In simple terms Data Governance “brings order” to all operations surrounding information assets in an enterprise. Data Governance addresses all three key factors in data management.
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Consult all the people involved so they can express their business needs, make contributions toward improvements, and define current processes. Then provide ongoing training and support as the organization migrates to Master Data Management.
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Analyze processes to identify ways to improve data quality; document target conditions, data models, business procedures, training requirements, and report formats.
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Deploy technology tailored to implement the analysis, streamline operations, and reduce duplication and errors.
Data Governance works with the business community to create and enforce standards around the definition, creation, modification, usage, storage, and deletion of enterprise data. Data Governance architecture and designs ensure that business processes align with enterprise goals and comply with standards. This function necessarily creates a joint venture between business line managers and IT to improve data quality, to reduce operational and data redundancies, to increase overall effectiveness, and to promote shared services on a continuous basis. It is both critical and challenging to deploy Data Governance in a cross functional environment, ultimately involving all lines of business.
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A sound MDM deployment defines what data is needed and how to collect, verify, and use that data. The goal is to have what you need to know about customers, competitors, and the market as well as your own products and services--but no more than what is usable. MDM applied across an enterprise minimizes duplication of stored data, yet makes any data available wherever needed.
In an MDM project, Aikya experts address the three interlocking aspects:
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People,
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Process, and
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Technology.
People are key: their needs must be met as they move forward to improve data management. Process improvements are designed and documented to support bussiness goals, based on available data. Then comes the appropriate technology.
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High quality data leads to well-informed decisions and effective business activity. Sound data--high quality data--is critical for an organization to leverage data as an asset across the entire organization. Data quality is not a function of IT alone, but necessarily involves, to a lesser or greater extent, every part of the firm that gathers, stores, or uses data. Aikya's data quality methodology will give you higher quality data in less than 90 days. We accomplish that goal via progressive phases including Discovery (Data Profiling), Analysis, Review, Root Cause Analysis, Remediation Approach, Implementation, and Monitoring. We build data models to support profiling, generate reports, analyze anomalies based on predefined business rules, and recommend solutions to remediate the root cause of the data issue.
Aikya data quality projects typically show payback from reduced costs in less than 90 days. Benefits include:
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Increased revenue
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Improved customer retention
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Reduced and avoided costs
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More flexibility to support business strategy
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Compliance with legal requirements such as privacy and information security
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Reduced risk of fraud, bad debt, and DRO.
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