In our day to day operations and in meeting revenue targets its difficult to for the top management to focus on the revenue leakage. Especially when enterprises are achieving higher growth figures quarter over quarters.

In the heat of such phenomenal growth who would want to focus on topics such as cost of bad data? While many organizations do not justify this but are certainly ignoring it.

We need to be more proactive in our approach to tackle the address standardization, de-duplication, house-holding and many such issues that will not only stop revenue leakage, assess the risks but will create efficiency across departments.

Many analytics initiatives are not yielding good results for the lack of correct data in their (data) warehouses. Analytics needs a base or a platform on which it can build. It could start with Data Governance initiative which deals with improvement in data quality by making someone responsible for data accessibility, conformity, consistency, completeness and accuracy. One needs a team of data scientists, LOB managers, PMs and executive leadership to ensure it is organizational need.

This will lead us to start finding out the data issues and we can then start addressing them. This is where people are concerned about the ROI on Master Data Management (MDM). The reality is the MDM investment can pay for itself within first year of operation and be profitable hence forth.

The operational efficiency and single version of truth is the basic need of any organization in the era of data explosion days we are currently facing. Let us keep our master data intact before we embark on the journey of (inevitable) big data.

If this sounds interesting I would be glad to discuss in more details with your teams.