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How do you create a modern data ecosystem?
Successful MDM should be part of a much bigger business transformation, a cultural shift toward a data-centric way of thinking across the business. This is because an MDM solution will only ever be as good as the data it processes. Without the right data, your MDM software will always fall short of expectations.
In short, data quality is the biggest obstacle to implementing MDM effectively, but it’s far from insurmountable, and can usually be traced back to the same contributing factors.
Migration and mapping. Existing data can’t be migrated to a new MDM system as it’s in a poor state.
Incomplete or invalid data. Duplicates, missing values and incorrect entries will skew MDM results.
Data degradation. Data quality has lapsed over the years - where is the best place to start to bring it back up to scratch?
Data disasters. Data is directly creating problems, such as inaccurate pricing or units of measurement.
Data discovery. Organisation is running out of existing data format (ie, new product codes are needed).
No two businesses are the same, but when it comes to data quality, you can usually trace your troubles back to the same few contributing factors. These mostly relate to the way that data is governed, organised and communicated across an organisation. Lack of understanding is also a major contributing factor: what is ‘fit for purpose’ data? What impact do I have if I don’t follow procedures? How important is my role to the overall MDM structure?
All of the above are common issues, and all of them can be addressed with good processes and capable tools. Yet taking a long, critical look at your existing data processes to find the cracks can be difficult without having a clear vision of what you want your MDM to achieve. That’s why an external advisor, who can help you identify what you want from your MDM, and communicate that vision across the organisation, is a crucial part of a successful implementation.
Experts from both Comma and Experian talk about the impact of data quality in MDM implementation, and how Comma work with delivery partners like Experian to help our clients improve it. Watch now to find out how the right MDM software, combined with a unique approach to data transformation and implementation, could help your organisation overcome their data obstacles.