DATUM was pleased to sponsor this year’s MDM & Data Governance Summit in New York City, hosted by Information Management and SourceMedia and led by Aaron Zornes of the MDM Institute. Drawing a record crowd of 400+ attendees from several of the world’s largest organizations, this event made it clear the influence and buzz of Data Management is stronger than ever. We enjoyed a constant flow of executives and data professionals interested in discussing their business’ data challenges, and were delighted to share our best practices and Information Value Management® solution.
Reflecting back on the week, here were our top 3 takeaway themes from the event:
1) Getting Started with a Data Management Initiative
Top of mind for many attendees was the fundamental question of “How do we get started in aligning our data team/organization?” Organizing for data should not require a mammoth upfront investment. More often than not, we’ve found the best way to get started is by taking a look intrinsically to identify where you’re already doing things well. That first step may be carried out either internally or with the support of a partner with predefined maturity modeling capabilities.
It is important to assess the key dimensions of Business Alignment, Data Processes, Governance, Organization, Policy Management, Architecture & Design, Quality, and Integration. Establishing this initial benchmark gives an indication of where things are being done well already (opportunity to evangelize demonstrated success), and a snapshot of where simple changes could drive quick wins early in your journey.
2) Engaging the Business to Deliver Actionable Insights
Most executives want answers to the simplest of questions, “How can I better cross & upsell our existing customer base?” or “Where can I cut costs from my supply chain with better leveraged spend?” This was made resoundingly evident by the numerous attendees who approached us asking “How can I get my executives the single view of our customers and/or suppliers for more actionable insights?”
The simple answer: better defined standards that are enforced through governance rules across your landscape of customer and/or supplier hierarchies and data processes. This demands a level of discipline and rigor of:
- Engaging the business to define what they want the information to represent (standards), and
- Aligning the data management team to define how to instantiate those standards via governance (rules)
DATUM’s own John Ferraioli presented the data governance keynote in which he described the reality that rallying the operational discipline required from people, processes and policies for data to address executive requests for better insights is not a simple challenge…but when done well, the tangible impacts to the business are tremendous.
3) Defining the Business Context of Data
Thanks to great presentations like “Data Governance Disrupts Status Quo for MDM” by Michele Goetz of Forrester, attendees learned MDM’s market perception of value is trending towards being a critical enabler for business intelligence. In order to be innovative and competitive, data management organizations must be able to define the context of their data’s impact to the business.
Michele discussed the importance of understanding that MDM is not an integration tool, but rather a solution. When choosing a product to help power MDM, you should look to one that helps address the context challenge. For example, DATUM offers Information Value Management® which is essentially a framework for defining the context of data through business metrics, such as order fill rate or day’s sales outstanding, while also providing measures on the trustworthiness of critical data impacting those metrics. Ultimately this becomes your mission control for defining context, measuring readiness, and improving business outcomes via data governance.
In conclusion, we are seeing more businesses investigating where significant value may be in their data. Getting started in an organized manner is the first hurdle that should be done in a lean fashion with emphasis on quick, demonstrable wins for the business. We are seeing our most successful customers quickly transition from small projects into MDM programs providing actionable insights which drive business transformation and value.
If you'd like to share your perspectives from the conference or get a first-hand look at Information Value Management®, please contact us. You can also download the presentation from the data governance keynote below: