Organizations today are dealing with more data than ever before. Finding a way to manage all of it, and merge relevant numbers and reports together can become frustrating and confusing. Data cleanup and master data management can be some of the most complex and expensive challenges for an organization, but it is necessary. Without managing and cleaning your data, numbers in your reports can be inaccurate, causing major impacts for you, your customers, vendors, partners and others.
A CFO article mentioned that inconsistent product or service data slows time-to-market, creates inefficiencies in your supply chain, hinders accurate revenue recognition, creates sales inefficiencies, and threatens customer loyalty. The same goes for an inconsistent chart of accounts – this makes data consolidation and reporting much more complex, lengthy and error prone.
To best avoid issues like these, consider compiling all your data from multiple systems into one source of reliable, master data. By using an integrated system, you’ll provide your team with shared access to trusted, reliable and clean master data. This will help remove data redundancy and inaccuracies, therefore reducing overall risk.
Once you have an integrated system, it is important to establish policies to manage your master data. Ensure everyone is on the same page about adding, deleting and updating key information, and that there are validations and/or reviews taking place as well. These policies should be applied consistently and reviewed regularly to minimize risk.
In order to make timely and relevant business decisions, organizations now rely more heavily on real-time data. Manual input data is becoming a thing of the past. Your master data management needs to be a streamlined process that is guided by automated integrations you can depend on. True Sky can help you streamline your budgeting process. Give us a call today at 1 855 878 3759 or visit www.truesky.com for more information.