What is Product (or Master) Data Management?

Supply Chain Game Changer

6 Trends to Make Supply Chain Managers the Heroes of Their Company! I had just inherited a new department into my organization, the Product Data Management (PDM) team. We were missing customer deliveries due to problems in getting the correct, and complete data, into the systems which enabled us to manage bills of material and manufacture products. What then exactly is Product, or Master, Data Management? Product Data Management (PDM).

Master Data Management: the value of one source of truth (vs. multiple sources)

HICX Solutions

To understand what is meant by describing a Master Data Management (MDM) solution as the single source of truth, it’s probably easier to start by looking at the multiple sources of truth that many businesses currently try (and struggle) to manage – namely Supply Chain Management (SCM), Enterprise Resource Planning ( ERP ) and Customer Relationship Management (CRM). Multiple sources of truth creates a lack of clarity.

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Guiding Principles for Success in Your Enterprise’s Master Data Management

Vinculum

Look at most successful businesses, enterprises or retail stores; the leading reason behind their success is their master data management solutions. Data is known to be one of the valuable assets this 2020. All thanks to the technological revolution, there has been data generated at an unprecedented pace. What power does data hold? The reason being, it has abundant power; how powerful can master data management prove to be for enterprises like yours?

Why Master Data Management is Important in Trade Compliance

3rdwave

Product and Account data are foundations on which all organizational activity operate. In most organizations, the ERP is meant to be the repository of the organizations’ master data. That is, ‘important’ data is housed there. However, Master Data Management is seen as a challenge in most organizations. Important data is a matter of perspective. As a result, there is no single system of record for master data.

Contract Data Management With AI

ivalua

Contract Lifecycle management is an area we have seen huge demand in over the last year or two. Many of our customers leverage our contract management solution for both authoring or contract repositor. The data in this case is text from natural language , which is rarely structured data. The comprehension of textual data requires the analysis of semantic and syntactic information in a block of text.

What are the Five Key Business Processes for Supplier Master Data Management?

HICX Solutions

In order to deploy a successful centralized operational supplier master data management solution (that’s a mouthful) – which means covering 100% of all data and not just the 20 most important attributes – there are just five business processes you need to pay attention to. Related: what are the pros and cons of data democratisation? Key vendor master data management processes. The most important part of supplier / vendor data management.

Why Master Data Management is Important in Trade Compliance

3rdwave

Product and Account data are foundations on which all organizational activity operate. In most organizations, the ERP is meant to be the repository of the organizations’ master data. That is, ‘important’ data is housed there. However, Master Data Management is seen as a challenge in most organizations. Important data is a matter of perspective. As a result, there is no single system of record for master data.

What is Vendor Master Data Management and Why is it Important?

HICX Solutions

Gaining a better understanding of who your vendors are allows you to improve all aspects of vendor management, such as sourcing, category management and payment. As such, it should be a high priority for organisations to focus on improving their vendor master data management processes in order for them to gain that greater understanding. Why organisations struggle with Vendor Master Data Management.

How Procurement Can Add Value To Supplier Master Data Management

ivalua

Jarrod McAdoo, Senior Product Marketing Manager, Ivalua. Master supplier data doesn’t just matter to Procurement. Accurate supplier data is the fuel that drives critical business processes that impact the bottom line. Tools for business optimization and risk management (including AI) — Improve business planning accuracy and decision making frameworks. Supplier data improvements can reduce these costs and minimize the opportunity for error. Risk management.

Product Data Management in eCommerce

Vinculum

Product data has the ability to make or break the eCommerce business. Here comes the role of a Product Data Management System. What is a Product Data Management System? A Product data management system can be referred to as the application that acts as a centralized location for storing and managing product data sourced from a diverse range of channels and sources. Inaccurate Product Data.

2020 The Year To Address The Elephant in Every Room – Data

ivalua

North Carolina State Poole College of Management recently produced this 28 page report entitled “ 2019 Supply Chain Data Quality and Governance Study ”. The report contains some great illustrations of the current state of Data governance across the organizations that were surveyed, with a specific focus on the supply chain. In this blog, I have attempted to extrapolate some of the main points shared by those who are winning, or at least, not losing the war on bad data.

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Top 5 Reasons Why You Should Opt for Product Data Management

Vinculum

If you want to stay ahead in your game, increase your eCommerce business profitability by simply optimizing and managing your product data with a highly collaborative and well-aligned and updated PDM system or product data management system. Not only the accuracy of your product data but also the quality makes a huge difference on your eCommerce platform. Here comes the role of a good Product Data Management System or PDM. Quality data.

