Master Data Management (MDM) can ensure your company has one true source of data about products, suppliers, customers and trading entities. MDM can provide the high-value information needed for your most important business processes, decisions, and transactions. Ultimately, it can be critical to business success.
For many companies, the information is located in a myriad of databases, spreadsheets, and documents created mainly to support order processing, customer service delivery, business reporting and other specific tasks.
Such companies face huge challenges in controlling the “quality” of the data, and also how it is created and maintained; furthermore how it is synchronized internally and externally with trading partners. When data is re-keyed, this often results in data sets that are inconsistent and incomplete. Not having a single, accurate and reliable version of “true” master data will surely lead to higher costs and lost business opportunities!
Master Data Management (MDM) is the solution. An MDM platform with inbuilt business process management functionality can ensure that your master data is accurate, valid, relevant and up-to-date;
it can then be trusted as the truth!
Properly designed and implemented, MDM solution will provide a company with data governance and stewardship processes which continuously enforce the high quality of data and meet the requirements of the business.
There are four core functions:
Workflow Management enables you to implement a controlled and visible process around core business master data functions such as customer creation, product maintenance, new product development and introduction, pack change, price change, etc.
Task Reporting provides control and visibility around accountabilities and the checks-and-balances that need to exist between different individuals and teams in the business. They might be business and technology teams, and/or other groups who gather, manage and use information, and have responsibility for standards and compliance requirements.
Change Management is important when change is needed in reference data values and/or in the structure of master data and metadata – it needs to be systematic and controlled.
Stewardship accountabilities need to be clear and documented with all parties understanding who has responsibility for which processes.
We have a range of tools and fact sheets that help you to build a sustainable business process to support the managmeent of your master data.
Master Data Questionnaire (Download Here)
Data Quality Survey (Download Here)
Innovit Trading Partner Analysis Program (Register Here)
Innovit has helped many companies in various industries to take control of their master data.
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