This is a picture of this mornings coffee cup. Depending on how you look at it, it’s almost empty or half full (for me it’s almost empty because I don´t need more at the moment and I’m working towards full emptiness). I also added a filter because I decided I wanted to change the way it was viewed by the network. I decide the amount of information I want to share and how I want to share it yet when I view the coffee cup I see the truth of it reflected.
Earn more money with Master Data Management
When talking about master data it can get very technical using words like digitalization, governance, optimization and flux capacitators and so on... I want to break it down to the interesting parts like actual usage?! What can master data management offer you ? Instead of saying how you can get more ”effective” and ”optimize” I’m gonna talk about how you can earn more money by having a solid master data management. (Yes I know!! I know, typing "earn more money" is crazy bad!!)
What does Master Data offer?
While you focus on the use of the words "earn more money" let’s imagine:
- A contractor/supplier scanning a spare part with a bar code in an app and instantly an order is drafted for this part and sent to that supplier globally. The actual correct part is delivered!
- An account manager making a sale and by using an activation key for that supplier/product starts a series of automated sequences involving legal, production, freight and thus improving the delivery time of a product/service/you name it by hundreds of %.
- Imagine having control of all active users in a system, active licenses, profile management, information that is truth no matter where in the world you are (language/metric system) or whatever sector of global division your company is situated in.
- Machine learning can reach new heights with ”true” data and giving you the upper hand in negotiations, supplier times, staffing and overall control of different aspects of your business.
- BI systems can coordinate with your master data information giving you a continuous flow of information regarding product life cycles, geographical business scope concerning the same products but on different markets and so on… control and real numbers that are absolute truth!
- Or maybe you just want to use your master data for creating the perfect burgers in your franchise with perfect formulas and limiting waste?
- Need to get control of all of your employees contracts and work hours? Big enterprises where hours/contracts differ depending on where/what role/what store it regards and giving your finance department a steady headache and frankly not especially justified quality of information from different franchises (why does that office have such high personnel cost…or low, how do they draft their contracts/define roles?).
These are some of the uses of master data management. Depending on what business you are in and what kind of Business Intelligence tools you are using the potential for improvement is on a grand scale. It may also limit the need of ”professionals” as the correct BI tools in harmony with beautiful truthful Master Data can make even the most novice of us look like a Master Of His Trade.