How does a non-techie person even put together a Data Repair Workplan to save & protect themselves?
There is a name for this problem and its corresponding solution. It’s called master data management.
That name covers the “Rules of the Road” on how data can magically remain accurate even as your upstream team members enhance or change that data before it gets to you.
The key thing here is not to jump to the conclusion that this is a techie thing, it’s not, and the techies will likely be of No help to you.
It’s a business issue that the IT crew does not have the staff to address, probably does not even understand or will ignore on purpose if they do…because they probably think this is too expensive and political to fix. The truth is that if 50 people at your company across finance, supply chain and operations are reconciling data every day, then it’s already costing your company over USD$2,000,000 in wasted headcount, not including the expensive impact of bad decisions made on inaccurate data.
That kind of simple math will help your CFO / CIO put this on top of the list of things to address!
If you have any of these symptoms below, then you need to cure your master data management ills before they disable or damage your career.
The good news is that the software to fix it is available for FREE.
Data accuracy gets corrupted often maybe almost every day because simple operational changes in things like: Names, reorganizations, addresses, accounts… are not automatically synchronized between multiple financial and operational systems.
The consultants tell you that your AI project needs an expensive “Change Order” because the metadata is a mess and AI needs “Clean data” to work. Of course, they did not mention that when they were selling you that AI project in the first place – they waited so they could “Change Order” you!
Reporting is at best “Kinda Right” at the summary level but analytics that will drive margin & performance improvements is not possible because the detail level data is messy.
An average of 16 hrs. a week is spent by each financial and operational team member reconciling differences between financial and operational systems so they can even start their real job.
You know of careers & reputations that have been damaged already because team members “Trusted” the reporting systems in place at face value to move data from place to place accurately.
Compliance, both regulatory and tax based, gives your auditors fits because they cannot trust the data, this increases audit fees.
The IT folks say my data is integrated but you are finally figuring out that they are trying to bamboozle you with words that don’t match the problem. What the IT folks are trying to avoid fixing is your master data issue. It’s not your job to reconcile data – it needs to be automated, or you need to stop working with your IT crew and get us on the case.
Remember the business is the boss, IT works for the business, so don’t be afraid to give orders!
As a finance of operations person, you understand the value of accurate, consistent, and accessible data. Master Data Management (MDM) may sound technical, but it’s a vital initiative that ensures reliable data across your organization. Here’s a simple, actionable workplan to help you lead an MDM effort from the top without diving into IT jargon.
Step 1: Define Business Objectives
Identify the key areas where data consistency impacts your business. Ask:
What data do we rely on most for financial reporting, budgeting, and compliance?
Where are we seeing data discrepancies that slow us down or lead to errors?
Aligning Master Data Management with business objectives—like improving reporting accuracy or reducing audit risks—helps clarify the purpose of this initiative.
Step 2: Establish Ownership and Accountability
Assign clear ownership of the MDM initiative. Consider appointing a Data Governance Champion within the finance team to oversee data accuracy and consistency efforts. This role doesn’t have to be technical but should understand data importance and liaise with IT and other departments as needed.
Step 3: Inventory Your Critical Data
Identify and list the “master data” essential to your operations. Common examples include:
Account changes (additions / deletions of accounts between separate systems)
Hierarchy changes (for reporting between separate systems)
Customer information (for revenue and sales analysis)
Supplier and vendor details (for spend tracking & manufacturing)
Product information (for costing and profitability analysis)
This step is crucial for understanding the data you need to manage and setting clear boundaries and team members for the MDM effort.
Step 4: Prioritize Data Quality and Standards
Define data quality standards and create a plan for ongoing data validation. Focus on:
Consistency: Ensure data is uniform across all departments.
Accuracy: Work with department Leads to eliminate duplicate and erroneous data.
Timeliness: Set up regular reviews to keep data up-to-date.
Data quality standards lay the groundwork for reliable reporting and analysis.
Step 5: Select Simple, Business-Driven MDM Tools
You don’t need complex multi-million-dollar master data systems. The tools you buy should support:
Data deduplication and cleansing
Easy data access for reporting
Integration with finance and ERP systems
BE FREE, paying large license fees is just as dumb as ignoring this problem.
Step 6: Foster a Data-Driven Culture
Encourage teams across departments to adhere to MDM standards by explaining the financial and operational benefits of clean, consistent data. Make MDM a shared responsibility, and regularly communicate its impact on company performance.
Step 7: Review and Refine.
MDM is an ongoing effort. Schedule regular reviews to evaluate data quality, adjust standards, and track the MDM initiative's impact on finance goals. This feedback loop helps ensure your MDM efforts continue to support your business objectives.
By following these steps, you’ll build a strong foundation for master data management that supports financial accuracy, risk reduction, and operational efficiency—without needing technical expertise.
We have been looking after data, integration, reporting and analytics for over 20 years so we have already done all the hard work to help you get results quickly and at an affordable price.
Contact us for a free initial assessment.
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