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Let’s continue to elaborate on «6C» concept of the product master data enlightenment and today we’ll distinguish the second element – commitment. It means that every organization has to take over the responsibility for management, collecting and storage of truth data. The right approach to master data management provides with effective operational activity.

Let’s provide insight into why it is important to fix attention on product master data.

Product master data – this is the company, specifically:

• valuable intellectual organization property that should be saved and managed;
• «rich data» that involves structured and unstructured information that should be regularly collected and analyzed;
• the result of product development processes and an enabler for first-to-market advantages;
• an expensive organization resource that needs attention;
• pass through many departments, systems and business-functions.

Master data has impact on follow processes:

1. supply chain processes:

• buy-side processes (spend management);
• sell-side processes (product commercialization).

2. operational activity:

• internal processes – data management inside company, necessary information delivering rapidly for all process participants.

Besides high data value for a specific company it promotes the development and new ideas. Consequently, the winners are both sides. Such situation could be explained by the active evolution of cloud, mobile, analytics and IoT decisions that promote appearing of huge amount of important, but sparse data. Therefore, it motivates IT-companies, in particular DataLabs to create unique capabilities for challenges solving uncovering and expanding data value for business. DataLabs specialists will help to effectively organize the master data manage process including extracting, analysis, visualization, accessibility. It allows to solve important product tasks like scope of supply, sales geography, demand and supply information, expense tracking etc. The right approach and attitude to master data allows to arrange the efficient company activity and improve the operational performance.

Previous #fridaypost “Master data: the first step for enlightenment”