Centralising the processes around maintaining master data and other supplier information is complex. Especially when dealing with multiple ERPs, commodities, and country jurisdictions. Solid master data governance is required for a successful foundation.
In the data driven era your weakest link is the quality and freshness of the data and information you have. IT investments in analytics solutions go sour because beautiful reports and tools are not enough to compensate for poor data quality.
To centralise data management processes efficiently requires a solution that brings multiple stakeholders together to own their part of the data; to do this you need to govern, provide autonomy and use integration throughout. The result is unparalleled economies of scale and data confidence.
Data is only useful if it can tell you a story and people believe that story. To keep up with the speed at which data changes requires constant updates, understanding the patterns and using the information to adapt and improve.
The 4 V’s of data – Volume, Velocity, Veracity and Variety means your requirements are going to be different tomorrow then they are today. Don’t let yourself be locked in because you can’t predict the future. Embrace change and make it work for you.