Keys to Managing Data Across Complex Enterprise Environments
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Data is critical to organizations – that’s a fact. But maintaining the quality of data across siloed systems? That’s where it gets complicated. That’s because as your business applications grow, so does the sheer volume of data. And when that data is siloed, the manual processes you may have been using to keep data correct and consistent across all your organization’s assorted moving parts begin to break down. So, let’s take a new approach – master data management (MDM): providing a powerful, single golden record of data that’s synchronized across systems to maintain data quality and fuel better, timely decision-making for your business. Join this webinar to discover how multi-domain MDM helps you break down data silos to drive incremental revenue, reduce costs, and transform your digital initiatives into a competitive advantage – thanks to a clearer, more holistic view of enterprise-wide information. Topics covered will include how to: · Eliminate the manual and inefficient processes that produce data gaps and inconsistencies · Establish a record of consistent, valid, and accurate data across domains, applications, and services · Improve initial data quality and ensure proper governance with process automation · Increase data utilization and collaboration across various user personas, with a business-friendly user interface (UI) · Manage all administrative, stewardship, and governance functions across domains from a single UI · Create linked relationships between data domains and surface up analytics on different data types to provide context and enable more informed decision-making
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Keys to Managing Data Across Complex Enterprise Environments
- 1. Keys to Managing Data Across Complex Enterprise Environments Sumit Nagpal Sales Director Precisely Will Ponton Product Manager Precisely HEAD SHOT HEAD SHOT A conversation with
- 2. Moderated by Mike Meriton Co-Founder & COO, EDM Council • Joined EDM Council full-time 2015 to lead Industry Engagement • EDM Council Co-Founder & First Chairman (2005-2007) • EDM Council Finance Board Chair (2007-2015) • Former CEO GoldenSource (2002-2015) • Former Executive for D&B Software and Oracle • FinTech Innovation Lab – Executive Mentor (2011 – Present)
- 3. 3 © 2022 EDM Council Inc. Today’s panel Sumit Nagpal Sales Director Precisely Will Ponton Product Manager Precisely Moderator Mike Meriton Co-Founder & COO EDM Council
- 4. 47% of newly created data records have at least one critical error Managing data in complex environments 68% of organizations say disparate data negatively impacts their organization 84% of CEOs say that they are concerned about the integrity of the data they are making decisions on Data Trends Survey 2019 Forbes HBR
- 5. DIGITAL CORE Critical business data is more dispersed than ever. Customer ecosystem Product ecosystem Employee ecosystem Finance ecosystem Things ecosystem Vendor ecosystem API LAYER BI, AI, DATA ANALYTICS
- 6. To compete and thrive in today’s economy….
- 7. right, compliant, and available everywhere it’s needed—faster. your core business data must be
- 8. Master Data: Your Most Critical Data List of values that provide context to master and transactional info Actual places that support the business Reporting and accounting categories within the business What the business produces or manages Everyone who interacts with the business • Prospects • Customers • Suppliers • Employees • Countries • States • Segments • Classifications • Addresses • Sites • Subsidiaries • Zones • Chart of Accounts (CoA) • Cost Centers • Price Lists • Products • Assets • Services
- 9. Poll 1: How are you managing your master data now? (Pick One) • Not sure/Nothing formalized • De-centralized approach • In-house centralized approach • External MDM solution in place
- 10. Poll 2: What challenges do you have in managing your master data? (Pick all that apply) • The process is too manual • The golden records have quality issues • Synchronizing master data across business functions • Maintaining an independent audit trail of data changes • Understanding relationships between different domains
- 11. Poll 3: How satisfied are you with the quality and management of your master data? (Pick one) • Bad – we need some help • Poor • OK • Very good
- 12. Questions?
- 13. The leader in data integrity Our software, data enrichment products and strategic services deliver accuracy, consistency, and context in your data, powering confident decisions. of the Fortune 100 99 countries 100 2,500 employees customers 12,000 Brands you trust, trust us Data leaders partner with us
- 14. FOR MORE INFORMATION: www.Precisely.com +1 (877) 700 0970 Thank you!
