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The master data governance best practices described in this paper offer proven strategies for driving data integrity and productivity improvements across a business enterprise.
Successful deployment of ERP solutions can revolutionize company operations in terms of increased opportunities, decreased costs, improved data integrity, and stronger productivity. To reap these benefits, however, organizations must take care to properly manage master data shared across multiple business functions.
Errors and omissions in master data cause a variety of operational problems, including difficult planning cycles, delayed production, incorrect billing, and failed deliveries. Poor master data governance also limits sales insights and analysis, produces inferior customer experiences, and leads to suboptimal procurement decisions, costing companies millions of dollars in lost opportunities and mistake rectification efforts.
Master data governance can empower organizations to enhance data quality and streamline operations. It acts as an evolving and adaptable process that integrates policy review and procedural updates to promote maximum business performance.
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