation process.

Recommendations:

• Identify all systems and processes that will interact with the MDM solution, mapping out data flows and dependencies.
• Develop a comprehensive integration plan, detailing the steps and timelines for connecting the MDM solution with existing systems and processes.
• Engage with stakeholders from various departments to understand their specific requirements and ensure that the MDM solution is designed to meet their needs.
• Test the integration between the MDM solution and existing systems, identifying and resolving any issues or bottlenecks that may arise.
• Monitor the performance of the integrated systems, making adjustments and improvements as needed to ensure optimal performance and data consistency.

Lesson 10:

Ensure Scalability and Flexibility of the MDM Solution

As businesses grow and evolve, their data management needs may change. To ensure long-term success, it is crucial that the chosen MDM solution is scalable and flexible enough to adapt to changing requirements and increasing data volumes.

Recommendations:

• Assess the scalability and flexibility of the MDM solution during the vendor selection process, considering factors such as performance under high data loads, ease of adding new data sources, and adaptability to changes in business processes.
• Plan for future growth by selecting an MDM solution that can accommodate increasing data volumes, new data sources, and evolving business requirements.
• Implement a modular and extensible MDM architecture that allows for the addition of new features and capabilities as needed.
• Regularly review the MDM solution's performance and capacity to identify any potential bottlenecks or limitations, addressing them proactively to maintain optimal performance.
• Establish a process for incorporating new data sources and updating data models to ensure that the MDM solution remains relevant and valuable as the organisation grows.

Lesson 11:

Promote Collaboration and Cross-Functional Involvement

The success of an MDM implementation depends on the collaboration and involvement of various stakeholders from across the organisation. By fostering a collaborative environment and promoting cross-functional involvement, organisations can ensure that their MDM solution effectively addresses the needs of all departments and users.

Recommendations:

• Engage stakeholders from different departments during the planning and implementation of the MDM solution, ensuring that their perspectives and requirements are considered.
• Establish cross-functional teams to oversee the MDM implementation process, promoting collaboration and communication among stakeholders.
• Create a shared vision and objectives for the MDM initiative, encouraging buy-in and commitment from all stakeholders.
• Provide regular updates and progress reports to stakeholders, maintaining transparency and fostering a sense of ownership and accountability.
• Encourage ongoing collaboration and communication among stakeholders, even after the MDM implementation is complete, to ensure that the solution continues to meet the needs of the organisation.

Lesson 12:

Establish Robust Security and Compliance Measures

The security and privacy of data are paramount in today's digital landscape. Ensuring that the MDM solution adheres to industry standards, regulatory requirements, and best practices for data security and compliance is crucial to protect sensitive information and maintain customer trust.

Recommendations:

• Review the MDM solution's security features and capabilities during the vendor selection process, assessing its ability to safeguard data from unauthorised access, corruption, and loss.
• Develop and implement data security policies and procedures, such as access controls, encryption, and secure data storage, to protect sensitive information within the MDM solution.
• Ensure that the MDM solution complies with relevant industry standards, regulations, and best practices for data security and privacy, such as GDPR, HIPAA, or CCPA.
• Conduct regular security audits and assessments to identify potential vulnerabilities and risks, taking proactive measures to address them and maintain a strong security posture.
• Train employees on data security and compliance requirements, promoting a culture of data protection and responsibility throughout the organisation.

Lesson 13:

Measure and Monitor MDM Implementation Success

It's essential to track the success and impact of the MDM implementation on the organisation. By measuring and monitoring the performance of the MDM solution, organisations can make informed decisions and adjustments to ensure that the solution delivers optimal value and drives desired outcomes.

Recommendations:

• Define clear objectives and success metrics for the MDM implementation, such as improvements in data quality, operational efficiency, and decision-making.
• Establish a monitoring and reporting framework to track the performance of the MDM solution against these success metrics, using tools such as dashboards and reports.
• Analyse the collected data to identify trends, patterns, and areas for improvement, using this information to inform decision-making and adjust the MDM strategy as needed.
• Share the results and insights with stakeholders and decision-makers, promoting transparency and accountability for the MDM initiative.
• Continuously evaluate and refine the MDM solution, using performance data and stakeholder feedback to drive ongoing improvements and enhancements.

By adopting these lessons and recommendations, organisations can establish a secure, compliant, and well-monitored MDM solution that delivers tangible benefits and drives business success. By focusing on security, compliance, and performance measurement, businesses can ensure that their MDM solution remains effective and relevant, adapting to changing needs and requirements as the organisation grows and evolves.

Let's connect to discuss your current progress on the MDM journey. Our team is ready to help evaluate your present situation and offer tailored guidance for achieving optimal results. Don't hesitate to get in touch!

Thanks

Dominic Rebello

Director

DHI