MDM Solutions And Data Migration - Migration Of Multiple Masters

Before moving to your new ERP system, it is important to address major issues such as the occurrence of several customers and products across multiple sets of master data, that too with different database keys and formats.

Data migration involves the migration of multiple masters. These master could be further classified into small and large masters based on their complexity. They are explained in detail below:

Small Masters - Holistic and Substantial impact on ROI
One of the most important activities during any data migration process, is to maintain an enterprise-wide view of various elements such as cost centres, financial account charts and legal entities which ultimately helps ensure a single, unified aim to govern consolidation and on-going financial management. This can be achieved by using the right master data management software. The new ERP software is bound to offer a wide variety of advanced process improvisation features.

Key Masters - Dynamic in Nature and Reflect Core Business Values
Large masters are extremely dynamic in nature and best depict the business' core values. In the event of an ERP implementation, up-gradation or consolidation, these masters are designed to form the bulk of master data migration. Hence, in order to ensure the success of the project, one must allot maximum time to ensure their adequate and comprehensive planning and introduce processes such as data quality management from time-to-time.

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How Do Implementation Of MDM Solutions Help Revive A Declining Brand?

Declining brands compete with matured brands as well as new brands. Using the right packaging and executing the best of promotional techniques can create a difference. However, even that does not guarantee the revival of the brand. It takes enormous amount of research and planning to retrieve a declining brand. For creating strategies, planning is essential but even that boils down to having reliable information in the database. In such a case, implementing an effective master data management software is essential to manage the day-to-day flow of information.

Quality information assets can be sourced from various resources. Though they may not be corrupted when acquired, they get corrupted when data of different values are fed into the system without proper segregation. This leads to duplication of content and creates a lot of confusion. To avoid this problem, companies should make effective use of the master data management tools available to them. They should manage different catalogs as per the assets and should define their properties. Providing definitions for attributes helps organize the data in a desired format that complies to the international standards as well as the goals of the company.

Article Source :Yoarticles.net

Master Data Management And The World Of Spend Management

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.

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Let's Not Forget The Role Of Master Data Management Stakeholders

As defined by well-known internet search engine Wikipedia, "In business, master data management (MDM) comprises the processes, governance, policies, standards and tools that consistently define and manage the critical data of an organization to provide a single point of reference." Though the definition covers the major elements of the term MDM, it fails to provide a complete gist of what the process is entirely capable of achieving. This is because MDM is a constantly evolving process. The more you explore and experiment, the more you discover.

Businesses know how influential an MDM process can prove to be. They introduce master data management solutions in the organisation, in order to experience all-round success and to support the ultimate goal of the firm. As simple as these solutions may appear, they come with their own set of complex features that, when understood and worked with 'in-depth', provide a clear image of what the business can accomplish. A number of people play the role of stakeholders, from the inception stage through the process of on-going maintenance. Their roles in the process simply cannot and must not be ignored.

Some of the major stakeholders in the process include the application owners, information architects, meta-data analysts, executive management, data governance team and system developers. However, the list simply does not end there. There are many other professionals who work with these major stakeholders in determining the course of the MDM process and other inter-linked processes such as data quality management. Then, there are a few data specialists who understand the needs, demands and expectations of the organisation and together, navigate the process towards total success and productivity.

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Defining Enterprise Master Data Management Strategy – The Challenges

Constructing an enterprise data management strategy that supports multiple business objectives:

The first step in building a strategy is to understand the purpose behind the project and acquainting oneself with current business requirements. The implied strategy must aim to accommodate definite business objectives such as evolving organisational demands over the course of time. It should work towards timely delivery of strategic projects, with respect to long term business goals and also adapt and evolve continuously, to provide results based on increments. Moreover, accommodation of constant technological changes is a must. This must be achieved by incorporating business compatible master data management solutions.

Syncing the data management strategy with other business processes:

Some of the objectives that need to be achieved by the data management strategy include appropriate provision of properties that contain proper definitions of vital elements such as strategic roadmaps and frameworks. One also has to ensure that the new data management strategy complies with business cultures and also understands the speed at which they adapt to new changes. It should create a delivery approach that paves the way for simultaneous activities, while tackling consistent roadblocks along the way. Reuse similar work products to enhance overall operational efficiency.

Source : YoArticles.Net

Top 5 Best Practices For ERP Implementations

Here are top five best practices that are highly conducive to experiencing total success in ERP implementations:


Understand the reason for ERP implementation:
ERP implementations experience maximum success only when they are led by a team that knows its purpose and future expectations for the business. These teams are backed by thorough research and have completed essential business tasks such as creating metrics and introducing a business plan which showcases organisational ERP expectations. One must also keep in mind that, learning from other's ERP experiences is always a welcome routine, but following their implementation route to the tee, is a complete no-no.

