Key take away #2: Central data collection is not enough anymore – learn to connect
In March we were fortunate to attend this year’s Gartner Data & Analytics Summit in Grapevine TX. As always, the event offered opportunities for networking and learning from the best in the data science industry. Again, Master Data Management (MDM) was one of the hot topics. We are happy to share our key learnings with you in short series.
To declare the obvious, Digitalization is currently a hot topic. Yet despite everyone is talking about it very few companies can achieve it and far fewer can sustain it. The amount of data is increasing month by month, with new regulatory requirements and opportunities (e.g. GS1 / GSDN, Serialisation, IDMP…) appearing every day. In our view, big data was only the beginning, and now companies must deal with data management expectations driven by sudden changes, as organizations adapt to new business models. Traditional approaches driven by data collection will no longer hold true nor will they be able to adapt. Organizations will face major challenges in their information infrastructure and will need to balance data collecting versus data connection approaches.
From our experience most Data Leads envision an endgame scenario of centralized data management: where data maintenance, collection and life cycle management are seamlessly executed over system barriers and functional departments. However, the increasing complexity of business and legal requirements required for this approach seems impossible and extremely inefficient. The future of effective data management involves an approach that combines an intelligent infrastructure, data governance and external data sources. Key to this new approach is proper metadata management. Metadata management starting with ensure you have the right information about your data, such as knowing (link to Gartner source):
- Where it resides, and through which channels it arrived
- What it means, and how it should be interpreted
- How it relates to the rest of the ecosystem
- What it’s worth, and how its value can be expressed
- Who it’s accessed and consumed by
- Which business processes it fuels
- Which governance policies it’s expected to satisfy
Without effective metadata management, connecting data becomes brittle, chaotic and siloed. Make certain you have a holistic data and metadata strategy in place that reflects all the existing and upcoming needs. We would be happy to share our best practices and experiences with you.
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