Master Data Management & Data Governance Trends for 2019
21st century is completely data driven. Tons of information/data have been accumulating every second all over the world. This data can be of any type transactional or customer or any other.
However, issue arises when the point of heightened redundancy is reached for data. Redundant data pushes organizations towards operational & efficiency challenges.
Organizations are increasingly relying on Data Management & Data Governance for dealing with consolidated and refined data. This can play a key role for decision-making and outreach to customers.
Master Data Management is nothing but a set of disciplines, technologies and solutions that can help organizations in creation and maintaining huge volumes of data. For a smooth functioning of organization & meaningful usage of assembled data, Business Data Maintenance should be Complete, Accurate, Consistent and Contextual.
On a broader perspective, Data Governance collaborates people, processes and technologies which are essential to manage and protect an organisation’s data assets with an aim to secure vital corporate data.
Here are 5 trends that are needed to be taken care off for Effective Data Management & Data Governance:
- Data Quality is the core: Low quality data can play a spoil sport in extracting meaningful insights from any data source. Integration of complex architecture from multiple non-integrated data sources may result in poor quality.
It’s all due to the way data is addressed Data management and Data Governance issues arises along with mismatched data syntax’s, formats, and unclear structure.
- Expand the Scope of data relationships: Data Management have been expanding on a rapid pace, and its role is no longer restricted to just organisations and corporate board-rooms.
Organizations are looking forward for more smarter and better ways to understand the relationships between its different stakeholders like individuals and corporate entities; informal groups and organizations and individuals and households.
With the changes in regulatory requirements (like Basel II Committee) and trends, many companies have been assigning dedicated resources to understand the relationships, and to help companies better understand relationships.
MDM Vendors are enhancing their services with advanced algorithms for recognizing relationships and hierarches in data.
- Customised Data Security Solutions: In the present technology age most organizations are preferring an informal, de facto data stewardship processes to resolve data quality issues in a reactive way. This process includes complaints from customers or business users or failures in automated processes.
However formal processes and employees(day-to-day) and performance metrics for data stewardship are provided with exception in this process. It’s also expected that in upcoming days, MDM technologies need to proactively identify data issues and conditions of interest.
- Workflow & Business Process Integration: Most of the industries meet with complex supply chain challenges, this requires near-real-time synchronization of master data across participating systems.
For enterprises to easily leverage the benefits of MDM, this integration requires the compliance with interoperability standards. This integration will also enhance the collaborative capabilities and qualities of the data stewardship process.
Security of enterprise data will become a greater challenge for organizations with this integration of business rules engines and workflows into data management.
The best way of handling this challenge through MDM solutions, is to feed existing enterprise security policies owned by enterprise security management applications and systems such as LDAP (Lightweight Directory Access Protocol).
- Security & Data Visibility Expansion: Organisations are now choosing dedicated data security and visibility systems for handling enterprise data access controls, rather than being redundantly owned by multiple individual applications.
Open MDM products have got the capability of sending and receiving data from a single enterprise. These products provide wide data security and visibility can help improve the quality and robustness of data security and visibility solutions, and thereby reducing their cost as well.
Along with critical data security, being able to read and understand data across multiple applications and systems is also considered as a critical MDM success factor.
At Fabit our Experts in Managed Data Services, can work hand-in-hand with your organization to capture your business objectives, and minimize the risk of poor data quality, ultimately helping you to achieve your Data Governance Goals. Do Visit our website at www.fabitcorp.com for further details. You can also reach us at firstname.lastname@example.org or on +1 832 906 7001.