Digital Transformation can mean a lot of different things to different people. But for everyone it means dealing with more data than ever before. To embark on a digital transformation journey that data needs to be mastered. Master data is the vital difference between scaling or failing in this time of business disruption and non-stop data. As data professionals, you are in a uniquely valuable position to help your enterprise succeed. This is your opportunity to either seize or squander.
Think about the health of your business – and specifically the health of your business data. Data is the lifeblood of your business and business processes. If your data is sick, your business is sick. Sure you can still make sales, attract audiences, manage risk and stay compliant but think of all the extra effort that takes when your data is bad. Unhealthy data leads to stagnant workflows, siloed thinking and bad decisions. Kind of like if your company, metaphorically speaking, was huffing and puffing as it climbed a few flights of stairs. You made it, but it hurts.
To secure the value that data can offer, you must manage it in a way that aligns and unifies your disparate sources. Enter master data, the foundation of any data-driven enterprise. It serves as the fuel that flows through the entire ecosystem of your business. It breaks down data silos and allows internal systems to work together. Every type of enterprise, legacy data migration program, and enterprise data management initiative includes five common requirements.