By Dain C. Hansen on Dec 06, 2011
Recently Oracle sponsored a study from an independent analyst firm, Dan Power, from Hub Designs, All the Ingredients for Success: Data Governance, Data Quality and Master Data Management. Please click to download this latest paper from our Oracle Master Data Management resource kit. This paper discusses the role the data quality plays as an equal component of an enterprise information management or master data management initiative, typical business considerations for data quality, as well as best practices for integrating multi-domain MDM with customer/party data quality and product data quality.
Excerpt from the paper:
Today, businesses need to have the Single View of their master data, and to be able to “Create Once, Use Many” in order to be lean, and indeed, to survive. The silos that are still so prevalent do nothing but increase costs, hurt business and IT agility, and result in bad decisions being made (because of low quality, inaccurate, inconsistent data). If we implement Enterprise Data Quality tools, master data management solutions, and remember that these technologies must be driven by business-led data governance organizations, we’ll be able to break down those silos, and have enterprise-wide master data repositories that lead to streamlined processes, lower costs, better decisions, and more agile organizations that can compete better in global markets.
A quick example: A UK travel company restated its 2009 financial results due to issues arising from using two separate IT systems after the 2007 merger of two companies, in the amount of $191.8 million US dollars (£117m). This type of persistent operating silo is all too common in the companies I see, but this is probably a worst case scenario. But look for those costs that MDM, data governance and data quality can help your enterprise avoid, the revenue increases they can help you realize, and the compliance improvement and agility increases they can bring to your company. Those reductions, improvements and increases are very real. I’ve worked with enough companies now to know firsthand that MDM is not a fad or a trend, but a real force in the marketplace. And it’s experiencing growth of 18% at a time when the enterprise software market as a whole is only growing at about 5.6%.
Or learn more about Oracle’s MDM strategy by going to www.oracle.com/goto/mdm