| Master Data Management is a methodology for | | | | prevent fraud. With the passing of |
| researching and implementing controls and | | | | Sarbanes-Oxley which holds executives of public |
| business rules around your data. There are many | | | | companies accountable for their financial |
| benefits to implementing Master Data | | | | statement, these executives have now placed |
| Management (MDM) at your company. MDM can | | | | pressure on the organization to get things right. |
| help prevent critical errors, it can help prevent | | | | For many companies, Master Data Management is |
| fraud, and it can help make you a smarter and | | | | one of the pieces for ensuring accuracy and |
| more efficient company. | | | | preventing fraudulent reporting. Master Data |
| The first step of Master Data Management is | | | | Management creates the rules that would make it |
| identifying the most critical and important data for | | | | difficult to have false or inaccurate data. With the |
| your company. Doing this step alone can help | | | | prospect of an executive going to jail should they |
| shine light within the organization on what is | | | | have falsified financial reports, it is critical that |
| important. MDM can help prevent critical errors | | | | these statements are correct. |
| because, once controls and business rules are | | | | Finally, MDM can be used to make your |
| implemented on your critical data, you are less | | | | organization smarter and more flexible. By having |
| likely to make the mistakes of the past and you | | | | accurate data for your most important |
| help yourself from preventing mistakes in the | | | | information, you can be sure that your models, |
| future. The company is now focused on its critical | | | | projections, and predictions are as accurate as |
| data, on keeping it clean and accurate, and this | | | | they could be. If you feed bad data into your |
| mentality is spread across the organization. | | | | forecasting models, the results that are output |
| The task of identifying the most critical | | | | are nothing that could be relied on. By starting |
| information should not be determined by just one | | | | with valid data you are much more likely to |
| person or one group. This task should be done | | | | produce results that your organization can depend |
| with the help of people across the organization so | | | | on. |
| that everyone takes 'ownership' of the idea that | | | | There are many benefits to implementing data |
| the end result had to do with research and work | | | | governance. MDM can help keep your CEO and |
| they put forth. It is important, with MDM, to play | | | | CFO out of jail, it can help prevent critical and |
| the political game so that you have support from | | | | embarrassing mistakes, and it can help your |
| others in the organization. | | | | company succeed and thrive well into the future. |
| Next, Master Data Management can also help | | | | |