{"id":4543,"date":"2017-06-14T06:23:29","date_gmt":"2017-06-14T00:53:29","guid":{"rendered":"http:\/\/www.allerin.com\/blog\/?p=4543"},"modified":"2017-06-13T15:37:26","modified_gmt":"2017-06-13T10:07:26","slug":"master-data-management-for-monetizing-data","status":"publish","type":"post","link":"https:\/\/www.allerin.com\/blog\/master-data-management-for-monetizing-data\/","title":{"rendered":"Master Data Management for monetizing data"},"content":{"rendered":"<p><a href=\"http:\/\/www.allerin.com\/wp-blog\/wp-content\/uploads\/2017\/06\/monetizing-data.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-4691\" src=\"http:\/\/www.allerin.com\/wp-blog\/wp-content\/uploads\/2017\/06\/monetizing-data.jpg\" alt=\"\" width=\"770\" height=\"513\" srcset=\"https:\/\/www.allerin.com\/blog\/wp-content\/uploads\/2017\/06\/monetizing-data.jpg 770w, https:\/\/www.allerin.com\/blog\/wp-content\/uploads\/2017\/06\/monetizing-data-300x200.jpg 300w, https:\/\/www.allerin.com\/blog\/wp-content\/uploads\/2017\/06\/monetizing-data-768x512.jpg 768w\" sizes=\"auto, (max-width: 770px) 100vw, 770px\" \/><\/a><\/p>\n<p>Data monetization refers to the generation of revenue from available data sources or real-time streamed data. It is the process using which data producers and data aggregators exchange, sell, or trade data. CAOs and <a href=\"https:\/\/www.allerin.com\/services\/big-data-analytics\" target=\"_blank\" rel=\"noopener\">big data<\/a> leaders should focus on using a multistep business case development process for increasing engagement with the business and create business value with master data management.<\/p>\n<h6><\/h6>\n<p>In this post, we will discuss how you can use master data management for monetizing data.<\/p>\n<p><a href=\"http:\/\/www.allerin.com\/wp-blog\/wp-content\/uploads\/2017\/06\/14.jun_-2.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-4689 size-full\" src=\"http:\/\/www.allerin.com\/wp-blog\/wp-content\/uploads\/2017\/06\/14.jun_-2.jpg\" alt=\"\" width=\"770\" height=\"438\" srcset=\"https:\/\/www.allerin.com\/blog\/wp-content\/uploads\/2017\/06\/14.jun_-2.jpg 770w, https:\/\/www.allerin.com\/blog\/wp-content\/uploads\/2017\/06\/14.jun_-2-300x171.jpg 300w, https:\/\/www.allerin.com\/blog\/wp-content\/uploads\/2017\/06\/14.jun_-2-768x437.jpg 768w\" sizes=\"auto, (max-width: 770px) 100vw, 770px\" \/><\/a><\/p>\n<h1>Select metrics according to business vision for your master data management solution<\/h1>\n<h6><\/h6>\n<p>You can start by selecting MDM performance metrics and creating an MDM strategy. Several times, organizations overlook performance metrics. The IT department is incapable of doing this job as IT does not have control over the key business processes or on how their enablement can help in providing an improvement or business value. Thus, business leaders must focus on creating MDM-related metrics that help in measuring the effectiveness of key business processes. Along with this, CAOs must also determine metrics for measuring master data accuracy and then build the link between this and business process success. Following are some of the best practices for creating metrics:<\/p>\n<h6><\/h6>\n<ul>\n<li>The metrics you select be mutually exclusive and collectively exhaustive<\/li>\n<li>Your metrics should focus on middle and executive management levels<\/li>\n<li>Metrics must be made flexible by using an architecture that facilitates many combinations of custom and standard metrics<\/li>\n<\/ul>\n<h1>Baseline selected business metrics<\/h1>\n<p>Often program managers find it difficult to objectively demonstrate that business value has been accurately delivered. The main cause for this is that there are no pre-agreed measures that show the status before and after the program was implemented. Therefore, it is necessary to have measurable metrics and to baseline against these metrics before the MDM program starts.<\/p>\n<h1>Determine capabilities of the proposed solution<\/h1>\n<p>Along with IT department, business leaders must also understand and evaluate the functional and technical capabilities of their MDM software solution. This is because the business relevance of the solution is not clear to the business users, until it is demonstrated in business terms. Therefore, the solution should be described based on how it can effectively impact targeted metrics; otherwise, it can be difficult for stakeholders to gauge whether the solution delivers desired financial profits.<\/p>\n<h6><\/h6>\n<p>Finally, by properly communicating a comparison between actual performance and target performance to all stakeholders, their understanding of and response to the MDM program will occur more quickly thereby, increasing productivity gains and monetizing data.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Data monetization refers to the generation of revenue from available data sources or real-time streamed data. It is the process using which data producers and data aggregators exchange, sell, or&#8230;<\/p>\n","protected":false},"author":1,"featured_media":4691,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[126,3],"tags":[147,356],"class_list":["post-4543","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-big-data","category-technology","tag-big-data","tag-master-data-management"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.5 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Master Data Management for monetizing data | Big Data |<\/title>\n<meta name=\"description\" content=\"CAOs must also determine metrics for measuring master data accuracy and then build the link between this and business process success\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.allerin.com\/blog\/master-data-management-for-monetizing-data\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Master Data Management for monetizing data\" \/>\n<meta property=\"og:description\" content=\"Data monetization refers to the generation of revenue from available data sources or real-time streamed data. It is the process using which data producers\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.allerin.com\/blog\/master-data-management-for-monetizing-data\/\" \/>\n<meta property=\"og:site_name\" content=\"Artificial Intelligence, ROBOTICS, AUTOMATION\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/allerintech\" \/>\n<meta property=\"article:published_time\" content=\"2017-06-14T00:53:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.allerin.com\/wp-blog\/wp-content\/uploads\/2017\/06\/monetizing-data.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"770\" \/>\n\t<meta property=\"og:image:height\" content=\"513\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Naveen Joshi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@joshinav\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta 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