If search for Master Data Management Strategy, Google presents you 519 Million results. Even when we put the hyphens around the phrase “Master Data Management Strategy,” we can choose between 176,000 results. Both numbers are fascinating. However, I genuinely believe that 97% of the results won’t tell you about the most critical advice concerning Master Data Management Strategy.
I think I’m not exaggerating when saying that Master Data Management Systems (MDS) has a dull image. No fancy user interface, no AI, no nothing. Not sexy at all. And I’m not exaggerating when stating that many Master Data Management Systems projects last much longer than expected, don’t achieve set goals, or fail completely.
Today we are writing history. Once and for all, we will answer the question of why Master Data Management is that important. And let me be frank. Master Data Management is a topic with a bad reputation. Boring, unsexy, not needed are just a few things people tell me when discussing Master Data Management.
Master Data Management isn’t shiny, sexy, or fancy. I’d even say that 99 out of 100 people would call Master Data Management simply “boring.” Sometimes, when I discuss Master Data Management and best practices in this field, I have to explain that Master Data Management isn’t about black screens with green letters.
For a long time, Master Data Management had the image of the most boring topic in the entire world. Thankfully, it seems like this has started to change. Both Master Data Management in general and Master Data Management Tools are becoming increasingly essential for companies!
Let me nail it down right at the beginning: Whatever benefits there might be, master data management (or MDM) does not exactly have the image of being super sexy. Many companies consider master data management as an administrative act. Simply required but without any benefits. But is that really all about it?