MDM and spend management always go hand in hand. In order to ensure
the presence of effective master data management best practices that
remarkably support spend analytics, here are a few basic guidelines that
can and must be followed:
Maintain a common naming structure and consistent commodity coding throughout the business and spread it across departments through item and supplier files.
Merge all systems comprising of inconsistent product and supplier data into one common MDM repository. This single source will contain all accurate, result oriented data which can be utilised for timely spend management analytics.
Post consolidation, focus on using master data management solutions for governance of new data created. This will result in production of new, accurate and complete master data as required for powerful spend management analytics.
Work towards marketing and incorporating this new, consolidated product and supplier data source across all analytical and operational applications present across the organisation.
Maintain a common naming structure and consistent commodity coding throughout the business and spread it across departments through item and supplier files.
Merge all systems comprising of inconsistent product and supplier data into one common MDM repository. This single source will contain all accurate, result oriented data which can be utilised for timely spend management analytics.
Post consolidation, focus on using master data management solutions for governance of new data created. This will result in production of new, accurate and complete master data as required for powerful spend management analytics.
Work towards marketing and incorporating this new, consolidated product and supplier data source across all analytical and operational applications present across the organisation.
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