The earlier you plan, the better the results:
As important as master data management solutions may be, without appropriate and timely planning, an ERP implementation simply cannot experience the success it deserves. Such is the importance of time management in an ERP initiative. One must work towards introducing time slots for regular activities such as calculating vendor compatibility, measuring key performances, selecting the perfect vendor and so on. Only those businesses make the most out of their implementation, who allocate sufficient time to planning and evaluation at any early stage.

Gain deeper insight into business requirements and processes:
One of the most fundamental steps in any ERP implementation initiative is to spend time in understanding the business process properly. This will help in timely selection of the appropriate ERP and master data management vendors for the process. The next step involves creation and prioritisation of key corporate requirements. Always tend to current business needs first, while defining priorities and then move on to other long term objectives.

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Ensure That Your Team Is Skilled Enough To Implement MDM Solutions

From evaluating MDM software to defining IT requirements, all the team members should be provided with information and other details that are required for fulfillment of the goals. The team leader should take the responsibility of ensuring that the members in his team are equipped with the required information and establish lines of communication for successful completion of goals, on a timely basis. Though there are different departments within an organization and each contribute to the company in a different way, the main purpose of establishing a team is for employees to know their role in the company and their individual responsibilities. While defining responsibilities helps employees in striving towards the completion of their specific goals, the team leaders can improve their standards from time to time, by developing a strong commitment with the members.

Implementation of MDM solutions is an ever evolving process, as it changes from time to time. From allocation of resources to execution of strategies, the MDM model is subject to change. A lot of efforts go into implementing new strategies, systems and processes, and this is done only by team leaders who make consecutive changes in the system. While the team leaders assume that the members in their team can witness the impact of a sudden change in the system, most of the times, it is the changes that affect the member's productivity. Adequate information should be provided to the employees in writing, and their feedback should be requested on a regular basis. This requires quality communication, often repeated through mails, calls and other modes of communication.

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Implement MDM Solutions In Order To Enhance Business Data Quality

The consequences of poor quality data can be vast and influential to business operations, in many ways. Some of the problems created by poor quality data consist of decreased performance levels, reduced system value and slower decision-making. Moreover, data-dependent plans and strategies may be at constant risk and slowly accumulate into financial losses. This is exactly where master data management steps into the spotlight. The increasing need to tackle master data quality issues at enterprise levels, has led MDM to emerge as the basic necessity for companies looking to enhance sustainability levels and enable bottom-line savings.

Data quality management initiatives work towards enabling several long-term business benefits, such as improved manufacturing processes, smoother business efficiencies and better operational processes. Moreover, MDM also supports the management of data quality, with the help of two key functions, namely Historical Master Data Cleansing and Ongoing Data Quality Maintenance.

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5 key that help nullify the causes of MRO data failure

 

While businesses are slowly but surely regaining interest in MRO, it is the lack of management and control of MRO masters in ERP that hits the company's source data, where it hurts. At such times, major MDM reform programs are introduced, majority of which revolve around two main initiatives, namely an ERP upgrade or the tried-and-tested merger or acquisition route.

Hence, it is essential to equip intelligent MDM and data quality management tools that team them up with an equally powerful reform strategy, and result in all-round rectification.

Here are 5 key fixes that help nullify the basic root-causes of MRO data failure:

How Do MDM Tools Support The Functioning Of A Business?

Irrespective of its sector of operation, every organization ultimately aims towards the achievement of two important aspects that are vital for its survival in a competitive business environment, i.e. growth and enhanced productivity. While the nature of the organization, its size, operations and workforce also fluctuate with the growth of an organization, they come with their own set of risks and challenges that need to be resolved on a timely basis.

Though there is always a solution to every problem, it requires a thorough analysis and sufficient time to effectively deal with them. Inflation and the increasing competitive attitude have forced many entrepreneurs to implement various cost-cutting techniques to increase their productivity and manage their resources efficiently. For example, a business may employ inferior data governance tools to fulfill their short-term objectives instead of concentrating on achieving long-term results.

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Empower Business End Users With Material Master Data Management

MDM processes like Material Master Data Management, not only benefit businesses and their operations, but also the concerned end users who depend on clean data.

