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"Data is the new oil – but only if it's clean, consistent, and usable."
Master data is the foundation on which every company operates. It includes the essential information used daily in nearly all business processes – from supplier addresses to payment terms and material categories. However, what sounds straightforward often presents companies with significant challenges: How can you ensure that this data is correct, complete, and consistent?
Efficient master data management is not just the key to seamless collaboration across departments but also to compliance with regulations such as the Supply Chain Act. In this blog post, we’ll explain why master data is so crucial and how modern tools like relatico’s software can revolutionize this process.
Managing master data brings common issues that many companies face repeatedly:
Master data is relevant to various departments such as procurement, logistics, and accounting. Often, the data is stored in different formats and systems, making coordination complex and error-prone.
Where are the relevant details stored? In which system is the latest version of a document? These questions waste valuable time and increase the risk of miscommunication.
Who is responsible for what? Without clear accountability, important tasks are either overlooked or duplicated.
Poor data quality – including typos or incorrect formatting – can have far-reaching consequences. It not only leads to flawed analyses but also hampers the use of data for strategic decision-making.
Master data is more than just information. It is the backbone of successful, modern businesses. Here are some key examples:
With the right software and a clear strategy, companies can transform master data management. Here’s how:
Tools like relatico.next provide a central solution for consolidating master data from various departments and databases. New data fields can be created in seconds, and existing systems like ERP software can be seamlessly integrated via APIs.
API connections enable automatic updates and consistent data maintenance. For instance, supplier or material data can be fully documented before a purchase order is placed.
Clean data is critical. Relatico's tools assist with error detection by identifying issues like incorrect formatting (e.g., dots instead of commas, unnecessary spaces). Clear overviews make corrections easier, and adjustments can be made directly within the relevant systems.
A clear overview of responsibilities and processes ensures that no crucial tasks are overlooked. With features like relatico’s Supply Chain Map, you can visualize your entire supply chain and assess risks with precision.
Relatico is already helping over 1,000 companies, including brands like L’Osteria, Karlsberg, and MyMuesli, manage their master data. Small and medium-sized enterprises (SMEs) benefit particularly from its intuitive solutions: Risk heatmaps enable quick evaluation and prioritization of supplier risks, saving time and ensuring compliance with standards like ISO and Ecovadis.
Effective master data management isn’t a luxury – it’s a necessity. It enables seamless processes, better analyses, and a stronger competitive position. With modern software solutions like relatico, companies can overcome the challenges of managing master data and focus on what matters most: their core business.
Are your master data ready for the future? Start now with relatico!
Bernd possesses extensive experience in strategic procurement, shaped by his tenure at Eckes-Granini, Symrise and DuPont de Nemours. Currently, he is focused on sustainable sourcing and supply chains, collaborating with the relatico team to develop practical software solutions. Additionally, Bernd runs his own agricultural business and is involved in supply chain projects globally.
