Key Reasons for Failure of Data Management Solutions
Have you been disheartened by the unsuccessful data management projects that eat up your profits and tarnish your reputation? If your answer is yes, then you surely need to pay more attention to the strategy that you use and avoid any mistakes that hamper the whole process. The success of an MDM project solely depends on the right strategy and the coordinated work of the experts. However, a small imbalance can create a major impact on the effectiveness of your master data management project. Below are the main culprits which hamper the effectiveness of MDM projects:
Using incorrect tools - Maintaining a quality database is essential, but choosing the right master data management software is more important. Sometimes, the same set of tools is used irrespective of the architecture. It is vital to learn if the consultant you choose for implementation can fulfill all your requirements, before you sign the contract. It is also necessary to review your business needs and what they can offer. Using only the right software and tools that support the company's objectives can make the whole data management process more convenient and successful.
The quality of data matters - Data quality is as important as data management. It is the lack of standard rules that contribute towards an unsuccessful MDM process. Consistent information can only aid in providing matching records, with identifiable attributes. Data cleansing should be made an integral part of every data quality improvement process, as it assures quality records, contributes towards making timely decisions, saves money and resources, while reducing the work of data stewards.
Data governance - Quite often, organizations overlook the need for data governance. Many organizations simply collect information from different sources, consolidate them in their system, match the records and derive the output. Such projects are bound to be a failure, since the process contradicts the need or provides inadequate information. To maintain integrity of data on an on-going basis, the companies should define a data governance process, with data owners and data stewards as pillars of the process.
Analyze your team - Master data management is an evolving process which requires continuous monitoring, as any business environment is subject to change on a regular basis. Depending solely on the consultants would prove futile, as most of the time, it is the employees of the firm who comprehend the process and continue to adjust, as per the changing environment of their business. It is their knowledge and expertise that will foster the growth of the data management process, and aid in its maintenance. Hence, it is essential that the project falls in the right hands for successful implementation.
Last, but not the least, every organization uses MDM software solutions to fulfill certain needs. It is vital to talk to the different departments in your firm, like the sales and operations teams, to know the issues that they are facing. An MDM process which is customized to suit a business is more effective to a business than a MDM process without a definite goal.
