How to utilize Master Data Management (MDM) to optimize supply chain operations

As such a crucial part of every component of a business, data needs to be organized, accurate, and accessible for maximum efficiency. One approach is platform concept Master Data Management (MDM), that provides a tech-enabled system to better manage the large quantities of data within a business. A consistent and reliable database plays a huge role in analyzing how the different functions inside a business compare, and supports a complete understanding of the entire supply chain from beginning to end.

With a seamless database, procurement can have access to the necessary details for deciding which supply chain operations have the opportunity for cost reduction or other potential efficiencies. There are many challenges now that supply chain and procurement professionals can discover solutions for with the data uniformity offered by MDM. Standardized data systems can establish supplier names and vendor numbers that are repetitive throughout the business, maybe across locations, to leverage quantities for purchasing and improve these supplier relationships in the process. In the most recent episode of Source One's Countdown to ISM2017 series, Senior Project Analyst Jennifer Engel addresses the common challenges in supply chain operations that MDM can provide solutions for.

This is just one of the many procurement and supply chain hot topics discussed during the Countdown to ISM2017 series, as the Source One team gears up for the international conference in just a few weeks. The ISM2017 agenda includes a variety of highly anticipated sessions, including the private sub-conference for executives, ExecIn. Exclusively sponsored by Source One, ExecIn offers specific keynote speakers and sessions directed towards the procurement and supply chain leaders attending the conference with their team. These decision makers have the opportunity to network with other high-level professionals while considering how to prepare their groups for the future of procurement.