BPO Future Forward: 8 Ways to Implement an MDM Program Successfully

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Post on 30-Jun-2015

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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. 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.

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  • @Infosys_bpo #Procurement

    8 ways to implement a master data management(MDM) program successfully

    THE SOURCING AND PROCUREMENT (S&P) SERIES

  • @Infosys_bpo #Procurement

    MDM has the potential to generate business insights, enable eective decision making, and provide 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.

    8 ways to implement a master data management (MDM) program successfully

    THE SOURCING AND PROCUREMENT (S&P) SERIES

  • @Infosys_bpo #Procurement

    1

    With the emergence of new data types

    such as machine-to-machine and social data, the

    design should accommodate future

    data requirements

    2

    Prioritize data domains and create

    a phased approach always take into

    account the relationships between data

    domains and the impact on business

    functions

    DEFINE A CLEAR SCOPEFOR DATA DO DUE DILIGENCE

    8 ways to implement a master data management (MDM) program successfully

    THE SOURCING AND PROCUREMENT (S&P) SERIES

  • @Infosys_bpo #Procurement

    3

    Focus on the basic building blocks of MDM to make the process ecient

    cleanse and transform data to provide the best

    results on process execution and

    reporting

    4

    Build on what is working well for instance, if there is

    no scope for additional cost

    benet or eciency in data management

    by introducing a technology module, put it low on priority

    FIX THE BASICS IF ITS NOT BROKEN,DONT MEND IT

    8 ways to implement a master data management (MDM) program successfully

    THE SOURCING AND PROCUREMENT (S&P) SERIES

  • @Infosys_bpo #Procurement

    5Learn 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

    6

    Although the business case may promise an earlier payback, avoid the

    tendency to get caught in the scramble to

    demonstrateinstant value

    DEFINE YOUR MDMYOUR OWN WAY

    SET THE RIGHTEXPECTATIONS

    8 ways to implement a master data management (MDM) program successfully

    THE SOURCING AND PROCUREMENT (S&P) SERIES

  • @Infosys_bpo #Procurement

    7

    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

    8

    Track tangible benets at each

    stage of the MDM journey through a value register that

    helps determine the true success of the

    MDM program

    COMMUNICATE ANDPREPARE FOR

    CHANGE

    MEASURE BUSINESSVALUE

    8 ways to implement a master data management (MDM) program successfully

    THE SOURCING AND PROCUREMENT (S&P) SERIES

  • @Infosys_bpo #Procurement

    FIND OUT MORE

    READ

    Blog post

    READ

    White Paper

    Network with industry leaders at InfosysBPO.com/community

    InfosysBPO.com/BPOFutureForward

    VIEW

    Infographic

    8 ways to implement a master data management (MDM) program successfully

    THE SOURCING AND PROCUREMENT (S&P) SERIES