Data collection is easy, but managing, organizing, and utilizing it can make or break the bottom line.
Today’s data is complex and exists with challenges; no longer does a data management strategy consist of simply having the data. Businesses run into most common data management challenges due to existence of multiple systems, Company mergers /acquisitions and Unstructured data.
Data management is the implementation of policies and procedures that put organizations in control of their business data regardless of where it resides. Data management is concerned with the end-to-end lifecycle of data, from creation to retirement, and the controlled progression of data to and from each stage within its lifecycle.
The benefits of data management include enhanced compliance, greater security, improved sales and marketing strategies, better product classification, and improved data governance to reduce organizational risk.
Our process to Master Data Management:
Understanding the goals of your business and how an MDM strategy can fulfill them
Identifying the critical master data
Determining how data is organized and stored
Identifying sources and owners of data
Determining the objectives of Master Data
Design and Develop the master data model
Identifying every task that needs to have gone through a well-developed governance program
Ensuring data quality
When it comes to creating a Master Data Management strategy for an enterprise or any business environment, it can get complicated quick. To ensure the integrity of your data, depend on the years of experience that Icon brings to the table.