A purpose-built life sciences information management solution leveraging a multi-domain approach to manage enterprise data for consistent, reliable and faster access to insights.
Achieving a mature master data management system (MDM) does not happen overnight. And it is not just a matter of securing the proper technology to get the job done. The implementation process itself requires cultural change and engagement across all internal stakeholders. This purposeful buy-in on the part of all involved is equally as important as selecting the right technology.
MDM maturity requires companies to address these critical topics:
In addition to cultural readiness, the five key platform essentials for master data management are data model, data integration, data quality, application program interface (API) for external content providers/systems, and data governance.
Before embarking on a comprehensive MDM strategy, it is imperative to ask the implementation team key questions, such as:
By analyzing the current situation, the requirements for the new system can be documented based on the defined goals. This project setup requires detailed elaboration, as it forms the basis for measuring the project’s success.
[Figure 1] 6 DIMENSIONS OF MDM MATURITY MODEL
ROI is always difficult to evaluate and prove, especially for backend solutions, so we suggest estimating the impact and benefit of your MDM strategy from different perspectives:
- Revenue increase (financial)
- Cost reduction (financial)
- Efficiency gain (operational)
Each of the 6 dimensions above can contribute to a certain extent to the realization of these benefits.
Not all companies are equal and therefore no two MDM strategies are the same. While there is no pre-defined formula for choosing the right strategy, you can gain superior ROI from your investment by ensuring that your strategy is mature. This entails choosing the right solution with partners who will support you through the implementation and evolution of the MDM system that is right for you.
A purpose-built life sciences information management solution leveraging a multi-domain approach to manage enterprise data for consistent, reliable and faster access to insights.
Connect data across your organization with master data management and data warehouse capabilities, and transform the way you make business decisions.