Master Data Management
What is it?
Modern organizations run on Enterprise Resource Planning Systems (ERPs) or Enterprise Asset Management (EAM) solutions; the lifeblood of which is data. The quality of the insights, decision and actions taken are only as good as the data that drives them, across disparate systems, the complexity is amplified.
While this may seem obvious, it is often overlooked. Part descriptions may be partial at best, driving inefficiencies from Maintenance Planning through Purchasing and Finance. Vendor information may be duplicated or inaccurate leading the lengthy follow up and enquiry to simply place and confirm a Purchase Order – something that should be straightforward in this day and age. The functional areas of Master Data Management (MDM) is focused on creating and maintaining those fundamental reference records that help drive transactional systems. This requires equal parts record population and structured modification over time to ensure relevancy.
Few companies do this well. In particular, data related to item descriptions (Noun, Modifier, Attributes) are inconsistent or partially described systemically creating process inefficiencies and confusion.
Getting it right requires reviewing and enhancing descriptive data, ensuring all elements are displayed according to a common standard or taxonomy.
Once in place, data governance is key. Without the processes and procedures in place to maintain data integrity, catalogue quality degradation starts almost immediately with the value of data cleansing all but eroded within a 2-year period.
Working in conjunction with our implementation partners we will:
While there are numerous sources of value from robust master data, some examples include:
Improved operating efficiency across transactional processes including:
Reduced inventory holdings through elimination of duplicate stock holdings
Improved Wrench Time through reduced material issue errors