The BIP.Monticello team attended Gartner’s 'The Foundations of Master Data Management' virtual webinar, hosted by Amanda Pagay. This informative webinar highlighted how successful companies should employ a technology-enabled discipline in which business and IT teams work together to ensure the uniformity, accuracy, stewardship, semantic consistency, and accountability of an enterprise’s shared master data assets.
Key drivers toward the successful implementation of MDM strategy include taking a long-term, programmatic approach vs. a short-term project orientation and to avoid thinking that it starts with technology. It starts with engaging business stakeholders first who can articulate the value of an MDM strategy in business terms. Understanding the full scope of the most useful data across various application/functional domains helps determine when a centralized vs. a localized approach is appropriate.
Master data differs from application data where the former should be seen as the least amount of most referenced data. Working together with technology enablement teams, business participants should feel empowered to become data stewards with equal accountability in data governance as the MDM strategy is implemented. The technologies to enable MDM are relatively mature with low barriers to cost entry and there are many solutions out there covered within Gartner’s magic quadrant reports.
The key message from the webinar focused on the fact that Master Data Management is a shared responsibility with both business subject matter experts and technologists working together to achieve a long-term solution that is fit for purpose to the enterprise’s strategic objectives.
At BIP.Monticello, our consultants continue to attend webinars, conferences, and round table discussions to ensure our clients are advised on emerging trends and risks their organizations may face. BIP.Monticello realizes the importance of participating in emerging finance and risk topics as thought leaders in financial services, banking, and technology. We look forward to working with our clients to support their data management initiatives in 2022 and beyond.