Businesses need a trusted single source of the truth – a “golden record” of information – in order to be successful with business objectives such as enhanced customer experience, improved analytics, and compliance. The most common approaches to reaching this goal are through a master data management (MDM) or a Single View initiative. Yet, with these approaches, creating golden records across enterprise data can take years – and it can take just as long to consume this information once created. In order to stay competitive, business needs a quick-to-value approach that can both create and consume the golden record.
Accelerating the time to value and reducing the cost of existing and new MDM efforts can be achieved through the use of current technology and specialized consulting. Here’s how it is done:
The first step is to create golden records across the enterprise, encompassing all lines of business. Each golden record must meet an overall standard of data quality that the business requires to support the types of critical business objectives mentioned above. Studies have shown that this data quality standard is at least 98.5%*. Without this level of quality across all lines of business, you could jeopardize the success of your business objectives.
While typical MDM or Single View approaches may implement the software in just a month or two, reaching this high standard of enterprise data quality takes a very long time (often years) because these approaches start with a relatively small subset of table entries. The data is then run through a “test, review, tune, repeat” process involving business and technical groups until the desired data quality level is met. Even more advanced approaches employing machine learning take a long time to build and validate a high-quality model. After they are constructed, these models must still be continually adjusted and tweaked to achieve the desired results (especially in the face of new sources of data), and people are required throughout these processes to ensure quality control.
A more effective and efficient approach is to use extensive crowdsourced databases of millions of properly and improperly spelled words, phrases, and word patterns that act as the “brains” of the system and provide high-quality validation and automation. This means that even large organizations can achieve enterprise data quality at a 99%+ level within a matter of weeks and at a fraction of the total cost of alternative approaches. And, maintaining high quality data over time is much easier.
Once these high-quality golden records are achieved, organizations now face the challenge of drawing business value from their data. Golden record data and metadata is used to develop master data standards. By enhancing your source data systems with these standards, source data may now be directly shared across these enhanced data systems. The golden data records are also directly shared with the source data systems. This allows you to dramatically reduce the time and effort needed to make high-quality, business-critical information available to your business users.
This is done by using curated data from the golden records to enhance each source data system, producing faster and more effective results. This process creates a shell of master data commonality, encapsulating each of those data systems. Any data systems encapsulated by this master data process are now directly interoperable data systems that can collaborate to provide a 360ᴼ view of all data.
This new master data commonality can then be used to weave an organization’s data systems into an MDM-based data fabric. This not only helps reduce the time and cost of putting the golden record data back into the source systems, but it can also leverage your MDM investment to become the catalyst for enterprise-wide data sharing.
In today’s hyper-competitive environment, organizations require their data resources to be transformed into available, usable assets to drive numerous business initiatives. Business has come to look at MDM in the same way as other initiatives – it should quickly deliver value, typically within 6 months. However, outdated approaches to implementing and using MDM have led to disappointing results: it typically takes many years to achieve an accurate, single view across all enterprise data that is truly usable across the organization. Many organizations never even achieve their goal and eventually abandon the initiative altogether. Fortunately, that has all changed, as unique solutions now enable organizations to rapidly achieve an accurate, enterprise golden view and make that information usable throughout the organization.
Learn how you can quickly create your golden records across the enterprise and put that data to use in a fraction of the time and cost of traditional MDM approaches. Contact Maxxphase today.