The Heilbronner MDM Round Table is an open industry consortium that addresses the strategic importance of data for digitalization
Technology and data are the driving forces behind digitalization. New technologies make it possible to convert analog variables into digital data that offers new insights and commercial potential. The huge volumes of electronically stored data that are generated can be turned into information and ultimately new knowledge. With its tremendous commercial potential, data is thus the bedrock of the digital transformation. Effective data management is therefore of paramount importance. The Steinbeis Consulting Center for Electronic Business established the Heilbronner MDM Round Table to help businesses with this challenging task.
Topic blocks for efficient master data management in businesses (authors’ own illustration)
Master data is key to the development of digital data management strategies. It describes important business objects and must be diligently managed, since its quality has a direct impact on business performance. Master data is thus a valuable business resource requiring careful management. High-quality data is an essential requirement for today’s digitally connected enterprises. Poor-quality master data can result in substantial additional costs, loss of revenue and lasting damage to a business’s image. It is vital to prevent this by using the appropriate methods and tools.
Artificial intelligence (AI) has made data management even more important. AI systems need high-quality data to make accurate predictions. Accordingly, a business’s ability to effectively leverage AI technology is directly dependent on the quality of its data. Accurate and consistent data allows AI algorithms to detect patterns and gain valuable insights that can be used to optimize business processes and develop innovative business models.
The combination of digital technology and AI is thus giving rise to a new paradigm where data is becoming even more important as a strategic resource. Businesses that neglect to optimize their data management practices are at risk of failing to keep pace with this technological development and could end up jeopardizing their competitiveness as a result.
Knowledge transfer adds value
The Steinbeis Consulting Center for Electronic Business (EB) established the Heilbronner MDM (Master Data Management) Round Table to provide data management support primarily for small and medium-sized enterprises, so that they can initiate and implement digitalization projects that also leverage the potential of AI. “The aim of this open initiative is to promote knowledge transfer between research and business in relation to data management and master data quality. Our core activities include analyzing data excellence, developing practical data management methods and tools, and identifying and investigating new practical questions”, explains Thomas Schäffer. Schäffer is a Steinbeis Entrepreneur at the Steinbeis
Consulting Center for Electronic Business, a lecturer at Heilbronn University’s Faculty of Business, and Chair of the MDM Round Table. The representatives of the network’s partner companies hold regular meetings with researchers from Heilbronn University’s Institute for Business Information Systems where they share their experiences and opinions with a view to jointly developing practical solutions. The Heilbronner MDM Round Table thematic model provides the basis for their discussions. Practical solutions are formulated and developed across twelve topic blocks both from an intra- and inter-company perspective and at a strategic, organizational and technical level.
As well as participating in the two annual network meetings where practical presentations and discussions are accompanied by updates on the latest research, members also identify and delve deeper into topics that are of particular interest to them. These are then taken forward in thematic MDM focus groups in order to develop practical solutions and innovations. These discussions within the network are complemented by the MDM community, an open space where non-members can learn about the Heilbronner MDM Round Table and take away some ideas about data excellence.
There is a growing recognition that comprehensive data management is key to the success of the digital transformation. It provides the foundation that enables small and medium-sized enterprises to remain competitive and drive innovation. The effective use of data allows businesses to optimize their processes, gain a better insight into their customers’ needs, and make strategic decisions based on reliable data. According to Steinbeis Entrepreneur Professor Dr. rer. nat. Helmut Beckmann, “Open initiatives like the Heilbronner MDM Round Table play a vital role by providing platforms for sharing best practices and developing new solutions, and by inviting small and medium-sized enterprises to engage actively and constructively”.
Would you like to join then MDM Round Table? www.hs-heilbronn.de/de/mdm
Contact
Thomas Schäffer (author)
Steinbeis Entrepreneur
Steinbeis Consulting Center for Electronic Business (EB) (Kirchheim)
Lecturer at Heilbronn University’s Faculty of Business and Chair of the MDM Round Table (Heilbronn)
Prof. Dr. rer. nat. Helmut Beckmann (author)
Steinbeis Entrepreneur
Steinbeis Consulting Center for Electronic Business (EB) (Kirchheim)
Head of Heilbronn University Institute for Business Information Systems (Heilbronn)