Master Data Management: Why should you care?
When it comes to MRO data, most organizations are immature at best when it comes to master data management. One of the main problems being the complexity of linking good data to savings. Yet, when thought about logically it seems to be a no brainer.
Procurement can easily perform spend analysis, leverage their purchasing power, and ultimately lower the cash being burned on MRO inventory across the enterprise. Supply chain can more easily examine lead times in order to make informed logistical decisions. Engineering requires accurate information in order to ensure that the correct parts are being ordered and used. Accounting may want to access the information to ensure that the books are accurately represented and regulations are being met. The list of uses could go on for quite some time.
Master Data Management not only helps the silos of the organization, but it also enables programs such as inventory optimization, and planned and preventive maintenance, which both help with effective cash-flow management.
When most people think of MDM, they simply think of data scrubbing – deleting or correcting inaccurate records within a system. They think, “If I can get my descriptive part information in the system correctly, we will have our data issue solved.”
However, this is not the only vital piece of data standardization and attaining and sustaining data quality. It requires a holistic approach that is centered on sustaining the process. Without this, the process is a waste of time. How can you ensure that the parts will stay clean moving forward? How can you ensure that no duplicates will be created? As they say, failing to plan, is planning to fail.
In reality, every organization functions differently, even if in the exact same industry. Even across sites within the same organization some procedures can differ drastically. That’s why there is no simple out of the box solution. In order for the ongoing sustainability of a master data management strategy to be successful it requires careful planning and input from a cross functional team. From there a custom plan should be drafted by individuals who have successfully implemented projects of similar scope and size in the past. This should help combat change management issues while also promoting sustainability from the time the project begins.
If your organization is struggling with unplanned downtime, material availability, duplicated parts, or any of the other shortcomings that come along with poor data quality, give us a call. We can provide a complimentary data analysis to explain some of the options we have to help solve the problem. As you will see, our goal is a sustainable process that ensures that each and every part in your MRO catalog is purchasable.
You can contact us by email at firstname.lastname@example.org or by phone at 1-855-456-1003.