An organization can have different versions of the same data for various reasons. These versions can include data like customer lists, inventory, revenue accounts, geography, and many other mission-critical, non-transactional data. Different versions of data typically arise after a company has undergone a merger/acquisition and inherits another company’s IT system and thus – its data.
An organization’s disparate versions of data should be consolidated and standardized into a central Master Data Services solution (MDS) to best manage this scenario. Without doing so, these issues will arise:
1) Reporting is inaccurate which leads to poor business decisions.
Customers and products can be listed with different names and other associated data in the disparate versions. Inventory counts can be wrong due to product name mismatches. Even legal ramifications can occur in extreme cases. A customer might be sent collection letters to the wrong address, upsetting the customer and resulting in a lawsuit.
2) There is no authoritative source of data.
It’s hard to make sound business decisions based on data when you don’t know which system holds the correct version of the data. Consolidation eliminates this risk and ensures everyone is on the same page.
3) The organization cannot enable, monitor, or enforce data stewardship processes easily.
It is difficult to apply governance, controls, and auditing to a company’s data when there isn’t a central system to enable one to do so easily.
UTILIZING A MDS SOLUTION WILL EMPOWER YOUR COMPANY TO:
1) Have accurate central reporting, which will result in more sound business decisions.
2) Have a central master data hub where stewardship, governance, and auditing can take place.
3) Synchronize the critical data in the various systems with the central master data hub.
ARE YOU INTERESTED IN GAINING MORE INSIGHT INTO YOUR WORKFORCE ANALYTICS?
We can work with your organization to implement a Master Data Services (MDS) solution to source all pertinent data, cleanse the data, and create a central master data hub. Our solutions can be made with the functionality to synchronize the master data back to the source systems, depending on your needs.
If you’re interested in implementing or customizing a new or existing Master Data Services Solution, we can help. Simply fill out the form below and we’ll be in touch shortly.