Our last post talked about the Operations issues that arise from poor Material Master data quality. Let’s take a look at purchasing and spend analysis impacts of poor data. Sourcing Sourcing projects and the make-versus-buy decision process in general require a view of what exists already in the approved
This is Part 2 of a 2 part blog post. Read Part 1 on A Guide to Measuring Data Quality for Purchased Product Master – Part 1 In my previous post I outlined some metrics for the purchased product / material master – both objective measures (like completeness, accuracy,
Chief Data Officers need to measure data quality – it’s the old adage- “that which cannot be measured cannot be managed.” Customer Data, Supplier Data, Chart of Accounts Data are all straight forward. Master Records should be unique, should be linked hierarchically, and should be complete enough to serve
The Purchased Product master can envelope multiple master domains depending on a company’s core industry. For process manufacturers, petro chemical and Oil & Gas production sectors, purchased product masters contain the golden records for Maintenance, Repair and Operations items. For Distributors and even Retailers, the Purchased Product masters
“When the going gets tough, the tough get going.” In the business world, every day presents new opportunities. We see new ideas, new horizons and a fresher approach to the world of financial and corporate transactions. Change is constant, but change is always welcome, if you’ve readied yourself
The rising costs of transportation, reinforcement of import duties, and softening of labor arbitrage with emerging markets has seen resurgence in new manufacturing operations being opened closer to consumers. For the established manufacturing nations like Germany, Canada and the United States this has meant both organic growth of
For those of you in the US or for those of you who follow American college basketball, March Madness is a time for picking your brackets. Even the President literally gets into the game. American businesses expect to lose between 1.2 Billion dollars for EVERY unproductive hour during
Large operations mean more money, profits, goodwill and reputation. However, as time rolls on, there is also an increase in the number of employees, consumers, systems, and ultimately, the amount of data. Businesses are aware of the importance of master data, as it makes for the ultimate source of
The importance of master data management can’t be ignored in today’s corporate world, since it acts as the backbone of every company’s economy. The CEO and manager of any business knows the importance of data quality management; since there is an urgent need for business users to take constructive
Before proceeding with the answer to this million dollar question, we need to first know what ERP means to a business. This is because the concept of ERP – Enterprise Resource Planning differs from project to project. Some companies consider ERP as a business application strategy – one that merges
Knowledge Hub
Verdantis Solutions