When companies first consider Master Data Management (MDM) software, it's often because their data is in chaos. They've tried everything else, and need a remedy now.
Yet when your data is on fire, it's easy to overlook one critical question: How will you organize your company to support this new data model?
The answer lies in forming a solid data strategy.
In this article, we'll explore how to begin creating a data strategy as the first step to your MDM implementation.
This post is part of our new series on MDM Business Adoption, dedicated to helping businesses think holistically about the people, process, and technology required for success.
Business adoption hinges on your organizational readiness, as well as your methodology of implementation. Some of the most popular approaches include:
As you can see, there are many ways to approach business adoption of master data management. But before you even evaluate which method would work best for your business, you need to start with Data Strategy.
First and foremost, your data strategy is top-down alignment with your business goals and strategy.
At Riversand, we like to approach this discussion by asking, what do you want to be when you grow up?
In other words, what are your high-level business goals, and how can well-governed and centrally managed data help you get there?
Data is an intrinsic part of your business. Therefore, your strategy should both enable your business strategy and inspire future goals.
It's also important to note what data strategy isn't.
Gartner Analyst Sally Parker drives home this point, saying, "MDM offers the biggest reward when done correctly, but requires the biggest effort. Think big, start small, be prepared”.
There are many reasons why MDM or Product Information Management (PIM) implementations fail. But if you follow the breadcrumb trail of issues, it will likely lead back to a missing or ill-defined data strategy.
When you hardwire your strategy, it helps set the stage for everything your company will do related to your data. You can break down its purpose into three primary roles:
Weaving these areas together — and mapping out the goals, requirements, and key performance indicators (KPIs) — is where most companies struggle. We've put together a checklist below to help.
For companies grappling with bad data, coming up with a strategy can feel overwhelming. Our advice is to start with the basics. Think through the following three actions:
It's important to think about your data strategy requirements before evaluating MDM software. This is the ideal state. But what if you're already a few paces down the path? Know that it's never too late to hit pause and make sure you're organized for success.
In these cases, it's even more important to get help from MDM experts, like Riversand and/or a trusted Systems Integrator (SI), to provide focused, strategic guidance to help your implementation plan.
Unlike most SaaS MDM vendors, Riversand offers Business Adoption and Change Management expertise in addition to our market-leading software. And whether you work with us directly, or one of our talented SI partners, we've got you covered.
Need help with your Data Strategy? Reach out to Riversand for more information on our SaaS MDM platform.
And stay tuned for the next installment in our Business Adoption series!