Master database management is a business process, not just an IT project
2011-02-10
Master database management is becoming an increasingly pressing priority as financial institutions look to cement customer loyalty and increase revenues in the face of pressing federal regulations.

However, when implementing MDM strategies it is important to consider a few key facts. First, FIs should remember the MDM is not solely an IT initiative. MDM is a business process that must involve and ultimately be championed by the boardroom, IT Web writes.

Furthermore, MDM is not a once-off installation. It requires constant management and updates to be the most effective customer segmentation tool as possible.

"They are journeys, rather than destinations, and they yield long term, rather than short term benefits. MDM permanently changes the way organizations gather, categorize, sort, store and manipulate data. In addition, anyone approaching MDM as a technology rather than business process issue is going to fail to maximize business value," the website writes.

Recently, Gartner reemphasized the importance of MDM, designating it one of the nine key trends in data warehousing that CIOs need to look out for.

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