With poor data costing companies millions of dollars per year, businesses are beginning to realize the importance of Master Data Governance (MDG). We show you the benefits of a dynamic Master Data Governance process.
The Industry Pitfalls of Poor Data Quality
- According to Gartner’s 2019 research, the average financial impact of poor data on companies is at least $15 million per year. Companies of all sizes face poor quality data issues and unfortunately, will inevitably worsen as the information environment develops. With time comes better technology to track and store even more business information and data.
- According to MITSloan, employees waste up to 50% of their time dealing with mundane data quality tasks. When your business processes are littered with incorrect and inaccurate data, your employees must dedicate time to fixing those issues before they become bigger problems. With their time focused elsewhere, your company’s productivity is driven down.
- According to Kissmetrics, businesses lose as much as 20% of revenue due to poor data quality. If you’re operating on poor data, there’s a high chance that you’re not providing enough value to your customers which would lead to missed opportunities and revenue loss.
What are the benefits of implementing a Master Data Governance solution?
Achieve High Data Quality Standards
Validate your data using business rules and logic that is consistent with standards and policies to successfully achieve and maintain high quality data. With Master Data Governance, you’ll be able to trust in the information and data that guides your business decisions.
Keep Up with Strict Guidelines
The ever-increasing cybersecurity challenges forces your company to continuously keep up with struct guidelines in order to protect your enterprise master data. Master Data Governance enables you to meet these challenges and adhere to stringent compliance and regulations.
Safeguard Your Data Governance
A comprehensive, integrated security service will safeguard the data governance policy and standard that you rely upon to run your core business application. Having high-quality data will ensure your company benefits from its business value. Using Master Data Governance to accomplish this can help sustain data quality improvement over time.
- Maintain: Central creation and maintenance of the enterprise master data
- Validate: External services implement complex logic and configurable business rules to validate data, including duplicate detection and address cleansing
- Approve: Flexible workflow enables an auditable approval process for change which enhances collaboration and increase transparency
- Replicate: Once approved, the data will automatically be replicated in all integrated systems, including SAP and non-SAP systems
- Adapt: The data is then adapted into local systems for business processes to run