Tag: master data management

master data management

Harnessing the Power of Master Data Management to Enhance Spend Visibility and Compliance in the Manufacturing Sector

The client is a leading manufacturer and distributor of high-quality construction equipment based out of Europe. The company is well-known for delivering high-quality construction equipment and services all over the globe. In today’s complex business scenario, establishing a data governance program may seem like an uphill task even for well-established companies. The client, a multinational conglomerate in the industrial and manufacturing sector was no exception. With business units spread across Europe, the client faced several master data management issues that left a measurable impact on their business operations.

The Business Challenge

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Data Management Vs Data Governance: All You Need to Know

Today, it’s the successful use, understanding, and strategy of a company’s data that defines the success of businesses. Comprehending your data and identifying ways to implement it brings up a whole range of questions, both from the stakeholders and users. Such questions include: What is the procedure for storing data? How do we know it’s timely and accurate? Can we rely on it? Data management and data governance can efficiently answer these questions. Though both these terms are used interchangeably, they are entirely different programs. In this article, we aim at clearing all doubts you may have about data management and data governance.

What is Data Management?

Best seen as an IT program, the goal of data management is to control and organize the resources of your data so that it is reliable, accessible, and timely whenever users call on it. The IT team in your organization who is responsible for data management may trust on a customized, comprehensive collection of practices, processes, theories, and systems that gather, validate, organize, store, protect, process, and maintain data. If the data is not treated properly, it can become useless or corrupt. Data management encloses the entire lifecycle of a data asset. Data management comprises several related categories and fields and includes the following:

  • Data architecture
  • Data governance
  • Data warehousing
  • Data quality management
  • Metadata management
  • Business intelligence and analytics
  • Data security management

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What is Data Governance?

If data management is the logistics of data, then data governance can be considered to be a strategy to study them in a structured manner. Data governance is bigger and more holistic than data management as it is a crucial business program. The goal of data governance is to find tangible answers to how a company can prioritize and determine the financial benefits of data while mitigating the risks of poor data in the business. Data governRequest Proposalance helps in determining the use of data in specific scenarios.

To ensure the reliability, safety, and trustworthiness of all data, data governance requires the involvement of all stakeholders in the business. Determining your data governance plan includes various practices, processes, and theories. It is likely to overlap with several areas of data like compliance, security, usability, privacy, and integration. The ultimate goal is to determine a comprehensive way to control data assets so that the company can get the absolute and most desired value from the data.

Benefits of Data Governance

  • It increases the value of your company’s data
  • It helps in cutting costs within other subsets of data management and help in focusing on important areas to work on.
  • It assists in boosting the overall revenue of the enterprise
  • It aids in standardizing data systems, procedures and policies.
  • It ensures proper regulation and compliance procedures.
  • It promotes transparency and security

 


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