Ask the Experts Series: What is the Role of Data Quality in Master Data Management?
Having to make critical business decisions or needing to develop important corporate strategies requires information that is updated, complete, and correct. Incorporating an MDM strategy allows for just that as it creates a single, accurate, and consistent reference point for all common data elements across all of your information systems.
Don’t forget to include a data quality component in your MDM program to avoid a “garbage in, garbage out” scenario. Instead, achieve the level of trust and confidence in your company’s critical master data. An effective MDM strategy must incorporate data quality to avoid the potential loss of millions of dollars annually due to business decisions being made based on inaccurate, outdated data. Quality data is required for reliable decision-making, assured business outcomes, reduced organizational risk, and decreased costs associated with managing data.
Want to explore the importance of data quality within an MDM program further? Check out this Ask the Experts video for more information.