In these changing times, we need to stay updated with current trends. This is also applicable to the business world, since technology has revolutionised organisational activities in such a way, that they are determined to welcome newer technological software and systems, when they are available in the market. The major reason behind this motive is to keep up with the pace of competitors, and to ensure that the need for manual labour and hiring is reduced. However, in spite of all the systems and their broad capabilities, their performance and value relies mainly on one factor, which is also the foundation of all IT systems – Business Master Data. Master data is the ultimate driving force of any business and its diverse set of day-to-day operations.

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The Right People With The Right Skills - MDM

Intricate #MDM projects like #material master data management are result-oriented, and need the presence of knowledgeable and experienced data experts at all times.

In order to proceed with large data management projects such as material master data management, businesses generally prefer to purchase and implement new MDM tools in one single move. At such times, they employ a set of skilled individuals to smoothen the overall transition. Since several companies consider hiring outsiders as quite risky, for fear of handing their precious data in the wrong hands, they tap into their own firm to look for individuals who match up to their minimum set criteria. In addition, if the software runs on a well-known digital platform, they hire a smaller set of people to work together on the project. These people are generally given a quick tour through the system, equipped with some light, first-hand training on how to use the software, and then asked to take over the project themselves. With the visible lack in substantial structure, strategy, design and best practices, such an environment would only benefit certain short-term data requirements. Moreover, it would also invite added data maintenance expenses in the long run, with the regular need to keep internal customers and stakeholders happy.

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Effective Master Data Management Starts With UNSPSC Classification

If you are working in a large automobile manufacturing company, you are well versed with the fact that your company has to deal with many spare parts on a daily basis, in order to ensure smooth production and timely delivery of all its vehicles. Being a target-based business, the company also has to manufacture a designated amount of vehicles per day, and hence, requires all its parts to be available at hand. Therefore, in case of an emergency call back of dispatched vehicles for maintenance, if a single concerned part cannot be located immediately on its system, it can result in severe losses for the company and also invites negative reaction from the target audience. Such a situation generally occurs when the business does not have the right MDM tools at hand. Moreover, businesses are also hesitant to introduce any new classification model, because they are unaware if the new system would actually benefit them. This is when they look out for a tried-and-tested classification system, which is not only accepted globally but is also very effective. At such times, the only proven classification system that comes to mind is UNSPSC classification.

UNSPSC classification, also known globally as the 'United Nations Standard Products and Services Code' is available to the public and is free to use. Moreover, the system does not have any copyright restrictions whatsoever. Being an international commercial standard, the classification allows businesses to maintain a well-defined framework, while they classify their products, finished goods and other services. The coding and segregation system was introduced globally in order to ensure a proper streamlined structure, while classifying products and services. This structure will also guarantee that the products comply with industry naming standards, for better sorting and accessibility across the enterprise. Being hierarchical in nature, UNSPSC classification structure paves the way for effective spend analysis, with provisions for rolling up and drilling down. This also benefits long-term data initiatives such as material master data management and data quality improvement.

With the help of proper UNSPSC classification, businesses can experience newer and improved forms of product categorization and discovery.

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Cloud Based Master Data Management

Cloud based MDM solutions are helping businesses achieve success with their data, through processes like data quality management. But how useful are they?

MDM has revolutionised the way that most companies function, with almost every business employing master data management vendors to work with them, towards achieving better results with their master data hub. Data management has now become the core necessity in every sphere, with MDM solutions being placed at the centre of IT functions. As the art of data management is a constantly evolving process, the market will keep growing and developing to a stage, where newer and better processes will soon take over the older ones, providing better features and functionality along the way. Most data experts believe that the future is now; and that future is: Deploying MDM initiatives on cloud. As predicted, Cloud based MDM will have a huge impact on the MDM market, and vendors will most likely switch to solutions that operate on cloud.

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Data Governance Tools

Implementing material master data management or the use of value-adding tools alone cannot guarantee success. It is the expertise and the dedication of the team along with well-defined strategies and policies that bring success to every organization. There are various data governance tools that play a major role in elevating the usability of data, thereby resulting in increased efficiency and productivity. All these essential tools need to be identified and incorporated into supporting systems to best suit an organization, as the needs of every organization varies.

It is often noticed that most MDM solutions fail to explore the full potential of data governance templates. Standardized templates aid in organizing the tasks and output of the system that guide the users in defining the policies, which helps them prioritize tasks of higher importance. Customized templates will guide through the process enabling the experts and the users to deal effectively with the available information.

Accuracy and completeness are two integral factors of data quality management.The governance tools that aid in the flow of information are consistent and reliable. These tools cleanse the existing data, standardize it, remove duplication and aid in deriving strategies that support the implementation of the correct governance model that benefits the process.


