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MASTER DATA AS A CORPORATE ASSET

Why you should prioritize the maintenance of your master data

Efficient business processes, qualified decisions and sustainable success - all this starts with a solid database: your master data. It forms the foundation of modern companies and is a decisive competitive advantage. But what exactly is master data, why is it so important and how can companies benefit from optimized master data maintenance?

Definition: What is master data?

Master data is long-term stable information that describes central business objects such as products, customers or suppliers. It serves as the basis for many operational processes - from logistics to purchasing and sales.

Customer data

Name, address, contact information, customer number

Icon einer Person im Kundenservice für den Begriff Kundendaten.

Product data

Item number, description, price, weight, dimensions, packaging unit

Icon einer Bohrmaschine für Produktdaten.

Supplier data

Supplier number, company headquarters, contract conditions

Icon eines Lieferwagens für den Begriff Lieferantendaten.

Company data

Company name, registered office, commercial register number

Icon eines Hauses für die Darstellung von Firmendaten.

The importance of structured master data maintenance

Master data maintenance means more than just storing information. It involves recording, updating and ensuring data quality across departmental and system boundaries.

Increasing challenges

  • Growing volumes of data: Digitization increases the amount of data to be managed.
  • Scattered data sources: Master data is often stored in different IT systems, which can lead to inconsistencies.
  • Data quality: Incorrect or incomplete master data can affect entire structures.
  • Unclear responsibilities: Different departments are involved in data processes - this leads to delays and additional manual work.

Advantages of systematic maintenance

  • Consistency: Standardized data as a central source of information.
  • Transparency: Basis for reliable analyses and statements.
  • Future viability: Support for new technologies such as AI and automation.
  • Efficiency: Reduction of redundancies and manual rework.
  • Flexibility: Short-term adaptation to new market and regulatory requirements enables a shorter time-to-market with a high level of legal certainty.

Best practices for the maintenance of master data:

Central data storage

Consolidate master data in a central platform to avoid redundancies and promote collaboration.

Regular review

Validate master data continuously to detect errors at an early stage.

Data completeness

  1. Make sure that all fields are complete and relevant.

Standardization

Use standardized formats, e.g. for addresses or product descriptions.

Responsibility

  1. Appoint data stewards who are responsible for data quality and integrity.

Automation

Automate tasks such as data synchronization and cleansing.

Monitoring

  1. Measure KPIs such as error
    rates and degrees of completeness to improve quality in the long term.

Integration

Ensure that master data is integrated into all relevant systems.

Future planning

Take technical
logical and regulatory requirements into account in order to keep the database robust.

The importance of product-related master data for sales

Product master data is indispensable in retail and e-commerce

Master data includes all essential information such as article numbers, product names, prices, dimensions, weight and warehouse locations. It is the basis for reliable product presentation, precise logistics and a seamless customer experience. Incorrect or incomplete master data can lead to problems in warehousing, pricing or presentation in the online store - which has a negative impact on the customer experience and increases the returns rate. Structured and continuous maintenance of this data ensures consistent and reliable information, which not only contributes to process optimization, but also to increasing competitiveness and customer satisfaction.

forbeyond
Optimized master data maintenance for your company

The quality of your product master data is crucial for efficient processes and an optimal customer experience. We ensure up-to-dateness and consistency - with manual maintenance and AI technologies. This includes ongoing data maintenance, the correction of incorrect information and seamless migration to new systems. We also analyze and enrich your product data in a targeted manner to increase its informative value.

Rely on strong master data