Interaction - Romit Mukerji, Managing Director, India, Prospecta

Data management is becoming more and more important in today's business world. Romit Mukerji, Managing Director, India at Prospecta discusses some aspects of it with us.

Challenges that enterprises face in managing their data and how this negatively impacts businesses

Romit Mukerji - Data is the new currency, and it is critical for organisations to manage their data with the right set of checks and balances in place. With more and more Data being generated every year, almost every organisation is struggling to understand and derive value from their data.  Without taking action now, this problem will only get worse for the companies that are stuck with their head in the sand.

In these challenging times organisations need to balance between their long-term and short-term goals and prioritize their strategies in regard to data management and quality.  Data management is foundational and fundamental to effective operations and should now be seen as part of your cost of doing business.  ‘Master Data’ plays a crucial role in all parts of any business, however, it is still in its nascent stage with not enough focus and skilled resources in this domain..  Listed below are a few of the challenges that we regularly find.

Data Management Challenges -

• No clear ownership
• Duplication of core records
• Data Inconsistencies
• Lack of standardisation
• Trust in Reporting
• Timeliness of data information
• Audit trail of data

These challenges typically arise from the absence of a governance structure that delivers the single version of the truth. Listed below are some of the problems that occur from this situation-

•  Loss of Productivity
• Data Compliance Risk
• Cumbersome Reporting
• Depleted Stakeholder’s confidence
• Hampered decision making

What are the ways to resolve these challenges?

Romit Mukerji - We believe that these challenges concerning ‘Master Data’ can be resolved by establishing a good data governance culture within the organisation. Some of the ways to resolve these challenges would be -

• Development of a ‘Governance Structure’ for each data set
• Methodology to deliver outcomes aligned to this new structure (For instance -workflow)
• Reporting and analytics that clearly show the data journey and associated benefits
• Clear Data Ownership and Audit Trails

 Is there any need for new policies from the government in this regard?

Romit Mukerji - Data Protection laws are coming into effect in most countries. EU already has GDPR laws in place on the compliance of how data is stored, access control and right to be forgotten. Most of the compliance management of data protection revolves around ‘Role Based Access System’. It’s the right time for India to also look at framing comprehensive ‘Data Policies’ to protect data and to address data compliance issues.

The Data Management industry in India and its potential

Romit Mukerji - Global master data management market stood at $ 1.6 billion and is projected to grow at a double digit CAGR of 14% to reach $ 3.4 billion by 2024 on account of increasing demand for managing large amounts of data. Master data management ensures availability of consistent and accurate data source for transactions and also helps to manage and define the critical data of an organisation to provide data integration at a single point of reference. Increasing need for compliance and verification coupled with increasing penetration of IoT in various end user industries is further anticipated to drive master data management market through 2024.

Master data management market can be segmented based on the solution, deployment type, enterprise size and End Use industry. In terms of solution, the market can be segmented into Maintenance Repair and Operations (MRO), Customer MDM, Vendor MDM, Enterprise Asset Management (EAM)and Multi-domain MDM Solution. Based on the deployment type, the market can be bifurcated into on-premise and cloud. Recent developments have shown that Cloud segment accounts for major share in APAC/India master data management market as the segment provides high security of master data of the enterprise and the data can exist on dedicated cloud server which is separated from business data of any other organisation. Master data management caters to various end user industries such as manufacturing, asset intensive industries, government and defense, BFSI, IT and telecom, retail, energy and utility and others. Manufacturing and Asset Intensive Industries segment is likely to hold the largest share during forecast period as the sector generates large amount of data from transactions and comprise other crucial information.