bpo future forward: 8 ways to implement an mdm program successfully
DESCRIPTION
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.TRANSCRIPT
MDM has the potential to generate business insights, enable e�ective decision making, and provide strategic direction for the organization. It can be the foundation for realizing high growth – especially when used to good e�ect as an integral part of sourcing and procurement processes.
Here are 8 ways to successfully realize the full bene�ts of MDM.
8 ways to implementa master data management (MDM) program successfully
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1. DEFINE A CLEAR SCOPE FOR DATA 2. DO DUE DILIGENCE 3. FIX THE BASICS
With the emergence of new data types such as machine-to-machine and
social data, the design should accommodate future data
requirements
4. IF IT’S NOT BROKEN,DON’T MEND IT
6. SET THE RIGHT EXPECTATIONS
5. DEFINE YOUR MDMYOUR OWN WAY
8. MEASURE BUSINESS VALUE
Focus on the basic building blocks of MDM to make the
process e�cient – cleanse and transform data to provide the
best results on process execution and reporting
Prioritize data domains and create a phased approach – always take into account the relationships between
data domains and the impact on business functions
Build on what is working well – for instance, if there is no scope for
additional cost bene�t or e�ciency in data management by introducing a
technology module, put it low on priority
Although the business case may promise an earlier payback, avoid the tendency to get caught in the scramble to demonstrate instant value
Track tangible bene�ts at each stage of the MDM journey through a ‘value
register’ that helps determine the true success of the MDM program
Learn from peers but under similar contexts – organizations try to
replicate best practices and technology choices of other
organizations, only to �nd that they have more challenges to deal with
7. COMMUNICATE AND PREPAREFOR CHANGE
MDM projects generally have enterprise-wide impact, so identify
key stakeholders and set up a communication plan. Make them
aware of the need todrive the change
THE SOURCING AND PROCUREMENT(S&P) SERIES