Master data management: Six steps to succeed

The global market for Master Data Management (MDM) services and software will reach $10.4 billion by 2009, according to predictions by Research firm IDC in Framingham, Mass.

Master data refers to vital business information that needs to be shared across multiple systems. Master data management is the combination of strategies and technologies to uniformly describe and present this data. The goal is to reuse common data to drive business value, according to analyst Andrew White at Stamford, Conn.-based ,a href=http://www.gartner.com>Gartne

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"Instead of handling information one project at a time, the CIO of the future is going to have to support the CEO's demand for [the company] to be more agile and nimble. That means bringing different groups of information together once and for all with a holistic strategy," with MDM as the centerpiece, White said.

Experts recommend following a series of steps to achieve master data management success.

Garry Kranz is a freelance business and technology writer in Richmond, Va. He can be reached at gkranz@ureach.com.

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