The future will be data-driven. For businesses, good data governance will be a competitive advantage. It’s key to get your master data management right early on.

As consumers become aware of how we use their data, data breaches are more costly than ever. Therefore, your data management is critical.

master data management

Why is master data management important?

Almost 40% of CEOs plan to invest in data over the next three years. 70% expect this investment to have a large impact on their bottom line.

Data is incredibly valuable – so much so that entire industries are disrupted by its use. Certainly, Spotify changed the way we listen to music. Likewise, Netflix became a part of many homes. Now, we ask Siri and Alexa for help with basic tasks.

Increasingly, companies are falling foul of poor data governance and data management. Moreover, this isn’t just in the form of high profile hacks. Consider recent fiascos like TSB’s online and mobile banking crisis.

Organisations that fail to govern data well are setting themselves up for failure. Overall, good data governance underpins every other data function. Additionally, it’s critical for gaining trust in data.

What is master data management?

Master data management involves the policies, processes and architecture that has been put in place to manage data at all stages of its life-cycle. From ingestion and storage to processing and analysis.

Without that, data projects fail, results are second-guessed. Think artificial intelligence models trained with incorrect data, and a data strategy undermined by a lack of forward thinking. You need to make sure this doesn’t happen.

Like any valuable asset, you need to govern, manage and secure your data effectively. We’ve collected our methods, guidance and proven frameworks in this white paper to help you understand this process. Read our white paper to see how to manage your data effectively.

For more insights into your data management, make sure to download our new white paper, compiled by the Cynozure team.

Download the Whitepaper

Written by James Sutton

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