You are absolutely correct in your assessment of the components, technology only addresses one component of the MDM problem, and it’s not a magic bullet.In the paragraph below, I am supplying the "why" first. This sets the stage for the solutions.
In the paragraph above, I supplied the "why" before answering the how. Before your investment in MDM, assuming the organization understands the value and wants to address their process, people and technology. My caution on MDM, simply proposes that you understand the depth of your problem, is the problem going to be addressed with a partial solution or will you be prepared to address the source and symptoms.
If your culture operates purely on consensus alone; "why invest"? Your organization and leadership model may survive a few more years on the "move the problem" model.If you understand the value of your ISO certification and you’re truly looking for a culture with the highest standards around financial integrity and social responsibility.
My recipe includes understanding the components first, then building your change management to control and contain your situation. Then you might be ready to focus on the MDM components first.
The best way to get your people and process aligned for technology solutions that will be disruptive, apply a layer between the people, model the process and give your people the ability to manipulate their process without losing your core capabilities. In my mind, there are five core capabilities that matter to the executive and external stakeholders. These happen to correspond with the components of the MDM suite.
The layer mentioned above, a portal or SharePoint type of solution. To get a better picture of the MDM value case, assume the value here gives you a way to extract the good and feed the desired state into your ERP system.
Regardless of the type of technical solution; regardless of the expertise of your resources you truly cannot be successful without some generic controls around the capabilities mentioned below.
When your organization has a governance challenge, your application or technology solutions have NO or LOW chance of being successful.
How do you assess your current state and evaluate the problem in terms of governance, process and technology?