New technology adaption brings with it a lot of doubt and failure to move out of your comfort zone. You must conquer fear and the myths busted in order to bring you to a more trusting and adaptable place. Here, we’ll get through the top 10 myths about MDM that you must understand in simple terms so you can move on with your business growth and management.
The benefits of MDM like gartner master data management streamline and organize data with the purpose of creating a uniformity through the data stream, communication, and simplification of processes throughout a business.
In plainer English terms, MDM makes certain there aren’t any duplications and inconsistent versions of data. That further translates into money losses for the company and that’s just the tip of the iceberg.
Here are the myths, as a business owner in resistance to an MDM service would think.
Myth One:
Question
Do we really need to Implement more technology?
Answer:
No. This is not about tech implementation. Yes, there is software that you put in place, then those who operate it must train on it but that’s missing the point altogether. Instituting an MDM is all about how a business should work when it does so with organization and efficiency.
Myth Two:
Statement
We don’t have time to assign important staff members to ‘this project’
Response:
It’s not a project’. When we adopt a multifunctional program that all departments, employees, and contractors must learn and work on is a multiple project situation. It’s not unlike anything else such as a new payment system or something larger, like a totally new system that runs an aspect of your business.
It takes time for learning and then adjusting it for your particular needs as a company. Bugs need to work themselves out too, and that takes a while, but in the end, if you have a better running machine, it was worth the investment in both time and money.
Myth Three:
Statement:
We already have an EDW and don’t need to waste time with an MDM.
Answer:
An MDM enhances the operation of any EDW and expands the processes. All data stores whether analytical or operational.
Myth Four:
Question:
Isn’t my ERP enough? Wouldn’t an MDM confuse things and give us more to track and concern ourselves with?
Answer:
No. on both counts. Single vendor packaged business strategy is ineffective in most cases because blanket solutions rarely work and can’t work for all company types.
Think about it. When you have over one business process which every business will, you have data right? If you have data that’s crucial and has to communicate between multiple lines, then you’ll benefit from an MDM. Better to have clear and accurate data that’s protecting your assets than trying to run a company off of junk data.
Myth 5:
Question:
Isn’t MDM only good for large companies that are more complex?
Answer:
MDM brings with it a certain discipline in the strategies it implements. Any company that has data that’s shared between channels needs that discipline. They predicate these myths around the thought that it’s the mechanics and tech that get the credit. It’s the system that it runs throughout each type of business that matters.
Myth 6:
Question:
Is metadata the most important element in an MDM?
Answer:
Again, this further reinforces what we’ve been saying. The metadata is the mechanics, it’s how you apply it that counts. Each company has a different operation and therefore the metadata needs a unique application in every case. What’s the industry and the specific use? See the bigger picture?
Myth 7
Question:
Do I need to expand my IT to handle such an enormous tech task?
Answer:
It’s not an IT effort. Think of it this way. The business itself is what runs the MDM, not tech. IT is only the department that stays vigilant in case there is a tech-related issue. The entire company works with the MDM daily because it’s a process, not an and IT project.
Myth 8
Question:
Isn’t MDM too large a project for me to implement into my company at this stage?
Answer:
No. You can implement an MDM to one domain and user case at a time. It’s not harder to implement in an established business of any size than in a new or smaller one. It takes the same time and effort as any other system-wide installation.
Myth 9
Statement:
Governing data and data Quality are not part of MDM.
Response:
MDM can’t be implemented without governing data and monitoring the data quality. Think about it. What is the purpose of having an MDM? You are managing master data so the management would speak to the two most important aspects to accurate communication of data, and that’s quality and governance.
Myth 10
Statement:
“I can use any MDM company, they all do it like SEO right?”
Response:
Not quite. Not all MDM companies are like for instance Gartner master data management. Each company and MDM solution is molded to the complexity of each individual domain, industry, and case used in their implementation style.
Look back on all 10 myths and you’ll see a running pattern. Companies can have a more mechanical and narrow vision of an MDM. The value is how it’s implemented as far as style and specialization and not the IT end of it all. At the end of the day, it’s worth it for clean data and a financial safeguard.