In our day to day operations and in meeting revenue targets the top management is ofter ignoring to look at stopping the revenue leakage.
Luckily enterprises are achieving such a growth figures from quarter over quarters that the topics such as cost of bad data are easily sidelined. While this is not being justified but is being accepted by many organizations.
We need to be more proactive in our approach to tackle the address standardization, de-duplication, linking relationships and many such issues that will not only stop revenue leakage but will create efficiency across departments.
Many analytics initiatives are not yielding good results for the lack of correct data in their (data) warehouses. Analytics needs a base or a platform on which it can build.
It can start with Data Governance initiative which deals with improvement in data quality by making someone responsible for data accessibility, conformity, consistency, completeness and accuracy. One needs a team of data scientists, LOB managers, PMs and executive leadership.
This will lead us to start finding out the master data issues and we can then start addressing them. This is where people are concerned about the ROI on MDM. The reality is the MDM investment can pay for itself within first year of operation and be profitable hence forth. It is best suited to be outsourced - if not on "Cloud" (for whatever concerns the industry has on data security) then it can work with "On Premises" model as well.
If this sounds interesting I would be glad to discuss in more details with your teams.
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