The High Cost of Data Mis-Management

Any solution is only as good as the data that powers it. This is even more prevalent when it comes to master data management (MDM), the hub of all the enterprise data your business processes rely on. Regardless of which MDM solution you use, quality is everything.

Quality, in turn, relies on effective data governance. In a recent study, 95% of organizations said that governance was anywhere from “important” to “critical” to the successful implementation and rollout of MDM strategies — yet nearly half of those same companies rated their own governance maturity as “low” or “very low. There’s clearly a gap between what companies need to do and what they are actually doing.

The disparity between the quality required to effectively power an MDM solution and the quality you currently have may be considerable. This is why I encourage companies to focus their efforts on improving data quality.