Verdantis Delivers MMDM For Leading Oil and Gas Company – Part III: The Final Solution
In the previous 2 parts, (read Part I: Crisis Identification and Part II: Actions and Results), we provided a brief overview of the multiple data issues faced by our client, a leading Oil and Gas Company. We covered the different priorities set by the company, the problems faced, the major reasons behind most of its issues and the resulting implications. Moreover, we also provided first hand quotations and statements made by the employees and managers at the company. After complete evaluation of resources and the issue at hand, the client finally came to the conclusion that inconsistent Master Data was the major reason for most of its complications and there was a need for Master Data Management initiatives to be introduced with immediate effect. In the final and concluding part of the series, we talk about how Verdantis worked hand-in-hand with the company, towards solving the diverse issues in question, supported by its powerful Automated Data solutions.
Having identified corrupt material master data as the primary cause of their problems, the company finally decided to implement a Master Data Initiative to tackle the issue. A thorough analysis showcased the poor condition of their material master data, with the need to standardize, de-duplicate, enrich and deliver the same immediately. The steering committee created by the company, concluded that major targets were the creation of an accurate master data, an authoritative MRO data, use of UNSPSC Classification, introduce on-going processes, accuracy in inventory usage and introduction of enriched fields for easier customer selection.
After adequate evaluation, the committee decided to zero in upon a compatible, result-oriented MDM solution. As stated by the Director, IT planning & Development,“We finally chose Verdantis Material MDM because it was the only solution which catered to all our requirements, with significant additional benefits of its own.”
In order to highlight the capabilities and features of its Material MDM solution, Verdantis undertook a detailed, comprehensive proof-of-concept study which proved to be highly successful.
With the help of Verdantis Material Harmonize, an automated solution that excelled in historical cleansing and enriching material master data, Verdantis appropriately analysed the cryptic text fields of the client’s material master records, classified the same and enriched them accordingly. Moreover, the materials were also classified and aligned with UNSPSC taxonomy, along with material classification in accordance with the Harmonized Tariff Schedule, which helped segregate items and commodities from customs point of view. The total number of materials were reduced from 150,000 to 1210 UNSPSC Codes and more than 500 HTS Codes.
At the end of the entire initiative, the MMDM initiative proved to be a complete success. The Oil and Gas company was now able to tackle most of the material management problems thanks to the MDM project. Some of the benefits provided by the initiative included better spend analysis, improved ROI from larger IT and related investments, enhanced part and material searches, cleansed, de-duplicated, classified and enriched Material Master Data along with better access to information and greater corporate transparency, in the long run.
The Verdantis team collaborated with the company’s MDM Implementation team to determine and establish new approval work-flows for data maintenance. Moreover, a powerful data governance strategy was also created and data stewardship and maintenance roles were assigned to knowledgeable stakeholders. This success story was just one of the many accomplishments achieved by the Verdantis team over the years.
So, when are you contacting us for your own success story?
Latest posts by Jessica Banks (see all)
- Data cleansing- what it does for your business - February 5, 2015
- Tips and strategies for enterprise data management processes - September 12, 2014
- Master Data Governance is Re-shaping the Enterprises - August 22, 2014