SimpleMDG
Why you need Master Data Governance?
With advances in technology, the volume of business information available has grown exponentially over the last few years, with over 50 billion gigabytes of data generated every 10 minutes. We now have unprecedented access to information and actionable insights, and as a result, business is healthier informed and connected than ever before. Every business operation uses data, and they always consider data and analytics capability a top investment priority. Yet despite this, faith in the data businesses rely upon is low.
Gartner measures the average financial impact of poor data on companies at > $15 million per year (2019). With bad data, companies are keeping making bad decisions. Companies do not realize the data are wrong decisions until later.
Master data governance refers to the comprehensive management or handling of data within a system that are shared across different platforms and pieces of the business architecture.
Master data governance improves data quality, enables consistency, supports workforce collaboration, and provides the elusive “single view of the truth.” With one source of truth for all “entities” — data on customers, employees, products, and things, and a standard way to manage and show information hierarchies — you have an invaluable asset for a range of use.
SimpleMDG – A Master Data Governance Platform
SimpleMDG provides a comprehensive governance process, including a request management solution and a standardized approach to validate Maintenance Request at the process, control, and attribute level to prevent incompliance data from becoming operational and transactional.
Our agile and sophisticated engine supports rule-based business workflow to manage complicated governance scenarios. Notifications trigger to remind Approvers and Master Data Stewards to approve and process the change request timely to meet SLA (Service Level Agreement). A collaborative instant message system provides an audit trail between all data processers throughout the request process.SimpleMDG also helps to check the duplicate data and set up the rules for Master Data.
Benefits
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Ensure Data Consistency anytime, anywhere: Standardize definitions and business rules. Benefit from collaborative workflows and notifications.
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Improve revenue growth: Helping you to provide personalized cross-sell and up-sell offers that facilitate accessing of reliable and complete data for all customer touchpoints.
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Reduce duplicate data throughout the organization, reduce errors in reporting and coding, and reduce costs associated with poor data quality.
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Improve Productivity: Eliminate costs and IT issues, therefore drive operational efficiencies through the provision of a consistent and reliable source of master data across your companies.
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Optimize Supply Chain: Gain more automation through centralized data management for your external work away from your production system. Before work initiates on a given task or strategy, get ahead and understand the “current health” of your data behind that objective as well as your “target.” This will allow you to get a baseline of your effectiveness.
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Secure Collaboration across the enterprise: From a practical standpoint, this collaboration begins with establishing clear definitions and business terms across the enterprise through business glossaries, data dictionaries and data catalogs. Data usage is clearly defined, as well as data source and lineage. Data consumers have a transparent knowledge repository for how to access data, what it means, and who owns it. They also can easily assess the quality of that data for different use cases.
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Identify Risks and Policy Violations – Define the scope of criteria to find data points that fall outside of “normal business activity.” With governance, you can add controls and checks to stop unwanted behavior.
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