“McKinsol has been a key player in setting up our EIM org, advising on best practices, SAP S/4 Fashion Master Data Governance, MDM conversion, and providing outstanding continued support services for all of our master data.”
Data Governance & MDM transformation is a fundamental rethinking, mindset and philosophy to keep master data at one place and keeping it as a single source of truth. Hub & Spoke strategy is a key element to success in global organizations however source of truth should be one system and not disparate multiple systems. However Single Source of Truth will allow make business decisions based on single source, consistent information across all departments, other systems and same perception of stakeholders.
Create a reliable and centralized management system for all business needs. Which will help to streamline and simplify the process needed to maintain and monitor data. It ensures the data integrity, trustworthiness and security of the data.
Data Governance Council is to provide Guidance as to follow Enterprise Data Governance, it's Policies, Processes, Procedures, Rules and Compliance to make and keep data Clean, Consistent, Connected, Secured and Trustworthy. The council ensures application of processes and continues improvising on it, to keep organization scalable.
The basic underlying rules of a successful Master Data Governance project is to make data clean and keep data clean. Master Data is a blood to all departments and systems and it is highly critical to continue cleansing master data on a continuous basis. Various market research shows every year master data gets corrupt by a degree of 25-30% with constant maintenance of it. Therefore it’s a constant effort to do constant monitoring and data governance execution through the year.