COVID-19 & SCM – Importance of Operations Management to Overcome the Limitations of Data-Driven

Arkieva

An often-heard theme in supply chain management (SCM) and COVID-19 is “data-driven” – being data-driven is the path to success. COVID-19 & SCM – Importance of Operations Management to Overcome the Limitations of Data-Driven was first posted on May 20, 2020 at 8:47 am. ©2017 For COVID-19 “science-driven” is often said in the same sentence. For SCM demand or customer-driven replaces “science”.

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Inventory Management vs Product Information Management (PIM)

Supply Chain Game Changer

What is Product (or Master) Data Management? The following Product Information Management (PIM) article was written by guest author Alex Borzo, a content contributor at Amber Engine , a software company passionate about eCommerce. Repeat: A PIM is NOT an Inventory Manager.

8 Tips to Help Procurement Optimize Supplier Master Data

ivalua

Jarrod McAdoo, Senior Product Marketing Manager, Ivalua. Gartner predicts that by 2023, organizations that don’t optimize supplier master data management (MDM) could have wrong information for half of their suppliers! Accurate supplier master data (SMD) is essential for procure-to-pay (P2P) automation, accuracy and analytics, but connecting data to users and systems sometimes gets bumpy. Don’t forget about processes to manage data creation and maintenance.

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Source-to-Pay Summit 2020: When it’s nice to be wrong

HICX Solutions

The EBG’s Source-to-Pay Summit took place this month, albeit in a reimagined digital format in light of the ongoing restrictions on social gatherings in Europe. Data Management data management supplier information management supplier master data Supplier Master Data Management

Source-to-Pay Summit 2020: When it’s nice to be wrong

HICX Solutions

The EBG’s Source-to-Pay Summit took place this month, albeit in a reimagined digital format in light of the ongoing restrictions on social gatherings in Europe. Data Management data management supplier information management supplier master data Supplier Master Data Management

Multi-domain Master Data Management Won’t Fix Your Data Problems – Here’s Why

HICX Solutions

The recent Deloitte CPO survey showed that quality of data was the most cited obstacle to adoption, with 57% of respondents stating it was one of the top three main barriers. As it is a data problem, enterprises have turned to IT to fix the issue. The idea of multi-domain MDM is to have one centralised, trusted repository for all master data records that can be used by any other domain, enterprise-wide, as required.

BidMode to join the EC Sourcing Family

EC Sourcing Group

October 13, 2020 / EC Sourcing Group, a leading global provider of SaaS sourcing technology solutions, has announced its acquisition of procurement solution provider, BidMode, with full terms of the merger remaining confidential. About EC Sourcing Group. Morristown, N.J.,

How bad supplier data undermines your decision-making

HICX Solutions

We know that bad data causes inefficiencies and creates vast sums of extra cost. Omera Khan, professor of supply chain management at Royal Holloway, University of London, explains, “too few organizations appreciate the costs of incomplete, out of date, or low-quality supplier data.

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How bad supplier data undermines your decision-making

HICX Solutions

We know that bad data causes inefficiencies and creates vast sums of extra cost. Omera Khan, professor of supply chain management at Royal Holloway, University of London, explains, “too few organizations appreciate the costs of incomplete, out of date, or low-quality supplier data.

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The cost of bad data: Hidden costs

HICX Solutions

This is the second in our series of articles on ‘What is bad supplier data costing you?’ In our previous article , we looked at some real world examples of how poor supplier data can lead to bad or inconsistent decision making. The cost of bad data is far higher than you would imagine.

Data 52

The cost of bad data: Hidden costs

HICX Solutions

This is the second in our series of articles on ‘What is bad supplier data costing you?’ In our previous article , we looked at some real world examples of how poor supplier data can lead to bad or inconsistent decision making. The cost of bad data is far higher than you would imagine.

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Forecast Accuracy: Keep Your Demand Management Process Honest

Kinaxis

by Alexa Cheater Our partner Celestica recently published the following article, ‘ Are you keeping your demand management process honest? ’ Lange, Director of Demand Planning and S&OP Services at Celestica, examines forecast accuracy and the main components of a demand management measurement tool and process. You also need measurement and accuracy reports to determine the effectiveness of the entire demand management process. Data Management.

