Master data: MDM, business challenges and perspectives

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Learn how cloud data impacts MDM and what challenges and approaches companies face when talking about master data.
Master data is gaining new importance in companies with IoT strategies underway or increased cloud activity . But for a Master Data Management program to be successful, it must be able to positively impact metrics such as the time required to onboard a new customer or process a change of address across multiple products. Master data can also be considered part of an organization's success when it enables new processes , such as the ability to suggest products to current customers during service calls.

However, as Gartner says in its report on the 4 reasons why a Master Data Management program can fail and how to avoid these mistakes ; the MDM initiative is not always aligned with business objectives and this lack of direct links between the two can harm investment in master data projects, since management loses motivation by not seeing the relationship between a master data program and its business purpose.


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Master data and business in the cloud
The challenges and approaches that lead different companies, from different sectors, to adopt MDM can be very varied. Each of them has its own unique objectives and processes that present very specific needs.

That's why it's important to find a solution provider with the right mindset, who has industry experience and understands that solving business problems, not data problems, is first and foremost.

The future of master data management lies in a mindset that is more focused on the business and its objectives . To truly extract value from an MDM implementation, organizations need to focus less on the latest technology trends and more on the business outcome they are trying to achieve.

In a McKinsey & Company survey (“The need to lead in data and analytics”):

86 percent of executives admitted their organizations were only "somewhat effective" at achieving the primary goal of their data and analytics programs.
For more than a quarter, the organization's response has been ineffective.
If MDM is not aligned with business drivers, multiple barriers to the success of any master data project will arise; something that would not happen if the true purpose of master data management is understood, since it would then be possible to link the MDM program with key business initiatives and drive integration between MDM and advanced technologies such as machine learning, advanced analytics and IoT to deliver additional value to the company .

A first step in this direction can be to use multi-domain MDM solutions to establish crucial links between products, customers, suppliers, partners and employees. In this way, strategic decisions can be made on the basis of holistic and reliable information, which contributes to streamlining business processes throughout the company.