The Confidence Gap: Is Your Data Quality Suspect?
How many times have you felt a nagging sensation when making important business decisions – be it market planning or placing inventory orders – that your data does not feel quite right?
You aren’t alone. According to a recent Information Difference survey, only 12 percent of companies consider the quality of their data to be very good or excellent. It’s clear there is a big confidence gap in organizations when it comes to trusting the accuracy of their data. Still, many continue to rely on analytics and business intelligence (BI) to make key decisions and set strategy without fully trusting their data.
The trustworthiness of BI and analytics – and actionable insights derived from them – will be greatly enhanced by ensuring the accuracy, completeness, timeliness, and consistency of multiple domains of enterprise data across systems, functional areas, and organizations. Master data management (MDM) provides a foundation for supporting trusted data and transforming data into a strategic asset and competitive differentiator.
Closing the confidence gap in data and increasing its value for analytics using MDM can come with some pitfalls. The most common among them is the siloed approach, in which MDM is considered an IT initiative with too much attention on technology and architecture and too little focus on organizational and cultural aspects of sharing data.
MDM is also not just about data and processes. It depends on an alignment and partnership between business and IT, because both groups are critical to maximizing the value of MDM.
The business has to sponsor and guide the implementation and use of MDM to ensure alignment with overall corporate strategy and goals; IT has to build and operate the MDM architecture, and draws on its’ experience to guide the selection of technologies and partners. Information management success requires a focus on people, processes, and practices, as well as technology that binds unique organizational needs and business rules to successfully manage information and leverage it for analytics.
It’s always a good idea to start with the question, "Do I trust my data?"— no matter what stage of the data management cycle you are in.
This infographic asks a set of relevant questions that can help you to deliver successful data quality and MDM initiatives. A set of questions with logical next steps can provide you with a great, quick assessment of your data management needs and potential opportunities for improvement. Find out your trust level with your data today and get started with closing the confidence gap using the infographic guide.
For more detailed information on implementing successful master data management projects and learning about common pitfalls, read the white paper "The 8 Worst Practices in Master Data Management and How to Avoid Them."