Master Data Management…..Fundementals

Data accuracy and quality can be a moving target and implementing fixes without understanding the underlying causes can be very time consuming and expensive in the long term. Data can be transient in nature,whereas other business focus areas such as processes, people,compliance and management performance indicators can change the accuracy and relevance of data. In order to get things straight Data Governance should be a priority in any organisation wish to implement any eProcurement based methodology. So what is data governance?

Data governance is a quality control discipline that covers the acquisition, management, storage and usage of information or data within a business, with the objective of maximizing the value of the organisation’s data assets. In layman’s terms, it is getting your
data and related processes in order, so that the business can derive value from it. A most recent example that I have personally come across is a company that allows anyone and all to enter descriptions into a catalogues to assist in the buying process. With no sort of Governance catalogues can very quickly deteriorate into chaos, thus leading to cost over runs and surpluses within the inventories.

The process of Data Governance can be time consuming, but the benefits to the business can be enormous. Without it businesses will continue to fight fire after fire and slowly but surely go under.


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