Information and Communication Technology - Guideline 62. Optimization of master data value
The institution determines the value of the master data and performs master data governance and master data management practices to optimize the results expected from ICT investments (services and authorized assets of ICT) throughout the master data life cycle. By optimizing the master data value, the foundation for a data driven institution is built.
This involves an estimation of the value of the results that have been achieved and cost–benefit results of investments in ICT for master data management and governance, as well as an evaluation of the return on investment of initiatives connected with the acquisition, storage, querying, import and export of data. The Total Cost of Ownership for Master Data Governance, including ICT and business investments should be well balanced with the estimated outcome on cost savings.