As process harmonisation and simplification continue to lead the charge for world class finance functions, the need for standardisation and control over master data is on the critical path.
Data governance initiatives can be driven by a number of different motivations from improved data quality to compliance with external regulations. Whether for financial control & compliance, elimination of waste and error or finance process optimisation, master data is the foundation stone of todays ERP enabled processes.
Also driven by the introduction of the Global Process Ownership, many organizations have embarked on a journey to get a grip on the company’s ‘golden asset’, Master Data. But when your master data is cleansed, often at great effort, the work is not still not finished. Staying clean requires more than just an onboarding process for e.g. a new supplier.
However, with different owners for different processes, coordinating the relevant people, to create effective rules and roles is a major challenge that companies face when embarking on a governance initiative. Often the technical process is not the difficult bit. But the hard work pays off when clean data can be used to make future business decisions
Based on client case studies, Hans Van Nes, COO of Consider Solutions addressed in this webcast:
- The building blocks for how to harmonize your master data management
- Making the case for Continuous Improvement in master data management
- Critical Challenges of a MDM programme
- Industry Solutions
- Best practices and insights