Harnessing the Power of Master Data Management to Enhance Spend Visibility and Compliance in the Manufacturing Sector
The client is a leading manufacturer and distributor of high-quality construction equipment based out of Europe. The company is well-known for delivering high-quality construction equipment and services all over the globe. In today’s complex business scenario, establishing a data governance program may seem like an uphill task even for well-established companies. The client, a multinational [...]
The client is a leading manufacturer and distributor of high-quality construction equipment based out of Europe. The company is well-known for delivering high-quality construction equipment and services all over the globe. In today’s complex business scenario, establishing a data governance program may seem like an uphill task even for well-established companies. The client, a multinational conglomerate in the industrial and manufacturing sector was no exception. With business units spread across Europe, the client faced several master data management issues that left a measurable impact on their business operations.
The Business Challenge
Global manufacturing companies face a wide range of challenges including the need to adhere to local regulations related to labeling requirements and safety standards. Several such factors are pressurizing manufacturing companies to adhere to the regulatory requirements without compromising on their operational efficiency. However, with most of the crucial data trapped in siloed data management systems, master data management is indeed an uphill task for companies looking at addressing such challenges.
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Today, businesses are aware that poorly managed master data can give rise to unnecessary risks and put significant cost savings out of reach. The client a leading construction equipment manufacturing company needed a consistent view of their manufacturing and distribution processes to address key issues related to vendor and spend data management. With minimal access to vendor information and a mere 17% of the organization’s spend data categorized, the client was experiencing a steady decline in their negotiation power. Hence, they chose to work with Quantzig to devise a master data governance framework to enhance spend visibility using data governance best practices and processes.
Solutions Offered and Value Delivered
Working with the equipment manufacturing company, Quantzig leveraged its experience in data management and master data governance to develop a suitable master data management model to tackle their challenges. The initial phase of this engagement revolved around analyzing the client’s existing data governance model. In addition to developing a roadmap to address these issues, the experts at Quantzig also developed a robust master data governance model to improve spend visibility, data quality, and material maintenance costs.
The master data management solutions also helped the client to:
• Improve vendor risk management
• Proactively address compliance related issues
• Standardize and simply their master data management processes
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Moreover, the recommendations put forward by the master data management experts at Quantzig helped the manufacturing company to generate benefits close to $7 million by adopting operational, sourcing, and master data management initiatives. Having helped the client overcome organizational challenges related to data management, Quantzig continues to support the organization as it focusing on implementing a target operating model to overcome organizational silos and gain meaningful insights.
Why choose Quantzig as your next analytics partner?
Quantzig is a pioneer in the field of advanced analytics and master data management, well-known for offering a wide range of services that appeal to a diverse range of clientele from various industrial segments. We have helped several enterprises achieve their organization goals by delivering suitable master data management solutions. Our customizable master data management models have helped leading players achieve significant benefits in the form of enhanced data accuracy, data quality, spend visibility, and improved data security.