7 Habits of Highly Effective Master Data Management Solutions
Your company’s master data must be protected. If it isn’t, your business may suffer greatly, or completely fail to operate.
As part of that oh-so-important protection, adequate and effective management needs to be in place.
So how is your master data management going? If you haven’t looked into that lately, it’s high time you did.Â
If you’re in need of a tune-up, we’re here to help. Here are seven things that effective master data management solutions have in common.
1. They Check for Duplicates First
The creation of more and more files can really bog down your master data. This means you need to eliminate the creation of files that don’t need to be there in the first place. To help limit unneeded files, always check for an existing file first. Checking first ensures that duplicates won’t be created. Duplicate files can take up tons of space that could otherwise be freed up. Managing master data is simpler if that data is swimming in tons of unneeded files. So make sure every employee is trained to check before creating files. The more employees you have with access to computer file creation, the bigger the issue can be. You may end up with 20 employees making a file for the same data group. That’s absolutely not needed. So make sure it doesn’t happen. Do a quick search through your data files to locate any duplicates that aren’t necessary for your business to function. Once they’re found, delete them to clear up your space.
2. They’re Flexible
The most important data for your company will change from time to time. It may even change often. This means your data management solutions need to be flexible. If your data and data-related needs change but your data management doesn’t, you’re going to have a problem. This is why flexibility is a must. A management plan that doesn’t change with your data and needs will get left in the dust, which means your data will no longer be managed properly. Do make sure your master data management solutions cover your current needs. But always make sure there’s room to grow or change things because the need will arise sometime down the line.
3. They’re Cost Effective
Master data management is vital to your company’s success, but that doesn’t mean it’s worth shooting your expenses through the roof. Successful management is your important data is possible without breaking the bank. When choosing a data management solution, choose one that makes sense financially. You want it to cover all your needs, and those needs include expenses. Don’t forget to include data management in your budgeting plans.
4. They Communicate Well with all Applications
Every application you use to run your business needs to be able to communicate well with your master data management system. The opposite is true as well. If your management system doesn’t play nice with the rest of your data and applications, you’ll have a much harder time getting everything to work together. Fluidity is the key to effective master data management. So make sure your system doesn’t interfere with other data and programs, and that they don’t interfere with the management system. Instead, they should work hand in hand to create the smoothest operation possible.
5. They Protect Your Data
Effective master data management solutions always protect your data. If your system doesn’t protect your data, it definitely isn’t effective. It’s simply a system that isn’t doing its job properly. Correct data management must include security. Elements to a successful and secure solution include limiting the number of people who have access to master data. A good master data management solution will also help you keep your less important data safe, thanks to the security measures it already has in place.
6. They Adjust to Size Changes
There’s a good chance the size of your business will change. This is especially true of new or small businesses, but it applies to all situations. Even if yours is a full-fledged large business that doesn’t change all that much, some change is inevitable. Since your business is likely to change in size, your data management solution must be able to do that as well. Never choose a system that can’t grow with your company. That’s simply something that will hold your company back-the opposite of a solution.
7. They Can Integrate with Outside Data
From time to time, you may use external data to run your business. If this is the case, your master data needs to be able to communicate with it. This means you can’t stop at simply having all your internal data communicate well. Why is external data important? External data can provide valuable insights and help your business grow. So make sure your internal systems are willing to accept it. You don’t want your system to communicate with all types of outside data, though. Always make sure you keep safety and security in mind when working on integration with outside data.
Your Master Data Management Solutions Should Work for You
Master data management solutions that are effective are the ones that work for you. Managing your master data should be helpful, not restrictive, so choose a solution that’s really a “solution”, not a hindrance. Consider the needs of your company and the items on this list. Bring them together and you’ll end up with a solution that truly works for both you and your company.
Don’t think master data management applies to your business? Click here to read all about why it does.