Andrew Simpson, VP of Business Development Riversand Technologies, Inc.
I have been doing a lot of work on my house recently - it’s a good investment and I enjoy both the process and outcome of home improvement. As a result, I have been thinking a lot about a simple saying I read recently in a business journal: “When someone goes to a store to buy a drill, they are not buying a drill, they are buying holes.” Sometimes simple sayings have the most meaning.
A similar type of axiom can be applied to my work helping companies with their Master Data Management (MDM) initiatives. Companies that invest in MDM systems need high quality, authoritative data on important corporate entities readily available and synchronized with operational systems. Improved Data Quality and effective Data Governance are primary end results and key performance metrics of a successful MDM initiative. When companies invest in MDM, they are buying into the outcome: robust, high-quality master data that is easily managed and leveraged throughout an organization. This is the reason Riversand has built pervasive data quality management capabilities into our MDM solution by integrating with Trillium Software.
Without MDM and Data Quality systems, key corporate information is managed by multiple inflexible systems which can contain duplicate, inconsistent or inaccurate data causing operational inefficiencies and costly errors. This can have a major negative impact on an organization. In an October, 2011 Research Brief entitled “Measuring the Business Value of Data Quality”, Gartner indicated that 40% of the anticipated value of all business initiatives is never achieved due to poor data quality. This loss in business value was due primarily to reduced operational efficiency, risk mitigation and agility by compromising the accuracy of decisions based on available data.
To overcome these problems, we have seen a major trend over the last few years of most leading companies developing “golden” master records of Products, Customers, Vendors, Assets, Employees, and/or other important information assets using MDM solutions like Riversand’s. Master Data Management provides a platform to better manage critical master data on key corporate entities and all associated business processes. It can provide a platform to aggregate data to be cleansed by solutions such as Trillium Software. Together, Riversand and Trillium Software represent extremely effective tools to help companies improve master data equity within their organizations.