To ensure high-quality master data, you need a well-planned and implemented Data Quality and Governance Program.
Data quality is all about how well data serves the purposes it is required for in a given context. Data quality has various dimensions – accuracy, completeness, update status, relevance, consistency across data sources, reliability, appropriate presentation, and accessibility.
Data governance is about how decisions are made on data-related matters and who has what authority to make those decisions. Data governance incorporates: organizational bodies, rules (policies, standards, guidelines and business rules), decision rights (including guidance on “deciding how to decide”), accountabilities and enforcement
High-quality data can provide an organization with valuable information and insights. But obtaining and sustaining high quality data is a greater challenge than most people think!
Data quality starts with the organization having the right Master Data Management (MDM) process and systems for providing users with data which is complete, accurate, consistent, available, time-stamped, and based on industry standards.
Improving the data quality will ultimately result in reduced costs, improved efficiency, better insights, and enables collaboration across industry trading channels.
A well-planned Data Quality and Governance Program will:
Build a clear understanding of what you want and frame achievable goals around this. Then secure management approval for the steps needed to reach those goals and for allocating accountabilities to the people who will be involved.
Ensure that you spend time properly identifying data custodians and their value contribution to solving issues that will, or might, arise along the way.
It’s also important to ensure that management endorses and enforce such a program. Otherwise, systems and process will simply erode over time.
Here are 10 key dimensions in a Data Quality and Governance Program:
What would otherwise be simple management tasks – sales analysis, promotional activity, changes in ranges or prices, and so on – become major challenges that consume enormous amounts of staff resources, time, and cost.
We have a range of tools and fact sheets to help you plan and implement a data quality and governance prigram which is right for your own type of business.
Master Data Questionnaire (Download Here)
Data Quality Survey (Download Here)
Innovit Trading Partner Analysis Program (Register Here)
Innovit has helped many companies across multiple industry segments to take control of their master data.
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