Master Data Governance Best Practices

Master data governance is not a new field, and it has existed since the early 90s (8). However, the demand for master data governance has been rising recently due to the ever-increasing demand for cost optimization, faster product innovations, compliance with the set rules and regulations, and competitive advantage in the business field. One of the areas in which companies can achieve master data governance is through maintaining consistent data quality. Handling data is one of the pain areas in most companies due to the complicities involved in managing data. Still, companies that succeed in handling data compete well in their business since data leads to optimal decision-making. Data mismatch is putting so many companies projecting to accelerate their growth on brakes. This paper outlines the best practices of master data governance, which can help the companies solve and improve their odds in data governance and improve their business quickly, predictably when planning and implementing the decisions made.