Six Steps to MDM Success - Slide 4

1 | 2 | 3 | 4 | 5 | 6 | 7 | 8
Next Six Steps to MDM Success-4 Next

Master data management and data quality often go hand-in-hand. In fact, many undertake MDM because of data quality issues, so this can seem like a bit of a chicken-and-egg issue. But data quality has to come first, especially when it comes to planning the cost of your MDM initiative.

You would think organizations would intuitively know that since so many organizations tend to have a low opinion of their data quality, as shown by numerous surveys and studies. For instance, only 12 percent rated their data quality as good or better in a recent survey from The Information Difference.

Andy Hayler, president and CEO of The Information Difference, says many organizations fail at MDM because "they have failed to take data quality seriously as an integral part of their master data project, nor budget properly for it." In one survey, he points out, data quality consumed 30 percent of master data initiatives, but organizations had only funded it at less than 10 percent of the cost.

It is actually a bigger problem than you might at first think. The Information Difference survey found that while most companies see data quality as critical for MDM, a third confessed to having no data quality program. Most — 70 percent — don't even try to measure the cost of poor data quality.

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.

More Slideshows:

The Cost of Cybercrime Cyber attacks continue to occur frequently and result in serious financial consequences for businesses and government institutions.

One-third of Americans Are More Willing to Give Up Sex Than Their Mobile Phones Survey examines Americans' attachment to mobile phones; finds iPhone users are least willing to let go of their devices.

Evaluating Web Content Management ROI WCM systems have the capacity to significantly improve customer engagement and satisfaction and deliver substantial financial returns.


Related Topics : GPS, GSM, Master Data Management

More Slideshows

mobile84-290x195 Enterprise Mobility Management Myth Busters: Users vs. IT Reality

We see time and time again, with things like shadow IT, that users don't always have the same level of appreciation for or understanding of why we need device management tools. ...  More >>

mobile83-290x195 10 Myths About Virtual Mobile Infrastructure

Knowing that enterprise mobility users are overwhelmingly dissatisfied, let's examine the myths that might deter organizations from trying VMI. ...  More >>

Wearables6-290x195 5 Business Operations Transformed by Wearables

Mobile has revolutionized business and now wearables and intelligent automation are furthering a redesign of interactivity among employees, assets, tools and customers. ...  More >>

Subscribe Daily Edge Newsletters

Sign up now and get the best business technology insights direct to your inbox.