It is extremely important for the organization to decide on the right approach supporting all the other building blocks of MDM initiative and that is the forte of Summitworks.

As management consultants we provide a 6 step MDM implementation process namely:

Develop MDM vision:

Every organization has a business vision, but they also need to develop a related MDM vision that clearly articulates its business benefits. At a bank that strives to offer the lowest prices, for example, the MDM visions should explain how consistent master data will help achieve that goal. SummitWorks help its client to achieve their business goals."

Document MDM strategy:

If the MDM vision explains the "what" and "why" of MDM, the next building block – an MDM strategy – answers the question of "how," We help define a MDM strategy that explains which master data domains and use cases will be addressed, when and how.

Determine business-related MDM metrics:

Linking MDM to business value is key to success, and so is developing a set of metrics to measure and illustrate MDM's impact on the organization. Such metrics should be business focused, not IT focused. SummitWorks help its clients to setup metrics that show that customer retention or cross-selling rates increased as a result of MDM.

Create MDM and data ownership-related rules:

Most MDM initiatives that fail do so for data governance and organization-related reasons. That's because, at its heart, MDM is about people sharing data. At the early stages of the MDM processes, then, establishing rules among stakeholders as to who makes what decisions, who is responsible for what data, and who will consume the data is a must. We help define a strategy that helps various departments to share their data thus helping MDM implementation a success.

Prioritize MDM-related processes:

i. Once governance and organizational rules are established, the process to create and actually consume master data needs to be articulated.

ii. Prioritization is vital in determining which process are “nice to have” and which are “must have.”

Determine MDM technology strategy:

Finally -- after the MDM vision, metrics, governance and processes have been determined -- comes the technology. We help organizations to have the option to buy MDM-enabling technology, build their own, or do some combination of both.