Data is the lifeblood of any company. It needs to be adequately collected, analyzed, protected and maintained. IT decision makers realize this, yet implementing proper master data management solutions seems to be lacking. This finding was released as part of a survey of 200 IT decision makers on Survey Monkey by Innovit. According to data collected on the survey, there is a huge disconnect the importance of master data and the perceived quality of that master data.
According to the survey, 74 percent of respondents say that master data is critical to their organization, while nearly 30 percent of respondents say that the quality of their master data is ‘average’ at best.
“The results of this survey were quite shocking for any organization as there is a huge disconnect between where data is maintained, and where it is needed,” says Bang Chau, vice president of business development. “These organizations have been getting by with using master data that is not validated and not managed rigorously – impacting customers, suppliers and the efficiency of key processes & systems. An MDM solution provides accurate and synchronized master data to large enterprises and mid-sized companies that can be trusted by all users and automated systems.”
According to the respondents, an MDM tool was selected as the most wanted tool to reduce manual labor (44 percent). Historically, completing master data projects requires technical skills and resources that many enterprises simply don’t have. More than half of respondents said it takes them more than 16 hours every week to complete MDM upkeep.
Additional findings from the survey include:
- No. 1 reason why respondents don’t currently have an MDM solution is that it’s “too expensive” (38 percent)
- 20 percent of respondents say data upkeep only happens once a month or less
- Nearly 20 percent of respondents say their organization doesn’t have a master data initiative in place
- 30 percent of respondents say their master data is still manually recorded