Everything You Need to Know About Master Data Management in the Leadup to the Innovate Africa Symposium
This year’s Innovate Africa Symposium, taking place in Kigali, Rwanda, focuses on “Strengthening Data Governance in the African Data Ecosystem”. Data governance has become a hot new word in the world of data management, and for good reason.
However, if you haven’t encountered this concept before, don’t worry. This guide will help you fully understand everything there is to know about master data governance and the process of designing and implementing that framework—master data management. With a firm grounding in the basics of these concepts, what they entail, and their benefits, you’ll be able to attend the Innovate Africa Symposium and get the most out of the experience.
What are the Key Talking Points at the Innovate Africa Symposium?
The Innovate Africa Symposium’s focus this year is data. This means the symposium will highlight topics such as data catalogue and lineage, data quality management, and data protection.
Businesses across the continent will be gathering, hoping to learn more about using their data to facilitate growth and innovation. Rather than go blind to the topics covered, it is important that you understand at least the basics of data management – specifically, master data management.
What’s Master Data Management?
Master data management is a full-scale strategy approach that uses master data governance, data fabrics, data warehouses, and more to consolidate information meaningfully and strategically. In essence, it’s the bedrock on which you will build a successful digital transformation.
How Master Data Differs from Regular Data Management
The master file is the source of truth. It’s where you can go to get all the information you need about a specific topic, like a customer or a product. If you don’t have a master file for these items and instead your data is all over the place, then you are running your business into the ground. This is because inefficiency and misplaced data hurt your company on all fronts.
- Your business is inefficient since using your data takes time
- Your data is at risk from hacking attempts or insider trading
- Inaccurate or inconsistent data can skew analytics reports
Working with incomplete or inaccurate data can ruin you. Having your business hacked because your data isn’t secured can ruin you. Being so slow to use your data can mean conceding to your competitors, which, again, can ruin you.
More to the point, reorganizing your information into master data with a robust master data management strategy can help you every step of the way – including making your company ready to be scaled up at a moment’s notice.
What is Master Data?
Master data simply refers to the single source for an item. This means that master data can be:
- A Customer Profile: In this case all data relating to a single customer is cataloged in one file – ideally with a unique ID, in case two or more customers share the same name. Once compiled, you’ll be able to offer more personalization features for that person.
- Product Profile: Compiling all information relating to a single product (digital assets, sales data, etc) will allow you to better analyze the product’s success and work to meet future demands better.
- Operation Data: the Internet of Things is a powerful tool, and every one of those systems tracks everything from operational times to errors. By putting all the information taken from sensors into one operational file, you will be able to better spot operational inefficiencies and even when repairs are needed the second they happen.
- Supplier Data: Just as you would want all your customer data in one place, you’ll also want supplier data in a single silo. This way you can easily keep track of cost changes, supply chain issues, quality issues, and more by comparing previous data with current.
Why is MDM Essential for African Businesses?
AI and machine learning tools are working to even the playing field when it comes to competing with the big, established Western and Eastern brands. The only hiccup is if your data is just not there yet. Having a lot of data is great, yes, but if it’s not meaningfully organized even AI systems are going to struggle to use it. This, in turn, inhibits your business’ potential growth.
By using a master data management solution to create a master data governance framework, and also working through the steps of consolidating your data into a single source of truth, you better your business in these key ways:
Make Better Decisions
Analytical tools can help you make better decisions on how to move forward with your company, and MDM works to beef up the ability of your analytical systems. Combined, the reports you get will be more in-depth and accurate, allowing you to steer your business through whatever storm comes your way.
Improve Operations
Track all the information in your own supply chain and also your suppliers, and you can improve operational efficiency in and out of house. This is because using MDM to clean up your data can help you streamline processes, reduce errors, and help identify repair needs faster.
Boosts Security
One of the more depressing realities about our future is that cyber-attacks are going to become even more frequent, sophisticated, and devastating for businesses. Having all your information neatly organized and in one space can improve data protection. Implementing strong access control systems, encryption methods, and other risk mitigation measures can help.
Meet Compliance Initiatives
Every industry needs to play by the rules the governments set out, and having all your information neatly organized makes it easy to prove that your company is fully compliant. This saves time, energy, and funds.
What to Watch Out for at the Symposium
Master data management isn’t a new concept, but its importance has never been more clear than it is today. When you go to the symposium, try to learn about the future of MDM and MDG, the best practices for African businesses in 2024 and beyond, and what your competitors are doing, as all this will help you stay ahead of the curve.
