What is it that powers the success of most businesses today?
Customers? Vendors? Services?
Well, these are undoubtedly the contributing factors to your business’ success. But above all, it is DATA!
Data and the insights gleaned from it are crucial to the success of organizations. Thus, companies have started measuring the quality and usefulness of their data.
Have you? If so, are you managing it well?
As the data created and used grows, so does its importance! So, you must prioritize managing your data. This includes maintaining its accuracy, consistency, access, and actionability. But achieving it is easier said than done.
This is where businesses tap into the need for a master data management solution.
According to a research report, the global MDM market size is expected to grow from USD 11.3 billion in 2020 to USD 27.9 billion by 2025, at a CAGR of 19.8%.Source: https://www.marketsandmarkets.com/PressReleases/master-data-management.asp
Before we delve into what it is all about, some here’s bite-sized information on master data.
Master Data is a single source of common business data that your organization uses across all the departments, applications, and processes.
Simply put, you can say that it is a master file of things like –
For instance, think about the sales number. What is it? It’s a simple transaction where a customer purchases a product. So, these (customer and product) are master data entities that you must manage!
You can describe Master Data as the foundation required for all your transactions!
The short answer is: yes, you do. As your company grows, you are bound to run into many data-related challenges. Though you might use a lot of resources and tools to prepare data and insights, any inaccuracy in it will drain down all the efforts.
But it does not end there!
Some other crucial SAP master data management challenges can impede your business processes, too. We’ll have a look at those here and also determine how you can overcome them by using SAP master data management software.
As the data evolves over time and grows in volume, it is difficult to ensure the correctness of each Master Data in SAP. Lack of integration with vendor and customer systems leads to further chaos.
Your master data is stored within SAP and is used for all business transactions. And you have made your best efforts to ensure all the data inserted during implementation is accurate & verified. As the number of transactions grows over a period, you must apply stringent master data management processes.
When there is a conflict between two similar data from different data sources, your data integration, data warehouse, or other such technologies fail to resolve it. Nevertheless, a master data management solution provides real-time data validation.
With MDM best practices, you can consolidate common critical data across business units and departments into a centralized system. This ensures data quality through the combination of processes; thus, resolving data inconsistency issues.
When multiple sources handle data individually, there are chances of duplication of data. This can impact your business processes severely.
There are many impacts of data duplication.
Data duplication can be avoided completely if the following measures are implemented.
SAP master data management software ensures your Master Data maintains a single source of truth. Moreover, it validates newly proposed Master Data information and runs it through a matching algorithm to ensure if corresponding records already exist. If they do, it makes sure that the data is consistent and not duplicated. If not, it creates a new record.
The SAP MDM Software ensures all the integrated applications use the correct data in real-time. As multiple applications use master data, data errors in any one place will also affect other applications that use the data. Thus, with the SAP MDM Software in place, only accurate information prevails across the organization.
Incorrect relationships across Master Data domains (Customers, Products/Items & Vendors) leads to fragmented, ineffective data that, in turn, hurts an organization’s growth. Master Data should be linked across domains. Linking this data allows you to
This is where the Discus Master Data Management add-on for SAP shines. It offers a unified platform where you can create a holistic view of your enterprise-wide information. Right from administrative to governance functions across the domains, MDM enables you to handle it all from a single user interface.
Furthermore, it eliminates the guesswork and uncertainty; thus, paving the way for powerful insights and informed business decisions.
To date, most of the large, costly cyber-breaches making headlines have involved data manipulation and data theft. Intruders tend to change organizational data to impact business operations in case of data manipulation. Whereas, embezzlement or data theft includes sharing the company’s information to third parties illegally.
With a robust master data management solution, you can decline the possibility of such cyber-breaches. It helps maintain data versions and track the logs to ensure the authenticity of business processes. Besides, users can place change requests wherein they require a change in the master data. The system will allow changes only when the right authorities approve.
Siloed data management accounts for multiple stakeholders with different access rights. Thus, it becomes challenging to receive the right information at the right time. Simply put, one user depends on the other to gain access or use the data. This results in delayed processes.
