Data Quality and Master Data Management
Accurate data is critical for efficient business processes and operations, and to inform decision-making, but there are significant challenges to protecting data and ensuring its accuracy. Almost nine in 10 organizations (89%) reported data-quality issues as being an impactful or very impactful barrier for their organization. At the same time, more than three-quarters of organizations (77%) reported improved data quality for decision-making as a benefit of investing in data governance. And almost two-thirds of organizations (63%) using data-quality tools hourly are very confident about their ability to govern and manage data across the business. A good data governance program includes processes for inventorying data assets in a data catalog, ensuring data quality, managing master data, and restricting access to, and use of, data.
Master data management (MDM) technology can ensure a single definition of data across the enterprise and improve the quality and integration of data across information systems. MDM software quickly accesses critical data throughout the organization and stores it in a central repository which enables seamless data sharing between diverse endpoints and a secure, consolidated view of data. This allows operational, predictive and traditional analytics to share the same master and reference data, enriched customer profiles and cleansed, trusted data to transform interactions and observations into measurable business value. We assert that through 2024, seven in 10 organizations will continue to build trust in their data processes by adopting data-quality, MDM and other data-integrity solutions.