Importance of Master Data Governance

Master data is the powerhouse of an asset-intensive organization and every department is dependent on various types of master data to manage day-to-day operations. The data being accessed could be the material master, vendor master, asset register, equipment BOMs, etc. As multiple people access and update the data from different locations, maintaining the integrity and consistency of the data becomes very critical.

An effective Master Data Governance (MDG) program enables discipline in the way organizational data is managed across various systems and systematizes the way in which new data records are added, existing records are updated and obsolete records are purged or archived. Enventure’s Master Data Governance solution is provided as a managed service, based on the Partlinq MDG™ platform, to enable clients to improve overall data quality, by ensuring that data is accurate and consistent throughout the company.

Benefits of Master Data Governance:

• Data Quality Maintenance: Achieving great data quality is not a one-time activity. Many supply chain experts have opined that without a Data Governance Program in place, cleansed or enriched data starts deteriorating at a faster pace and even before anyone realizes, the organization needs to do another round of Data Cleansing and Enrichment.
• Save Time and Cost: It is challenging for any organization to fix large volumes of MRO data time and again, so having a good data governance program saves both time and cost significantly in the long term.
• Eliminates Data Duplication: Data Redundancy is one of the encounters without any shortcut solution. The confusion created due to data duplication is not limited to wrong sourcing but can lead to longer equipment/asset downtime.
• Accurate Reporting: By setting discipline in data management and continuous monitoring, the quality of reporting is improved dramatically, providing reliable intelligence for business decisions.

By eliminating data issues such as Inaccuracy, Inconsistency, Missing descriptions, Illogical classifications, your sourcing, and supply chain enhance procurement efficiencies, while maintenance teams can maximize plant reliability and asset performance.