When Does Your Business Need Multidomain MDM, and When Can Data Quality Suffice?
Fragmented and inconsistent data across siloed systems leads to poor decision-making, wasted resources, and frustrated customers.
This is where multidomain Master Data Management (MDM) and Data Quality (DQ) come in. But how do you know which one is the right fit for your organization?
Let’s explore this question with Precisely Enterworks, a leading multidomain MDM solution, and Precisely Trillium DQ, an enterprise data quality tool, as examples.
Investing in Multidomain MDM: A Holistic Approach
Multidomain MDM, delivered through Enterworks, excels at managing the master data of multiple domains, like customers, products, locations, and assets. It creates a single source of truth for this critical information, ensuring consistency and accuracy across the enterprise.
Here’s when multidomain MDM shines:
- You need master data synchronised across multiple data domains and systems: If inconsistent data across departments like sales, marketing, and finance is causing problems, a Multi-domain MDM solution like EnterWorks can create a unified view of your master data and synchronise this view back to your operational systems.
- You have complex data relationships: Businesses with intricate data connections across domains benefit greatly from Multi-domain MDM. EnterWorks allows you to establish and manage these relationships, ensuring data consistency throughout your organization.
- Regulatory compliance is a major concern: Certain industries have strict data regulations, from data privacy to risk management. Multidomain MDM like EnterWorks helps ensure compliance by establishing a central point of control and audit trail for critical data across domains.
Remember: Full multidomain MDM programs can run over multiple years and will typically change the way staff are expected to work.
This can be disruptive, so careful planning and communication are essential.
While the benefits are significant – improved data quality, streamlined processes, and better decision-making – there are risks to consider.
These include high upfront costs, complex implementation, and potential resistance from staff who need to adapt to new workflows.
Before embarking on the MDM journey, organizations should carefully weigh these factors, ensure strong leadership buy-in, and develop a comprehensive change management strategy to navigate the transition and maximize the program’s success.
Data Quality: Cleaning Up the Stream
Trillium DQ, a data quality powerhouse, focuses on cleansing, correcting, and standardizing data within a specific domain.
It tackles issues like duplicate records, incorrect formatting, and missing information.
Consider data quality when:
- Your primary concern is data hygiene: If your main challenge is improving data quality, a Data Quality tool like Trillium DQ can be very effective. Using an enterprise data quality tool, you can quickly discover, assess and remediate data quality issues for both master and transactional data.
- You have a limited budget: Data Quality tools are often less expensive than full-fledged Multi-domain MDM solutions. Data quality projects are also substantially less complex and costly to implement.
- You have a specific, time-bound data quality project: If you need to address a particular data quality issue quickly, a Data Quality tool can be a good option.
Consider: In contrast to full MDM programs, data quality projects tend to be less intrusive and require shorter timelines. While they offer substantial opportunities to improve data accuracy, standardization, and analytical capabilities, their focus is often narrower.
This can limit the overall impact on data governance and integration across domains.
However, data quality projects offer a lower-risk entry point for organizations seeking to address specific data issues.
Their targeted nature makes them easier to implement and can demonstrate value quickly, potentially paving the way for a more comprehensive MDM strategy down the line.
Before initiating a data quality project, consider the specific challenges you want to address, the resources available, and the potential need for a more holistic data management approach in the future.
The Verdict: A Collaborative Approach
While EnterWorks and Trillium DQ address different needs, they can be powerful allies. MDM solutions often leverage data quality tools to ensure the accuracy of data entering the master system.
Conversely, a clean data foundation established by DQ tools can pave the way for a successful multidomain MDM implementation.
Therefore, the choice between the two hinges on your priorities.
If your primary concern is immediate improvement in specific datasets, a data quality project offers a quicker, more manageable solution.
However, if your organization needs a long-term strategy for consistent, high-quality data across all domains and systems, then a full MDM program, despite its complexity, might be the better investment.
Ultimately, the decision requires careful consideration of your data challenges, budget constraints, and organizational readiness for change.
By understanding the strengths of multidomain MDM and data quality solutions, you can make an informed decision on which approach, or potentially a combination of both, will empower your data-driven decision making.
Still struggling to decide? Give us a call on +27 11 4854856 to discuss your master data problem.
For more information about Master Data Management, click here.