For any CIO who is contemplating an MDM strategy, it's important to start small and refine your approach over time. The typical enterprise has massive amounts of data spread across multiple databases and departments. A pilot project on a subset of applications can show you what works—and what doesn't—when integrating data from multiple sources.

However, merging this much information cannot be done in a vacuum. The best way to gain control of your data is to work directly with IT analysts, data stewards and data owners who understand where data is held—and where problems exist. It's important to set up a task force—often called a "Center of Excellence"—to guide the MDM project, with both IT and business users providing guidance and support. This gives everyone a sense of ownership and responsibility while also creating an approach focused on best practices across divisions and departments.

The Center of Excellence can define the parameters of master data and institute control policies to regulate who is allowed to input and change system data. Defining your data will make sure you know what to look for when you review your data, as well as determine the standards for inputting it moving forward. Only after you have these critical definitions can you fully utilize MDM technologies.

By giving you a single version of the truth, MDM can have a decidedly positive impact on your business. You will know exactly what products your customers have, what items you buy from selected vendors and how much inventory you need to meet customer demand. And if your CEO needs to send a letter to customers, don't sweat. The truth will be in the IT systems (finally).

Tony Fisher is president and CEO of SAS-subsidiary DataFlux.