10th Pan-European Conference in the P2P Series

Supply Chain Movement

There are still obstacles on the way including internal buy-in, poor master data management, supplier behaviour and more. New topics discussed will include creating a strong Purchasing Master Data Management fundament, delivering additional value through dynamic discounting, discussing the best strategic P2P function models and experiences with outsourcing vs. in sourcing. Benchmark change management challenges. AzkoNobel data, technology and the P2P GPO.

How AutoNation Developed A ‘Single Source Of Truth’ For Its Supplier Data

HICX Solutions

Ask anyone in procurement to name their biggest challenge, and the answer is usually the same: data. This meant that each time the supplier relationship was extended to a new region, the data had to be duplicated into a new system. Data redundancies and inefficient processes. “It’s not until you’re in the midst of it that you realize the importance of not underestimating the data,” according to a senior AutoNation executive.

Our take on Gartner’s 2018 predictions for procurement and sourcing technology

Xeeva

In Gartner’s recent annual report, they discuss their predictions as to what will have a great impact on procurement and sourcing technology in the coming year and how the market will change over time. One thing that is definitely clear – the procurement and sourcing market is evolving quickly as technology continues to advance. Why are these at the forefront of procurement and sourcing? He reduces the steps involved in managing your sourcing and procurement.

How To Save Money With Supplier Information Management

HICX Solutions

There’s no doubt that good management of supplier information can result in increased productivity and improved profitability. The discussion around the effect of reduced supply chain costs on profits and where money can be saved due to supplier information management (SIM) is, therefore, naturally a hot topic. How you can improve efficiency with supplier information management. Managing and aggregating supplier relationships (parent/child).

Is There a Future for ERP and Procurement Suites?

HICX Solutions

Similarly, procurement technologies that could once be described as ‘ Best of Breed ‘ and experts within particular fields have also extended beyond their original core purposes and have evolved into procurement suites that attempt to cover everything from Source-to-Pay (S2P) and ‘supplier management’ to Procure-to-Pay (P2P), invoicing and expense management. Business Processes Master Data Management erp procurement suites suites

Manage and Share Your Sourcing Data Effortlessly with ASO: Data Warehouse

Jaggaer

You already know that accurate data is vitally important to your procurement team. According to JAGGAER’s 2018 Digital Procurement Report , technologies related to data analysis are the most valued and desired pieces of technology among respondents. One small mistake in examining or presenting data points within your sourcing activity could cost you. Businesses need a strategic approach to managing their sourcing data. Sourcing

COVID-19 Lesson: Make Your Supply Chain More Resilient

Logistics Bureau

Until the Coronavirus began wreaking its havoc, global companies could run their supply chains on the assumption that disruptions would be rare and short-lived, and that products should be sourced, produced, and distributed at the cheapest locations to be found, wherever in the world that may be. The pandemic, however, has exposed the risk, like never before, of concentrating sources in one location—especially when it’s far away from a company’s headquarters and markets.

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You Can’t Achieve Procurement Success Without A Strong Foundation

HICX Solutions

When it comes to managing your organisation’s suppliers , it’s likely that one of your main concerns is increasing supply chain efficiency. In fact, according to a survey carried out by PayStream Advisors , 39% of enterprise-level (companies with revenues greater than $2bn) procurement and sourcing professionals listed ‘increasing supply chain efficiency’ as their main aim when it comes to managing suppliers.

Leveraging Data in a Digital Transformation: Lessons from JAGGAER’s Fireside Chat

Jaggaer

Digital procurement platforms are capable of producing incredible amounts of data, from spend history to supplier scores , delivery rates and more. But such massive amounts of data can easily lead to a new generation of questions. Which data can I trust? . We’re highlighting some of the most important points raised in our conversations to give you the insight to make the most of your digital transformation data. . How much data is too much? .

QAD Labs Collaboration Expands to RPA

QAD

Manufacturers can benefit from this technology by using it for any manual processes or repetitive tasks that involve an application or manual data entry. RPA Drives a More Efficient Harvesting of Order Data. QAD is working in the Labs with a well-known tier one automotive supplier to develop an RPA-based approach to a data collection challenge. In some instances, the data is provided through well established EDI.

8 Master Data Governance Best Practices for Better Customer Engagement & ROI

Vinculum

Over the past decades, the significance of data has amplified and in today every business operation, be it strategic decision-making or the daily function, is data-enabled. Researchers and data scientists are collaborating on a wider scale and bringing out breakthrough innovations in the space to master the ultimate potential of data in today’s time. Despite the growing importance of data and its optimal management, there is still room for improvement in the space.