BPO Future Forward: 8 Ways to Implement an MDM Program Successfully
Research shows that a sizeable percentage of the anticipated business value of all business initiatives is never achieved. One common reason for this is poor quality data, which affects both planning and execution of business initiatives, as well as operational efficiency. This is especially true of sourcing and procurement initiatives, where large amounts of supplier/parts data are the norm. While enterprises have invested in master data management (MDM) initiatives to realize the potential of master data and facilitate effective decision making, they are yet to bear fruit. That’s why it’s time for enterprises to view MDM in a different perspective – one that links to its impact on organizational processes and customers, in addition to the obvious benefit of reduction in the cost of data. A successful master data management (MDM) program delivers value by building upon existing data initiatives and assessing the connection between high quality data and streamlined data lifecycle processes. In addition, it explores possibilities to leverage enterprise data as an asset and exploit benefits through efficiencies, analytics, and business transformation. Here are 8 ways to implement an MDM program successfully.
