Does your company have naming standards and definitions? Do they extend to your daily work, or do they only exist for internal resources such as HR staffing, 401K requests, vacation and sick days, email addresses, hardware, software, etc. Many industries have agreed upon standards such as USB plugs, Cat 7 cabling, credit card formats, etc., which all facilitate the ordering and tracking of each of the services. Those standards did not come easy or quickly, but it certainly helped to move the process forward.
In today's market, the biggest challenge for many market data teams is one of time management in a time of great change. New regulations are coming in. Rules around how data is being used are changing, coupled with new fees for usage, increased scrutiny from the providers themselves, and everyone looking to protect their IP. On top of this, teams are getting smaller placing the responsibility for managing this increased data risk on the shoulders of fewer team members, or even just one or two managers as the bulk of the day-to-day work is off-shored / near-shored to more economical resources with less market data expertise and experience.
The worlds of Market and Enterprise Data Management have been slowly converging in recent years with traditional market data contract and vendor management groups challenged with the governance, compliance and licensing domains of all market data - ranging from identifiers to indices; real-time and reference.