Business initiatives such as ERP system consolidation, enterprise spend management, total productivity management (TPM) and improving overall equipment efficiency (OEE) have one thing in common.
That is dependency on a clean, classified and attribute enriched master data.
To prevent such a system collapse, it is essential to consolidate, rationalize/normalize and enrich material and vendor master data that can be transformed into a source of competitive strength for these enterprises.
Enriched Item Master = Efficient Enterprise
Master data that is wrongly classified can result in:
- Increased inventory & procurement costs
- Decreased plant & equipment availability
- Data standardization per global norms
- Bloated vendor base due to similar entries
- Payment & taxation related errors/frauds