Six Steps to MDM Success - Slide 5

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MDM is about maintaining a correct version of your master data. While data quality corrects inaccuracies in the data, data governance allows you to maintain it by addressing the underlying issues that created the data quality problems in the first place.

Therefore, experts say data governance is a foundational component of any MDM initiative.

Data governance requires the business side to define the roles, responsibilities, policies and processes for how data is handled across an organization, Forrester Research analyst Rob Karel told Tech Target.

Karel has long and often evangelized about data governance as a foundational component of MDM success. In 2008, Loraine Lawson asked Karel what organizations needed to consider before they invested in MDM technology.

"Adoption of a data governance strategy to identify business ownership and stewardship roles and responsibilities should always be the first step,” he said. “MDM initiatives without effective governance are much more likely to deliver below expectations.”

More organizations are pursuing MDM (master data management). Forrester Research says its client inquiries about MDM have increased 90 percent in the past two years, and by early December of 2010, Gartner had estimated that worldwide MDM software revenue would reach $1.5 billion by year end, a 14 percent increase from 2009.

That's a lot of cash and yet Gartner predicts 66 percent of organizations will find it difficult to demonstrate the business value of MDM.

Could it be that many organizations need MDM but haven't prepared for it?

In this slideshow, Loraine Lawson highlights the steps many MDM practitioners and analysts say you should take before embarking on a master data management initiative.

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