Master Data Challenges: Best Practices and Technology Barriers

Master data management requires the adoption of advanced technologies that can ensure data consistency, data quality, and data security, as well as the ability to handle large volumes of data from multiple sources. Master data is the core data set used by organizations to make strategic business decisions. However, maintaining accurate, complete and consistent master data can be a very complex undertaking and require a high degree of technological expertise.

Here are some of the main technological barriers that can limit the effective management of master data:

Legacy systems: many organizations still have legacy systems that can be difficult to integrate with new technologies. This can make it difficult to flow data between systems and manage information across platforms.

Diversity of data sources: master data may come from different sources, such as ERP applications, CRM, SCM, and so on. This may result in the need to unify data from different platforms in order to ensure consistency.

Scalability: increasing data volume can make master data management difficult. This requires technology that can handle large amounts of data and provide high performance.

Data security: master data often includes sensitive information about customers, transactions and business activities. This requires effective security measures to protect the information from unauthorized access.

Data quality: master data must be accurate and consistent. However, data quality can be affected by a number of factors, including human error, incomplete, duplicate or outdated data. This requires the use of technologies that can ensure data quality and error correction.

Many companies are becoming more mature in master data management, but there are still challenges to overcome to ensure effective data management. Awareness of the importance of master data is increasing, and companies are investing more and more resources to improve their performance in data management.

Italian Edition of Roundtable will be moderated by Gigi Beltrame