Anyone Can Show Margin Fell. The Job Is Explaining Why.
Margin is down three points. The CFO knows that already. The dashboard told them, the board deck told them, the number is not in dispute. What they wa...
The technologic advance gave enterprises a possibility to implement more different information systems into operational activity (staff management, customer service, accounting, logistics etc.). All too often these systems are in a parallel progress, and to satisfy request of an aggregate picture is not possible. It is explained by the fact that data amount achieves the highest point and it is not possible to put together and compare it in manual way. Using of ineffective and irrelevant data management has risks to make wrong decisions and mistakes. However, there is a proven method to solve this task – master data management.
What is master data management?
Master data (the main data) – is the key company data and used to make business decisions as a foundation. Such data group includes information about customers, products, services, stockhouses, staff, materials, technologies etc. The master data changes rarely, and it is non-transactional data – this is the specific feature.
Master Data Management (MDM) is the key tool for correct and critically important information delivering. MDM has the form of the tools, processes and systems mix to organize a continuous key data control. This process is used to manage, centralize, organize, categorize, synchronize and renew the main data. Effective master data management in the central repository creates a distinct situation vision and removes «too expansive» inefficiency as a result of disembodied data.
Every team member (should it be a high-level executive or a member of different departments like marketing, logistics, export etc.) counts on getting exact product information to make decisions in their daily work.
The importance of exact information reception doesn’t stir up a dispute. Nevertheless, many companies practice a systemless style of the intellectual property management. Organizations often needs key product data, and it is a defect of their business model. This situation could be characterized by overstock, late market entry, high costs, incorrect forecasts.
There is no the one magic way to match data with business needs and strategy. As opposite to solve this fundamental task companies spend their resources to remedy effects and it is completely wrong.
In this case let’s consider «6 C» concept – the first step to master data enlightment:
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