BPO Future Forward: 8 Ways to Implement an MDM Program Successfully
Post on 30-Jun-2015
DESCRIPTIONResearch 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. Thats why its 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.
- 1. THE SOURCING AND PROCUREMENT(S&P) SERIES8 ways to implementa master datamanagement (MDM)program successfullyMDM has the potential to generate business insights, enable eective decision making, andprovide strategic direction for the organization. It can be the foundation for realizing high growth especially when used to good eect as an integral part of sourcing and procurement processes.Here are 8 ways to successfully realize the full benets of MDM.1. DEFINE A CLEAR SCOPE FOR DATA 2. DO DUE DILIGENCE 3. FIX THE BASICSNetwork with industry leaders at InfosysBPO.com/communityInfosysBPO.com/procurement_strategyFocus on the basic buildingblocks of MDM to make theprocess ecient cleanse andtransform data to provide thebest results on processexecution and reportingFollow us @infosys_bpo#ProcurementWith the emergence of new data typessuch as machine-to-machine andsocial data, the design shouldaccommodate future datarequirements4. IF ITS NOT BROKEN,DONT MEND IT6. SET THE RIGHT EXPECTATIONS5. DEFINE YOUR MDMYOUR OWN WAY8. MEASURE BUSINESS VALUEPrioritize data domains and create aphased approach always take intoaccount the relationships betweendata domains and the impact onbusiness functionsBuild on what is working well forinstance, if there is no scope foradditional cost benet or eciency indata management by introducing atechnology module, put it lowon priorityAlthough the business case maypromise an earlier payback,avoid the tendency to getcaught in the scramble todemonstrate instant valueTrack tangible benets at each stageof the MDM journey through a valueregister that helps determine thetrue success of the MDM programLearn from peers but under similarcontexts organizations try toreplicate best practices andtechnology choices of otherorganizations, only to nd that theyhave more challenges to deal with7. COMMUNICATE AND PREPAREFOR CHANGEMDM projects generally haveenterprise-wide impact, so identifykey stakeholders and set up acommunication plan. Make themaware of the need todrive the change
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