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Companies use Master Data Management solutions to track materials, customers, and suppliers. A segment that is often overlooked is services data. Service master data management is still a relatively new concept to many, and companies are reluctant to invest. Similar to material master data, services master data has grown both in size and complexity over the years and without streamlined processes, is often unstructured, inconsistent, and difficult to manage. As a result of bad, inconsistent, and unreliable services data, companies face numerous challenges and incur unnecessary costs. Examples include:

  • Lack of data standards and data entry protocols
  • Extensive duplication
  • Poor visibility across locations
  • Rogue spending
  • Inability to reduce procurement costs

With Services Master Data Management, you can clean, streamline, and automate your service masters for consistent, accurate data that is visible across the enterprise. A clean, consolidated, and de-duplicated single source of truth makes it easier to analyze data, reduce unnecessary costs, and make informed decisions. By defining data cleansing rules, structuring data based on categories, groups, and numbers, creating consistent service descriptions, and providing ongoing data governance, an SMDM solution won’t just cleanse data temporarily but will provide a solution that is sustainable and repeatable. Here are a few benefits of implementing a Services Master: 

  1. A single centralized source of truth

An integrated SMDM solution ensures all cleansed and standardized master data is stored at a single location in the cloud, easily accessible from across locations. It further leads to improved cross-plant collaboration and real-time visibility into any updates to the master data.

  1. Consistent, structured descriptions

The advanced services master ensures company-wide consistency, structure, and reliability of descriptions and services in accordance with global classification standards like UNSPSC.

  1. Process and performance improvement

Businesses have access to data at their fingertips with a centralized, cleansed services master. The data helps not just in analyzing performance and making corporate decisions, but also in eliminating duplicates and enabling on-time maintenance. Process automation and streamlining eliminate workflow bottlenecks and delays, ensuring improved ERP performance and smooth workflow.

4. Advanced search capabilities

The free-text search and category searches make it easy to find the data you need with just a keyword, category, or attribute. It allows for improved visibility, reduces unnecessary purchases, and gives a granular view of the entire service’s master data.

  1. Improved data security

Through user authentication and role-based data access, SMDMs can enhance data security. An audit trail with time stamps and access logs can be used to improve individual accountability. By flagging insecure activity automatically, any unauthorized data breach is contained.

Author

Himanshu Saxena

Consultant at DataInfa

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