Enterprise Master Data Management & Services | BDO Canada
Don’t Let Bad Data Ruin Your Projections
Profitable businesses in the world today rely on master data collected about its customers, products, suppliers, and tangible assets in order to make strategic business decisions.
When profit margins get squeezed, or you want to capture a new market, you need precise information. More importantly, you need to trust that data because lack of accuracy can sabotage an entire initiative.
Far too frequently, holes populate crucial business information. In the midst of a C-level meeting, the CEO spots a top client absent from a list, or a major asset identified correctly. Fearful that could happen again, gun-shy executives chew up time with triple checks, never quite confident they’ve got it right.
It’s the master data failure, and if this scenario sounds familiar, your master data may be no master at all.
DISTORTED DATA COSTS COMPANIES MILLIONS
These are costly exercises, and a common concern for many businesses. According to a recent Gartner survey, 140 companies revealed that the average cost of poor data quality sits around $8.2-million (Organizations Perceive Significant Cost Impact from Data Quality Issues).
Essentially, inconsistent master data harms your business by:
- Damaging profits and productivity
- Heightening both risks and inefficiencies
- Concealing information that would otherwise lead to improved revenues or cost reductions
IMPROVE OPERATIONAL EFFICIENCY AND CASH FLOW WITH BDO
Master Data Management from BDO ensures you have your sights set on the right data, so you can generate more revenues through:
- Knowledgeable and well-targeted cross-selling and upselling because your employees know precisely what sells
- Create clear links between what the customer values, and what you deliver
- Streamline your supply chain
IDENTIFY THE DATA THAT’S MEANINGFUL TO YOU
Whether your company wants more information about its customer base, supply (across multiple divisions) or enterprise operation, which can assist with collaboration, and cross-departmental information including HR and assets – BDO’s master data services can help.
BDO HELPS YOU MASTER YOUR DATA STEP BY STEP
Our experts will work with you to create a data management strategy, starting from identifying your core systems and which of those systems hold the data so that it can be repositioned to a single source – often referred to as the Single Source of Truth (SSOT).
You can also choose to augment your SSOT with the creation of a business intelligence competency centre. BDO will help set up and train the team so that they can be in charge of controlling your data.
Once this is done, the goal is to create standardization that goes beyond what can often be a 100-item list of KPIs. Instead, we will help you identify the true value drivers – those items that your company is truly dependent on for ongoing profitability, which could be as few as 25 indicators.
BDO can also assist with predictive analytics so that you can more effectively forecast the direction your company is taking.
BEAT YOUR COMPETITORS TO THE PUNCH
According to Gartner, there’s been a significant rise in companies using comprehensive data management tools – as much as 18 per cent per year over five years. Estimates are that the field is already a $2.9 billion operation – so if you’re not using it, there’s a good chance your competitors already are.
Rishan Lye is Director of Consulting Services at BDO Canada. A specialist in solution architecture, Rishan is a highly skilled communicator who works closely with management teams on deploying long-term strategic plans.
Ask Rishan a Question or Call (905) 946-2500
BDO PUTS DATA IN ITS PROPER PLACE
BDO Canada is one of Canada’s premier professional business support providers with more than 100 office locations. A member of Microsoft’s Inner Circle, BDO is recognized as one of the top 1% of companies in delivering Microsoft services and essential technology solutions worldwide.