Ownership is a crucial principle in managing Reference and Master Data. Here's an in-depth look at why:
* Organizational Ownership:
* Unified Responsibility: Reference and Master Data are assets that span across various functions and departments within an organization.
* Consistency and Accuracy: Ensuring that data ownership is attributed to the organization prevents silos and ensures data is consistently accurate and available across all departments.
* Data Governance: Proper governance frameworks ensure that data is managed in a way that meets the organization's needs and complies with relevant regulations and standards.
* Avoiding Departmental Silos:
* Cross-functional Use: Different departments use and rely on Reference and Master Data, so ownership by a single department can lead to conflicts and inconsistencies.
* Holistic Management: Centralized ownership enables holistic data management practices, enhancing data quality and usability across the organization.
* References:
* Data Management Body of Knowledge (DMBOK), Chapter 7: Master Data Management
* DAMA International, "The DAMA Guide to the Data Management Body of Knowledge (DMBOK)"