Seasoned Data Management analysts and MDM practioners agree that successful Master Data Management projects start with Data Governance.
Ultimately, Master Data Management is intended to create a reusable, enterprise view of core master data.
In order to succeed, the program must achieve buy in from multiple stakeholders, with differing views of what is important and how data should be used in their context.
Engage MDM stakeholders with Data Governance.
Data governance will help you to:
identify the stakeholders;
ensure that business and technology data stewards collaborate to determine critical data elements, policies and business rules;
manage conflicting business rules where necessary to support individual departments or business units; and
agree priorities and focus for each phase of the MDM project.
Governance workflows must be established to get the necessary approvals and support from various business stakeholders. Their ongoing engagement is critical to your success.
This change management component is critical to reducing project risk and bringing down the Total Cost of Ownership of your MDM project.