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February 10, 2006
Master Data Management
Organizations are being compelled by regulatory demands to define and implement data governance processes that ensure that the definition, quality, security, usage, and management of data are consistent across all business units and IT departments. But while most companies have established data governance programs, there are very few who have taken steps to include master data management (MDM) in these processes. A survey of 220 companies conducted by Ventana Research has found that while 59 percent of them have implemented data governance programs, only 26 percent have proper MDM procedures in place. As a result, very few have total control over their data.
In the data governance process, a team is created to document the lifecycle of information, from the creation of data, to its consumption. The team is also responsible for investigating how data is being reviewed, copied, manipulated and shared, and for identifying the information technologies used to carry out these manipulations on data.
MDM involves integrating data by creating and maintaining common definitions and contexts of data, including data usage, security, and quality. In order to take control of their data, organizations should implement standardized data definitions and a centralized store of key data with mechanisms to check and maintain accuracy, consistency and integration, across the enterprise.
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