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Key Reasons for Failure of Data Management Solutions

Have you been disheartened by the unsuccessful data management projects that eat up your profits and tarnish your reputation? If your answer is yes, then you surely need to pay more attention to the strategy that you use and avoid any mistakes that hamper the whole process. The success of an MDM project solely depends on the right strategy and the coordinated work of the experts. However, a small imbalance can create a major impact on the effectiveness of your master data management project. Below are the main culprits which hamper the effectiveness of MDM projects:

Using incorrect tools - Maintaining a quality database is essential, but choosing the right master data management software is more important. Sometimes, the same set of tools is used irrespective of the architecture. It is vital to learn if the consultant you choose for implementation can fulfill all your requirements, before you sign the contract. It is also necessary to review your business needs and what they can offer. Using only the right software and tools that support the company's objectives can make the whole data management process more convenient and successful.

The quality of data matters - Data quality is as important as data management. It is the lack of standard rules that contribute towards an unsuccessful MDM process. Consistent information can only aid in providing matching records, with identifiable attributes. Data cleansing should be made an integral part of every data quality improvement process, as it assures quality records, contributes towards making timely decisions, saves money and resources, while reducing the work of data stewards.

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Does Master Data Management Help In Effective Data Monetization?

Cost cutting is crucial to any business, as most business activities are profit-oriented, and thus, revolve around sticking to tight budgets and so on. So, why shell out money for master data management and its diverse set of software tools and solutions, when one can easily stick to the old 'tried and tested formula'?

This is because, effective MDM solutions guarantee results in the form of money or money's worth, which is their ultimate driving factor. MDM projects, though challenging, are effective in equipping the business with operational efficiencies, improved reporting and analysis, actionable data quality, etc. This may not exactly fit into the monetary section as a whole, but it does give CFOs, a rough idea of the money that can be made or saved.

Thus, one can visualize the total business potential that can be unlocked by a well planned and executed data monetization project. However, a few important queries that arise before the initiation of any such project include questions such as- how to go about monetizing the data into actual currency, how big or small the monetization strategy must be, will the investment guarantee the results expected by the business and how to test the monetization ideas.

One must remember that master data management is not just a process that converts raw or aggregate data into something useful and valuable; it is also an asset that aids in effective decision making. This is exactly where revolutionary data management solutions come into play. Investing in these solutions makes for a great reservoir of monetary value, for years to come.

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The Right Sources For Effective Master Data Management

Every one of us knows how important data management really is. However, being simply aware of the benefits of MDM and understanding its importance, isn't sufficient enough to implement an MDM tool successfully. One of the most crucial problems, when it comes to data management implementation, is the inability to source quality data. Sourcing information is a vital element of the master data management process, as the entire system revolves solely around it. If we are unable to identify the right sources of quality data, then all the other factors of data management like data transformation, standardization, normalization and its analysis will be affected.

The right method of implementing master data management is to think big, but start small. At first, one should start with a small set of data source, and then increase with time. The moment we identify the right source with proper entities and dependable attributes and domains, half the battle towards quality data governance is won. After finding the correct data source, you will be able to create a strategy to cleanse the derived data, build relevant and efficient standardization engines and create rules, that aid in assembling the right set of data. Alternately, you can rely on a technology partner to bring in domain expertise for standardization and cleansing.

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The Importance Of Master Data Quality Improvement

Globalization and technological advancements have pitted organizations of each industry across the world into cut-throat competition, all fighting for time and fame. Though using the best equipments and strategies can help an enterprise achieve success, a balanced growth can only be achieved when one's base is rock-steady. The base for every enterprise are its products or services, as well as its customers. If quality of any one of them is compromised, then the future of the enterprise is in danger. Implementing data management solutions is the only way to avoid future problems in the administration of every organization. 

Quality data management software is the need of the hour. Aiding in creating an integrated communication platform, this software combines the quality of the data and its functioning with data governance to ascertain the flow of proper data. While extracting quality reports from the available data, this software also aids in improving the integrity of the information by eliminating the facts which contradict the existing data leading to the famed single version of truth. Thus, the data derived and maintained through using master data management software is always reliable and consistent.

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Master The Art Of Material Master Data Management

'Master Data' is the essential information about customers, products, suppliers and other similar categories. It is the basic information that enables an organization to maintain a consistent work-flow and make penultimate business decisions.

Accurate, updated and consistent material master data management enables the business to maintain an unparalleled view of its daily operations, partnerships and consumer's behaviour. This holistic approach makes for a truthful database that results in improved efficiency and provides the desired profit margins.

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