How confident are you when it comes to data quality in your Microsoft Dynamics 365 ERP?
according to , 56% of CEOs are concerned about the integrity of the data they use for decision-making, and 45% believe that the lack of customer data impediments the quality and depth of customer insight. Imagine emailing an important customer to the wrong email address, making the decision to launch a product based on inaccurate data on buyer preferences, or not being able to reach a top 100 customer list because the data is scattered across multiple systems. Imagine this happened to you.
If you cannot master your master data, it can lead to incorrect decisions, loss of credibility, and wasted time and money.
Through our To-Scale experience, we’ve had a lot of people ask us the question “What is the best time to implement a Master Data Management (MDM) solution?”
It’s easy to start early on in your life flight from later on. Although the investment is significant, when done correctly by following best practices, it is much easier to manage your master data. The result for you is the opportunity to generate more revenue.
We have created a solution, , To make sure you do not make mistakes in key data management, but this blog is not about the solution we offer. This blog will help in the implementation of key data management, with any solution.
5 Managing master data Implementing best practices
Do you consider applying MDM Dynamics in your 365 ERP? Then continue reading to learn best practices for the application of MDM.
1. Building your business case for MDM
One of the main reasons for the failure of the initiative is the MDM working condition lost. You must answer your own work on the study of the causes and how to implement key data management and are responsible for them. Here are some of the best practices that must be followed to build a better working condition.
- Connect your master data projects to your business strategies, goals and objectives so that a file Benefits clear.
- Continue with business users to understand how to use the data in the functions and operations of your organization.
- Decide when and where do you start and do not forget planning for corporate governance data.
- Identify and prioritize business challenges and data issues and be clear about the organizational goal of implementing MDM.
2. Identification of stakeholders
Identify stakeholders and get a senior executive to act as the sponsor or champion of the MDM application. Stakeholder alignment is a vital part of MDM implementation. The Champion or Sponsor is actively invested, participates in the implementation process and communicates with all stakeholders. This ensures that the goal of your MDM implementation project is aligned with the company’s goals.
In addition to stakeholders, you also need a project team that is delegated and held accountable for achieving milestones and completing objectives. Get input from every department within your organization for a worthwhile MDM project, where every department uses data in one way or another.
The following is a list of potential stakeholders to implement key data management:
- Higher Management
- business users
- data hosts
- Application owners
- Information Engineers
3. Follow a clear implementation strategy
Approach your MDM implementation with a well-thought-out plan. Do not ignore the scalability and future considerations design. Many of you may be wondering if it is better to start with one area of master data at a time or focus on multiple areas. I would say this depends entirely on your business challenges, data weaknesses, and timelines within which you have to solve the challenge.
For example, we had hope with the ERP implementation failed due to problems with master data. As they faced challenges with product data, he advised them to take a step-by-step approach to implementing MDM and focus on clarity of product data as the primary goal of project implementation. But this may not always be the right approach. Some organizations may need to focus on multiple areas, (eg, customers, products, rental objects) as they become critical in solving their business challenges.
In your Dynamics 365 ERP, you can use MDM solutions to focus on data distribution, data entry, , Or data security, or you can perform all together. It does not matter if you start with one or another, or did it all together. More importantly, it is to be clear about what is important for your business and follow the correct process.
4. Focus on business operations
It is necessary to determine the correct business processes to create the master data. When you select the process, you should take into account data governance. During data entry, how can you ensure the smooth processing or speed up data entry?
Often, we see that multiple disciplines contribute attributes to a single master data record. A workflow solution is recommended where multiple users will be instructed to provide their portion of master records. Each user gets a subset with related fields and workflow steps assigned to them.
inside We are currently developing a new solution for Dynamics 365 Finance and Operations called Data Entry Workflows. Allows you to configure workflows to manage creation, updates, and approval of master and reference data as user collaboration is ensured.
5. Data management plan
MDM implementation cannot be successful without proper data management. You can compare data management to a building plan. It provides a framework for creating policies, standards, and processes to improve the value propositions you can provide to your organization. Master data management and data quality are dynamic processes that require continuous monitoring to achieve the goals of the organization. Data management aligns the essential elements, especially people and processes, that can contribute to the success or failure of a data management (MDM) program implementation.
You can perform MDM without judging data? No, you can not work without data governance MDM. It’s like the question of whether you build a house without a plan. Now this will be a recipe for disaster … not only you, but also to build. Similarly, the implementation will fail without the appropriate data MDM management.
How do you get started with the Master Data Management application?
Following best practices seems like a great idea, but what if you don’t have the time or resources to put an MDM implementation plan into action?
The only advice I have would be to start small. Don’t wait until your business process breaks. If you wait, then chances are that you are incurring an exponentially higher cost. Identify one or two areas where the quality data is lacking causing friction and start working on a design plan for it.
And relax, you won’t solve it in one day. You have to focus on what you do best and leave the task of implementing the MDM to the experts. The worst place you can be is on the wrong side of a good idea, and implementing MDM is a good idea.
Our MDM Studio can enable data hosts to manage master data within D365FO, D365 F & SCM. Learn how MDM Studio can help you map your global, regional and local data within Dynamics 365.
You may not need to if you are so our solution small company. But if you are not, you may want to get more information about our solution, MDM Studio.