Deliver Your Master Data Strategy With MDO MDM
With the proliferation of data and information in this Digital Age, organizations must have a strong data strategy to gain competitive advantage. Master data is the core building block to support operational and business-critical tasks like interacting with suppliers and customers, keeping track of assets, and innovating new business models. Hence, Master Data Management (MDM) is a key part of an organization’s data strategy.
MDM shouldn’t be limited to basic data creation and maintenance. It should ensure transparency and high quality data, essentially upholding the single version of truth at all times. It’s crucial to get the data right from the beginning as it’s costly to do data cleansing mid-stream and potentially catastrophic to operate a business with bad data.
Master Data Online (MDO) provides a cloud-based one-stop master data management platform that addresses all these issues and more. It lays the foundation for a data culture in your organization where data becomes a valuable asset that helps achieve your strategic goals.
Challenges in Managing Master Data
No Automation and Standardization in Creating and Maintaining Master Data
Use of manual forms and disparate systems to create and track master data makes it tedious to ensure standardization and leaves no room for improvement and automation.
No Guarantee of Data Accuracy
Hard to identify expired and redundant data, resorting to manual/semi-manual validation to identify data issues.
Wrong reference data causes inaccurate links to data points, invalidating controls and values in the system.
Complexity of Master Data Management Systems
Siloed systems for data acquisition and integration, higher complexity in managing different systems and touchpoints.
No Ownership and Governance of Data
No top-down, enterprise-wide approach in enforcing data ownership and governance, making it impossible to trust data to form strategic, forward-looking decisions.
MDO MDM — Data-driven Integrated Platform
MDO MDM platform automates and streamlines master data processes from creation right up to disposal, encompassing reference and control data. It’s cloud-based — scalable based on your organization’s needs and maturity. Its multi-domain solution can cater for integral master data areas like suppliers, customers, assets, and finished goods, spanning across industries.
MDO MDM employs data governance model that ensures continuous data quality checks. Its analytics capabilities can facilitate the monitoring and tracking of data KPIs of teams and data owners to instill accountability and increase adoption. With lean deployment model, you’re not weighed down by tedious milestones and lengthy project timelines. You can either deploy it yourself or let our analysts deploy it for you. Features include:
- MDO Data Intelligence Workbench (DIW) - Tools to identify and remediate data issues.
- Pre-configured and configurable business rules for Active and Passive Governance
- Taxonomy and hierarchy management in alignment with industry standards like ISO8000-115 and ISO14224
- Pre-defined data models with certified integrators - Seamless integration with SAP and pre-configured adapters for other enterprise systems.
- Logs and audit trails with enhanced security features
- Workflows for approvals to support automation and rule-based approach
Key Differentiators for mdo mdm
MDM on Cloud
Scalable model - can start with small implementation of a specific master data to better justify the cost vs. ROI then scale to support cross-domain enterprise needs.
Pre-defined Integration and Data Models
Faster setup and launch of MDM in your landscape without delaying day-to-day operational processes.
Data Quality and Governance in One Platform
Data verification and remediation- is provided with active, passive and hybrid governance models to suit different business scenarios.
No need for repetitive data cleansing projects as ongoing data quality checks is part of the model.
Machine Learning and AI-enabled
MDO MDM's ML and AI capabilities allow for more predictive and intelligent rule-based approach to enrich data.
Benefits of Managing Master Data
Improve Compliance
Alignment of master data with industry standards as well as data security framework ensures that you’re always in compliance, hence minimizing risks.
Accelerate Innovation Capabilities
Holistic insights gathered from accurate data enable innovation of new products, business models, or market ventures.
Increase Revenue
By having updated master data information, you’re able to improve internal processes, leading to more opportunities of customer up-sell and cross-sell. This translates to increased revenue.
Foundation for Data Culture
Establish data ownership and governance through a one-stop master data management platform.
Enable data culture where people trust their data to execute daily tasks, collaborate, and formulate decisions.
Get in touch
Feel free to drop us a message for any queries that you might have and we would be happy to help and would promptly get back to you.
marketing@prospecta.com
