Data maturity: better data equals more profit
September 16, 2019 | 1 min read
Organizations have a wealth of data at their disposal. But figuring out how to use this data to generate revenue and maximize profits is no easy task. Master Data Management can help your organization to achieve data maturity and get the most out of their untapped data gold mine.
High-quality data can provide organizations with important insights, allowing them to make better strategic decisions. Quality data is correct, up-to-date and accessible. It’s also important to establish and apply uniform definitions. With Master Data Management, everyone within your organization is able to maximize insights.
Taking Master Data Management to the next level
In order to drive data maturity and improve Master Data Management, it’s important to strike the right balance between centralized and decentralized data management. This is also a strategic issue, as whoever owns the data holds the power. Designing an effective data governance strategy requires a great deal of skill and insight and is therefore best left to a Chief Data Officer (CDO). Investing in a solid foundation will enable organizations to get the most out of their data. Possibilities include utilizing artificial intelligence or developing digital twins. Only after achieving data maturity can organizations begin to work in a truly data-driven way.
Getting started with Data Maturity
Once your organization has committed to getting more out of data by achieving data maturity, you’ll need to assess the current quality of your data and define the scope of your ambitions. To determine the right approach to data maturity for your organization, start by setting priorities and asking yourself a number of key questions:
- What do I hope to achieve by improving data quality?
- Which data will help boost revenue/profits?
- Which data will help cut costs?
When it comes to developing data maturity, the greatest challenge facing organizations is the ability to make good long-term decisions. A skilled CDO must translate the organization’s long-term vision into an effective multi-year plan for improving Master Data Management, taking into account the level of ambition, the correct balance between centralized and decentralized data management, and the design and implementation of data maturity models. This is an extremely challenging undertaking. A good place to start is by asking: What is important now? What will be important in 12 months? In 36 months?
Tip: Integrate Master Data Management
Make Master Data Management an integral part of your organization’s IT strategy and enterprise architecture.
Is data maturity your IT management ambition?
Our part-time Executive Master Information Management <link> features a strong focus on data, data quality and Master Data Management. Find out how these strategies can help your organization to deploy new technology, such as artificial intelligence and digital twins. It’s the perfect way to start achieving your ambitions!
Read more about the Executive Master Information Management or contact our Program Adviser.