With global supply chains and the complex landscape of suppliers and vendors, the coronavirus pandemic impacts manufacturers the hardest. As digital becomes the lifeline for many organizations today, Covid-19 is fast-tracking digital transformation worldwide. As the driver for digital transformation, Master Data Management (MDM) lets manufacturers create tangible business value out of their data.
These are challenging times for manufacturers. Amidst the non-stop news shaking up global economies, from trade wars to Brexit, the arrival of 5G and the Internet of Things (IoT) to regulatory pressures such as the GDPR and digital disruption, the coronavirus is piling even more pressure on the manufacturers. Their biggest challenge lies in preparing for the post-Covid world.
The situation therefore requires them to re-engineer business processes to meet this fluctuating demand and rework their entire supply chain so that their organisation is ready for the next disruption. Digital transformation, driven by data, will become critical in this regard. As a driver of this transformation, Master Data Management (MDM) helps manufacturers extract tangible business value from their data.
As a single source of truth, MDM allows manufacturers to define, manage, centralize, organize, categorize, localize, synchronize and enrich all their master data.
By creating an ecosystem of quality data that’s accessible to everyone along the supply chain, manufacturers will not only have a head start on their competitors, but they’ll also be lean and agile in the run for business in the digital post-Covid world. Whether it’s for e-commerce, D2C, vendor management, supplier onboarding, faster production or innovation.
Rather than relying on data stored in different systems and locations, manufacturers can use MDM as a single, central repository for gathering and integrating supplier information along with critical internal data. By leveraging a single view of relationships, you can optimize production and reduce the costs of products sold.
MDM provides a single solution to manage each step in the entire value chain. It cuts through disparate data and links information together that delivers actionable insights into the full supply chain. You can start with product design and assembly, from the computer chip that goes into a smart appliance to the water that goes into liquid cleaning products, all the way through to production and delivery.
With quality data as your driving force, you can develop new models and processes for building, managing and shipping products with quality data as your driving force. Whether producing automobiles or packaged food ingredients, manufacturers need precise, timely and consistent data that feeds multiple systems for warehouse management, inventory management, supply chain, shipping and packaging.
As a common, trusted data repository, MDM ensures that the product manager and the sales manager look at the same data sets when making strategic decisions.
Estanislao Montesinos Gomez, Head of Practice MDM/PIM - Osudio, SQLI Group