Sow the seeds for lasting success
Data are a company's DNA, most of all master data like customer, material and product information. However, merely collecting all names, values and figures is not enough to become successful. The data have to be linked with each other in order for them to fulfill their function. This can only be achieved with appropriate master data management. It defines responsibilities, regulates data maintenance, ensures a continuous synchronization and thereby lays the groundwork for data-driven decisions in business intelligence.
Stefan Dornseifer, Head of Advanced Analytics at proALPHA Business Solutions GmbH, puts it in a nutshell: "Only when the management is aware of the importance of clean data to business intelligence can the strategic goal of clean data administration be successfully implemented in the company."
Is your company already aware of this? Then we tell you how master data management can support you in making business decisions.
What does master data management have to do with data quality?
Well, just about everything! The quality of your data has a huge impact on your success. Incomplete, redundant or incorrect information can lead to high costs of which you might only become aware when it's too late to quickly fix everything.
Clean data are the basis for realistic data analyses, correct assessments and successful decisions, at all hierarchy levels. With the right master data management, you protect one of your most important assets from decaying: your data.
The benefits of master data management at a glance:
- error-free generation and management of master data
- quality assurance for data from various sources
- more transparency thanks to tools like sales cockpits, dashboards, and reports
- competitiveness ensured in the long term
- pave the way for big data
Kickoff for your data management project
- In the first step, it is important to make everyone aware of the importance of this issue, from the top management down to the employees in the various departments. People will most likely pay more attention to data quality once they realize how much costs are caused by imprecise data input and processing.
- In the second phase of the data management project, you should specify your goals. Do you want to improve transparency and decision-making in your company? Or do you want to foster the relationship with your customers?
- Now you get into the thick of things: To get an impression of your data quality, you will need to analyze your data first. You shouldn't just involve your IT department, but also all the other departments, because it's them who create the data.
Improve your data quality with proALPHA
In every project with the aim to improve master data management, it's first about creating transparency in the data jungle. proALPHA gets together with all persons involved on your side to
- create a common understanding of data
- identify your project-specific requirements
- discuss and define measures to improve your data quality
The first check always involves an in-depth analysis of your data to identify the situation as is, either at your location or in a web session. A dedicated questionnaire helps us analyze your data and create a demand-oriented report with data quality KPIs and recommendations for their optimization.
Then we develop a solution that is tailored to your needs. Among others, it takes the following questions into account:
- What data are relevant?
- What should a clean and complete record look like?
- What should be done with incorrect or incomplete data?
How to ensure long-term data quality
Master data management is no once-only project, but an ongoing procedure. It is important to establish regular processes for data cleaning and quality management throughout the company. To this end, proALPHA offers you the data analysis tool InfoZoom and the data quality tool InfoZoom IZDQ, which both were in the top ranks of the BARC Data Management Survey 2020. They help you establish a 24/7 monitoring of your data and document the state of the data in the long term.