Editor's Notes
- And you can certainly find any number of articles and surveys in the press, or analyst reports, that dig into this issue. Here you see just a few stats from Forbes, the Harvard Business Review, and Precisely’s own Data Trends Survey. When two-thirds of organizations say siloed data negatively impacts their data initiatives and almost half of newly created data records have at least one critical error, it is no wonder that 84% of CEOs doubt the integrity of the data on which they make decisions!
- And you can certainly find any number of articles and surveys in the press, or analyst reports, that dig into this issue. Here you see just a few stats from Forbes, the Harvard Business Review, and Precisely’s own Data Trends Survey. When two-thirds of organizations say siloed data negatively impacts their data initiatives and almost half of newly created data records have at least one critical error, it is no wonder that 84% of CEOs doubt the integrity of the data on which they make decisions!
- Talk track: But with today’s loosely-coupled systems landscape, digitizing processes is challenging, to say the least. The critical data that powers your core business processes and underpins your transformation efforts is more dispersed than ever before. Think about your customer data for a moment. It may reside in your ERP, CRM, marketing, eCommerce, point-of-sale systems, and so on. The effect of these data silos is not just data discrepancies between systems, but process inefficiencies as business teams wait for data from one system into another or act as the glue between systems rekeying data from one place to another. You may have dialed in your sales process to move customers through the sales cycle efficiently, but if it takes days to set up a new customer in the system where you process your orders, you’ve lost momentum and maybe even customer goodwill in the process.
- [Sumit] Talk track Today’s digital economy runs on data. If you’re going to compete and thrive <click>
- [Sumit] Talk track Today’s digital economy runs on data. If you’re going to compete and thrive <click>
- Talk track Your core business data must be right. It must be compliant, and just as important, it must be available wherever it’s needed by the business, faster than ever. We’re talking about the core master data that describes your business—your products, customers, vendor, equipment, employees and the like. So how do you improve the quality of your most important business data and ensure that it gets to all the systems and people that need it quickly? <click>
- Talk track Your core business data must be right. It must be compliant, and just as important, it must be available wherever it’s needed by the business, faster than ever. We’re talking about the core master data that describes your business—your products, customers, vendor, equipment, employees and the like. So how do you improve the quality of your most important business data and ensure that it gets to all the systems and people that need it quickly? <click>
- Master Data is the MOST important data to manage: Master Data Management (MDM) allows companies to create a golden record of data and synchronize across systems to maintain data quality. MDM can eliminate the manual and inefficient processes that produce data gaps and inconsistencies, paving the way for a clearer, more holistic view of enterprise-wide information. Introduce examples of master data domains This is NOT comprehensive There are wide variety of differences in Master data across industries – and
- Sumit: 2 minute answer
- Sumit 2 minute about typical use cases Discuss business problems addressed in your use cases Will 2 minute about typical use cases * Discuss more technical problems addressed in your use cases
- Share negative consequences and specific use cases: Share different domain and/or industry stories Sumit: 2 minutes Focus on the negative business consequences Will: 2 minutes Focus on the negative technical consequences Efficiencies, scalability, synchronization Product use case + negative consequences Customer use case + negative consequences Vendor use case + negative consequences
- Sumit 2 minutes: Business value requirements Will 2 minutes: Technical requirements Integration Framework
- Sumit: 2 minutes – introduce product/supply chain focus versus more general MDM concepts
- Will -2 minutes: Position the value of having a strategic plan/the value of our strategic services
- Sumit: 2 minutes Will: 2 minutes
- Would you prefer to have a discussion between the two of you – or each of you answer independently: Sumit: 4-5 minutes Will: 4-5 minutes This is where we can discuss the DIFFERENTIATORS that the data integrity suite – and that Enterworks brings to the table. Topics we should cover: *Cross domain intelligence *Integration network for ever expanding data legacy/modern data sources *More robust data quality and reconciliation *AI/ML in observability and other *Location Intelligence & analytics *Data enrichment
- Seed questions (in case audience participation is light): I’m hearing more about ‘augmented’ master data management – what is that? WILL What’s the difference between and MDM and a PIM? Sumit Can an MDM solution integrate with my data quality solutions – or do we have to start all over? WILL How does master data management differ from data governance? SUMIT
- Thank you for joining us today. This presentation was brought to you by Precisely the global leader in data integrity. Precisely helps over 12K customers in 100+ countries ensure the accuracy, consistency, and context of their critical data – through our software, data enrichment and strategic services.