A Guide to Master Data Management

If you’re aware of the importance of data governance and management in the business sphere and want to learn how to become a master and manage your business’ data management plan, continue reading to discover a helpful guide that will teach you what you need to know about expert data management. As if you are able to expertly manage your data, you’ll be able to analyze the past and current performance of your business and the industry in which your business operates in.

A guide to master data management:

Consider the entire life cycle of your data:

One way to master your business’ data management is to think long-term and to effectively plan how you foresee your business storing different pieces of data from the second they are acquired to their end cycle. For example, you may want to factor into your data management plan, the fact that you may be legally obligated to keep specific data such as financial records for a set amount of years. In case your business’ practices are audited to make sure that they meet industry regulations. In this case, make sure that you have the right software put in place in order to store key data for long periods of time.

However, if there are pieces of data that you don’t need to hold onto for the long term, you may want to think about the end of life plan for this data As an example, do you plan to archive this data for prosperity and as a backup in case you need to refer back to it in the future or do you plan to get rid of potentially sensitive information that is no longer needed once you’re no longer legally obligated to hold on to it.

Make sure that your business’ various departments have access to the right data:

Another factor that you should plan for, is to ensure that each of your business’ various departments has access to the information which they need, with a few clicks of a button. As there’s no point collating information especially information that isn’t required legally if your business’ departments can’t access it quickly enough to make quick decisions. For example, your financial department should be able to pull up financial data easily, while your logistics team should be able to track orders across your business quickly.

Perhaps most importantly your business’ finance team should be able to access the data which they’ll need in order to make decisions that will hugely affect the future success of your growing business. As when it comes to business decisions, information is power.

So if one of your business goals is to master data management and to demystify data management for the good of your business, it’s well worth assessing your business’ current data management plan, in order to make any necessary changes. Especially if you want to take your business to the next level and to promote growth in every area of your business.

 

Infographic created by Donnelley Financial Solutions, a global regulatory compliance company