Data quality and completeness is critical for the success of any transformation initiative. As organizations mature, they recognize the need to manage data quality as it is entered, rather than after the fact. Because of this realization, many have implemented Master Data Management or MDM systems to ensure the accuracy, uniqueness and visibility of key data entities (typically Products, Customers, Suppliers) across the enterprise.
Poor product data and processes directly impact internal operations causing increased inventory, slow product commercialization, delayed go-to-market, delayed customer order fulfillment, product compliance risk, poor demand and supply planning, inefficient manufacturing process and lack of shipment optimization. These operational impacts in turn cause financial impacts, including lower return on investment, decline in sales prospects, damaged brand value, increased compliance and regulatory cost, increased inventory carrying cost, decreased order fulfillment accuracy, decreased revenue and profitability and – perhaps most importantly – poor customer satisfaction.
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