Our technology-driven business environments are becoming more and more complex. In fact, it’s not uncommon for a company to rely on dozens of different business applications and systems (if not more), with each generating its own set of financial master data, such as chart of accounts, customer & vendor information, transaction histories, and financial reports.
Without centralized master data management (MDM), these organizations struggle to maintain consistency between systems, which quickly devolves into data silos and potentially devastating errors in analytics and reporting.
Implementing a comprehensive MDM program creates a single source of truth across the organization, ensuring data is accurate, accessible, and compliant, which leads to better decision-making and operational efficiency.
In this article, we walk through how to implement a Financial MDM program that optimizes data governance, improves data quality, and enhances collaboration across departments.
Before we dig into implementation, it’s important to understand where MDM fits into a comprehensive business strategy.
The quality of your metadata directly influences the accuracy and accessibility of the data your business relies on for analytics, intelligence, and decision-making. Therefore, you should focus on optimizing your MDM processes in three key areas:
Before you can establish an effective MDM program, you have to understand where your metadata resides, how it’s structured, and what gaps exist in your current processes.
MDM solutions aren’t one size fits all. Some due diligence is required if you want to maximize your ROI and enforce high standards for your metadata quality.
Before selecting a MDM solution, first consider how you plan to use it. Take a look at your organization’s volume of data, types of metadata, and existing IT infrastructure. Be sure to select tools that offer strong integration capabilities, allowing seamless connection with your current systems, applications, and data sources.
Other capabilities you will want in your MDM toolbox include:
Big-name, pricey MDM solutions aren’t necessarily the best tools for the job. Carefully compare solutions and choose one that is feature-rich, cost-effective, and future-proof (i.e., it will scale as your business needs evolve). Many products charge based on record counts, making it ultra costly to manage the full breadth of master data. They also lack the ability to support rule based validations, forcing the business to change process, instead of supporting it. Do your homework, ask for a proof of concept.
MDM isn’t a one-off task. It’s an ongoing, cross-functional effort that requires expertise and insights from across the organization. Here’s how to ensure you have the right people on your MDM team.
Whether you’re exploring MDM options or you’re ready to take your strategy to the next level, EPMware can help you meet your goals.
Unlike other solutions, EPMware unifies MDM and data governance in a single, easy-to-use, powerful platform. This all-in-one approach allows your team to centralize and integrate metadata, increasing accuracy and consistency across all systems with out-of-the-box capabilities, including:
There are many MDM platforms on the market, but none offer the comprehensive range of financial and enterprise performance management features, streamlined set-up, and user-friendly interface that sets EPMware apart from the crowd.
Want to see firsthand how EPMware can simplify and streamline your organization's master data implementation? Click below and let’s set up a time to talk.