Managed Master Data is accessible, accurate and complete. For most organizations, Master Data Management remains elusive as data is distributed across many systems and data disparities are rampant.
More and more, organizations are realizing that a Master Data Strategy can be a critical organizational asset. The value of a Master Data Strategy is difficult to leverage, due to the size and complexity of the data. These services guide a company through these complexities providing data governance, accuracy, consistency and accessibility.
Newmark Master Data Strategy services takes into account key areas, including:
- Data Ownership/Data Integration
An inventory for all major applications, databases, spreadsheets and manual records is documented. This inventory includes system identification; data ownership roles and responsibilities and accurately represents all of the data that is of importance for reporting and analysis. A data integration plan is often required to define a sustainable ‘single source of truth’ in organizational data.
An integrated Data Quality Index (DQI) and dashboards monitor the accuracy and completeness of their data and its improvement over time. This tool provides context to the data that is reviewed, and allows an executive to understand the reliability of the information, before taking action.
A sustainable data governance plan is implemented to define who is accountable for identifying, preventing and correcting data-related issues to ensure the long-term value of all data assets.