In one of our latest blog “6 Benefits of Master Data Management”, we looked at the benefits of Master Data Management (MDM) for asset-intensive businesses. For this blog, we will discuss the important steps to execute a successful MDM implementation.
To start, your organization’s foundation must be cohesive. Ensuring a strong foundation will help contribute to your success in MDM implementation. For most asset-intensive companies, the main priorities include;
- Implementing guidelines for data governance
- Improving asset and maintenance asset master data quality
- Ensuring that their data is efficiently managed and accessible across all departments
Before implementing any system, it is imperative to set a goal as a business. What data challenges do you hope to provide a solution for with your MDM system?
Here are the 3 Steps to Successfully Implement MDM:
Step 1: Establish a Data Governance Strategy
The most important step of successful MDM implementation is to establish and formalize data governance procedures and processes. Data governance ensures that your company’s assets are efficiently managed across the organization and ensures reliability. Invest in your data for the long run to ensure that your business yields high-quality results.
Step 2: Apply Master Data Management to Any New Data
Consistency is key. By applying MDM to maintenance and asset master data will ensure cohesion throughout your company. Don’t wait till it’s too late. In the past, many organizations have faced delays and wasted unnecessary resources for their MDM implementations as a result of ignoring issues.
Step 3: Determine the Most Effective Implementation Strategy of MDM
Not all companies have the ability to create new maintenance and asset master data from scratch. For this reason, it is important to carefully identify the necessary data to apply MDM. In some cases, it may be a better idea to partially implement MDM or at least until the data has been migrated to another platform.
Do you need help with building high-quality asset and maintenance master data for your EAM, CMMS, APM, and other maintenance and reliability systems? Being a data-driven organization requires more than just collecting data. NRX AssetHub provides asset-intensive businesses with world-class software for analyzing, visualizing, building, editing, organizing, approving, and sustaining high-quality Asset and Maintenance Data for their Enterprise Asset Management (EAM) and Computerized Maintenance Management (CMMS) systems. We also offer customized demos. Reach out today!
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