International Food Manufacturer Success Story
Advanced Master Data Management technology reduces invoicing mistakes, eliminates compliance issues.
Challenge
The organization, a global leading food and drink manufacturer and employer of 24,000 people, sought to address several master data management issues. The company had experienced significant challenges; including delayed cash collection, pricing errors, compliances concerns, and thousands of wasted hours spent on global data repair. It also needed to聽increase executives’ trust in data quality in order to聽unlock business insights that could potentially drive impactful decisions. Before engaging聽麻豆传媒视频, the company had unsuccessfully attempted master data management and governance with another vendor, and quickly needed to take action.
Solution
We deployed the 麻豆传媒视频 Knowledge Platform (SKP), our enterprise-ready master data management solution to help solve the organization’s ongoing challenges. The SKP聽was implemented聽to聽sit on top of critical data processes聽such as invoicing, procurement, and new product go-to-market initiatives. It actively governed聽and validated聽all inputted data, and orchestrated data flows between the company’s personnel and departments.
Outcome
The results of the new master data management solution proved to be transformative for the company’s business. Its “first-time-right data,” or, data that鈥檚 correct without the need for human remediation, jumped from 24.3% to 97.7%. And, its data quality across all 220 business data validation rules rose from 92% to 99.4%. The company was also able to reduce聽end-to-end聽time of data capture from 4.05 days to just 1.55 days.
Each of these data quality, timeliness, and efficiency benefits translated into bottom-line business benefits for the organization. Whereas new product development and launches at one time took 3 months,聽now they take just 2 weeks, thanks to enhanced governance聽and orchestration of聽data workflows and automated validation checks. And with correct,聽first-time-right data, the organization has also avoided embarrassing mistakes such as incorrect deliveries and missed invoices–providing both reputational and cash flow benefits.