10 Critical Myths and Realities of Master Data Management
Prevalent myths surrounding MDM alongside an explanation of the realities.
As the sheer volume of data that needs to be both analyzed and managed continues to spiral out of control, IT organizations will need to start thinking more strategically about how they apply master data management (MDM).
For the most part, MDM has been largely thought of as the digital equivalent of good data housekeeping. But Steve Jones, global head of master data management at the IT services firm Capgemini, says MDM is rapidly moving up the IT priority list because it is a key set of technologies that not only help companies manage data more efficiently, but also tackle security, data governance and data quality issues.
The key issue, says Jones, is that companies need to realize that data is now a key asset that needs to be proactively managed. To accomplish that goal, companies need a comprehensive MDM strategy in place that not only reduces and improves the quality of data, but also provides a framework for tracking relationships across various data sets.
As IT organizations discover the analytics value of Big Data, Jones says many of them are going to have to significantly improve their MDM capabilities simply to cope with a massive amount of information that many of them will find too difficult to manage otherwise.
With the rise of Big Data, business executives are starting to appreciate the potential value of IT more than ever. But unless IT organizations have some effective way of managing all the data, that asset quickly turns into a costly burden that adds little value to the business.