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Simplifying MDM on Cloud – A CDO guide

MDM on Cloud

Master data Management

The data on the cloud is ramping up, and it is high time that organizations approach the master data more strategically. As cloud usage has increased considerably over the last decade, organizations should prioritize certain factors before drafting their data management strategy to obtain the most out of the cloud infrastructure. While many factors are involved, a few critical factors include resource availability, data quality, effective data integration, scalable master data repository, and quality control.

Why do CDOs need a proper master data management strategy?

A recent study shows that 25% of organizations have CDOs in place, and more organizations plan to hire CDOs. Organizations need a CDO who can carefully craft strategies and make the master data more reliable. The objective of opting for cloud services is to enjoy its benefits. A CDO can make the entire cloud experience more beneficial by strategically planning the data governance and utilization. There are many factors that a CDO should consider before crafting the strategy, like infrastructure, budget, man force, technical expertise, exemplary cloud service, vendor, etc.

A CDO’s important responsibility is to drive innovation and craft master data management strategies that can

The process starts with deciding where to place the data. How the data is placed and federated across the organization has a significant impact on managing the master data. For this reason, CDOs should strategically plan enterprise-wide governance and utilization of data across the organization. When operational processes run on the cloud solutions, master data is created. CDOs can extract analytics and insights from these data to evaluate the data management capabilities.

If you are a CDO and you are on the constant watch out for some direction, then this is all you need. Here are the things you need to incorporate in your master data management strategy to manage master data on the cloud seamlessly.

Authorize data sources

For a CDO, it becomes significant to decide which leading systems to use and which trusted data sources to assign when your organization uses multiple applications on the cloud. The CDO should decide which master data field will be managed and should make this decision early in the cloud software deployment strategy. Multiple applications on the cloud might use the same master data, so it is better to make this decision before it becomes complex.

Here are some points you should consider,

Maintain your data quality

The data quality directly impacts business decisions, particularly for data-driven companies. Cloud platforms provide data quality managing add-ons or features to assist the data quality management. CDOs can make use of these features to maintain their data quality.

Here is a data quality checklist for you

Redefine master data lifecycle

The next thing you need to look at is the master data life cycle process. The data lifecycle management includes maintaining processes like updating, deleting, and archiving. Most cloud software executes these tasks as a part of their standard functionality if you decide to utilize it. CDOs can choose to develop a data process and software like an MDM system and integrate it with the cloud solutions to maintain the master data lifecycle.

Here is a checklist of important things

Address data security and liability risks

The cloud offers good security and data protection. It is a CDOs responsibility to evaluate the security and privacy policies and regulations offered by the service provider. CDOs should clearly understand the data liability risks for data exposure and mitigation obligations.

Here is a checklist of points that you should include in the contract

MDM on the data is a secure, robust option that provides high scalability and reliability. On the cloud, MDM can be customized to fit your requirements and can be integrated with other software applications. With all the advantages of MDM on the cloud, it is the CDO’s responsibility to identify new ways to manage the master data effectively, keeping all the risk factors ahead.

At Saxon, we help organizations to approach their master data strategically. For any assistance on Master data management, connect with us here.

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