Get a single Source of Truth for your business data with Master Data Management

Businesses lose as much as 20% of revenue due to poor data quality and 41% of companies cite that inconsistent data across technologies is their biggest challenge.

Data quality is essential for ensuring trustworthy data, improved decision-making, compliance with regulations and standards, increased efficiency, and better collaboration. By implementing robust data quality and governance practices, organizations can improve their data management capabilities and leverage their data to drive business success.

Let’s look at key elements in improving the quality of your data:

What is Data Quality

The relevance of Data Quality lies in its ability to impact business outcomes, operational efficiency, and customer satisfaction.

Poor data quality leads to increased costs associated with manual data correction and reconciliation.

On the other hand, high-quality data leads to improved decision-making, increased operational efficiency, and enhanced customer satisfaction. Organizations can use high-quality data to gain a better understanding of their customers, products, and operations. This helps organizations make informed decisions about product development, marketing, and customer engagement.

In addition to its impact on business outcomes, Data Quality is also essential for regulatory compliance and data privacy. Organizations must ensure that their data is accurate, complete, and consistent to meet regulatory requirements such as GDPR, CCPA, and HIPAA.

Data Quality is critical for organizations to achieve their business objectives and comply with regulatory requirements. By establishing policies, procedures, and controls for managing Data Quality, organizations can minimize the risks associated with poor data quality and maximize the value of their data assets.

How do you go about improving your Data Quality?

The key to improving Data Quality is by implementing Data Governance and Master Data Management.

So, what do these terms mean?

Data Governance is concerned with managing the overall data assets of an organization, including the policies, standards, and procedures for managing data throughout its lifecycle. It provides the framework for managing the quality, security, and privacy of data and helps ensure that data is used effectively to support business objectives.

Master Data Management is a set of processes, tools, and technologies that enable organizations to create and maintain a "single version of the truth" for their critical data assets, such as customer data, product data, and financial data. MDM helps organizations eliminate data silos and ensure that data is consistent across all systems and applications.

The relevance of Data Governance and MDM lies in their ability to help organizations achieve their strategic objectives by providing a solid foundation for data-driven decision-making. By ensuring the accuracy, completeness, reliability, timeliness, relevance of their data assets, organizations can make more informed decisions, improve operational efficiency, and enhance customer satisfaction.

Effective Data Governance and MDM also play a critical role in regulatory compliance, data privacy, and data security. By establishing clear policies and procedures for managing data, organizations can minimize the risks associated with data breaches and ensure that they are in compliance with relevant regulations and standards.

To summarize, Data Governance and MDM are essential components of a comprehensive data management strategy. By working together, they enable organizations to maximize the value of their data assets while minimizing the risks associated with data management.

To discuss this further and to find out more on how to implement Data Governance through Master Data Management effectively in your organization, feel free to contact us using the form below.

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  • Brain Halpin
    Brian Halpin
    Senior BA Consultant, Data & Analytics at Sogeti Ireland