On the contrary, MDM acts as a key data source. It serves as a reliable basis for information for all your business operations. Hence, key users can manage data without having to wait for IT personnel. Also, it authorizes users to decide what type of data needs to go in the master data.
The biggest contributor to the failure of master data management is a lack of data governance. It requires the business to take ownership, quality measures, and work in tandem to get an appropriate solution.
Master data management software comes with data governance to help businesses get a clear picture of the data operations. It integrates with other data applications and eliminates the laborious process of data transfer that leads to errors. Moreover, it helps establish stewardship to maintain the quality of data.
Thus, in the absence of data governance, your MDM implementation may suffer.
Maybe a company grows in share, revenue, etc., but its highly decentralized data can result in a complex scenario in the long run.
With MDM, it is easier to collect, segregate, store, and process data. Therefore, it helps analyze market trends, customer expectations, and internal operations. You can utilize these results in the company’s favor and make informed decisions.
Have you observed any of these signs across your business operations?
If so, it’s time to mull over putting an SAP master data management solution in place.
While you’ll see several tools floating around in the market, only a few might draw your attention and be helpful for your specific needs.
SAP Master Data Management Add-on from Discus Business Solutions is one such tool!
What Discus Business Solutions Does for SAP Master Data Management?
To help your business have a well-managed master data, Discus Business Solutions developed SAP add-on. It caters to master data management of products, vendors, and customers.
Built with Artificial Intelligence, this SAP Master Data Management Add-on automates your complete master data creation process. Moreover, it has the efficiency to suggest and capture any inconsistencies or problems in your data.
For instance, you’ve 1 lakh products in your SAP. Accessing each manually for data redundancy will take up a lot of time and effort. What the SAP add-on from Discus does is it puts validation for duplication. Thus, you can get the list of actual products while cleaning up the bloat.
“One of our customers had 1 lakh products in SAP. When they analyzed it with our SAP add-on, they found only 26,000 actual products. Hence, they were able to clean up 74% of bloat.”
What Discus’ SAP Master Data Management Add-on offers?
Discus empowers auto-generation of master data depending on the input given by business users. Thus, it prevents person dependency and enables on-time data transactions.
This SAP master data management solution validates all your existing data. Hence, it ensures that there is no data redundancy or data duplication.
With Discus, you can enter all your SAP data in real-time. You don’t need to save it in Excel and then copy-paste it, which may lead to errors. Besides, all the changes you make to the data are saved in real-time; thus, making sure everyone has access to the same information.
As you know, master data management is not only about management but also the creation and updates of data. With the auto-suggestion feature from this SAP master data management add-on, you can make data creation quicker.
For example, you have got the SAP MDM add-on from Discus. Now let’s say; you’re creating a customer entry. While you choose to enter the customer’s company name, it will give you auto-suggestions. Thus, you can quickly refer to the system data and avoid duplication.Balveer Sisodia, SAP Delivery Head at Discus Business Solutions
So, having the Auto suggestion feature is invaluable for SAP MDM best practices.
Besides capturing and maintaining accurate master data management information, organizations need to do a lot more. Thus, synchronous workflows help businesses improve their productivity and accuracy while reducing risks.
This SAP master data management software allows you to create and modify workflows. This maximizes the use of your master data, enabling automation and compliance. Moreover, it gives users the ability to interact with enterprise data efficiently and effectively.
While master data is the powerhouse of the most valuable information a company owns, master data management software is what fuels this powerhouse. Right from consolidating the complete data into a single source to navigating business processes through the master data, it deals with the end-to-end data journey in your organization.
Discus Business Solutions’ SAP master data management add-on empowers everyone along the data journey. It ensures that your organization consistently delivers the right information to the right people.
The Discus SAP MDM Addon has you covered. Let’s do a quick recap of the benefits.
Are you looking to take control of your SAP Master Data? Discus can help you reap the benefits – click here to request a free demo!