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The checklist before you adopt an MDM process for your business

By SiliconIndia   |   Friday, 22 July 2011, 06:17 Hrs
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If you are planning to purchase MDM for your business you must read this.
Gartner, the information technology research and advisory firm famous for their 'magic quadrants', recently predicted that the world wide MDM software revenue would touch $1.5 billion by the year end. And yet Gartner also predicted that 66 percent of organizations might not be able to fully realize the potential of MDM in their business.
Question is, is do you really need MDM? Daniel Teachey, the senior director of marketing at DataFlux has this to say
"If your data management challenges are more finite, or if you have a smaller number of applications within the organization, MDM might be overkill for your situation."
The next question you must ask yourself is, are you good at data integration?
Your organization would store data on multiple databases. So for simplicity and effectiveness you would want to retrieve data from different sources and assemble it in a unified way.
This is called data integration. Make sure you are good at this before you purchase your MDM package.
The next challenge is to maintain good data quality. Data quality refers to the degree of excellence exhibited by the data in relation to the portrayal of the actual scenario.
The information difference company founded by Andy Hayler conducted a survey on 192 organizations about data quality in MDM, the results were alarming. Less then a quarter of the respondents felt their MDM project was successful or better.
In Andy Hayler's words "It was interesting to see how organizations rated their own data quality: of the survey respondents, just 12 per cent rated it good or better while 39 per cent reckoned it was poor or worse."
He went on to add that a third of the companies had no data quality plan in place at all.
Hayler stresses that as long as the data quality issue continues to be ignored master data projects would continue to suffer.
Once you have addressed the data quality issue you must focus on data governance.
The process that ensures that the people involved with the business assume responsibility of the data is called data governance. Through this you put the people in your business in charge of fixing any issues related to data. As a result of this your enterprise can become more efficient.
The final step you take towards ensuring you have the right MDM in place is identifying which business procedure of yours' is critically in need of MDM.
Once you have ticked all the elements of your checklist you can be sure you are taking the best decision for your business with respect to MDM and you can say you are ready to deal with BIG DATA.

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