The Difficulty with Material Master Data
Asset-intensive organisations want the same thing: a single, consistent, complete, accurate, and accessible master data record for every one of their catalogued parts. Unfortunately, very few businesses, particularly those operating in complex, global environments (think large Oil & Gas or Pharmaceutical companies) can make this a reality on their own. They try and fail. In the wake of failure, most businesses learn to live with poor material data. It becomes part of their culture and the negative consequences spread across their organisation like a creeping vine. Money is wasted, time is lost, and business opportunity is squandered. It is a slow-burning business problem that can fall out of focus in favour of more immediate and revenue-bearing performance metrics.
The Business Cost of Poor MRO or Material Master Data
What does poor material master data really mean for a business? Take a look at the list below and think about whether you are experiencing any of the following. If so, you should take the time to contact us today.
- Rampant and wide-spread duplicated stock
- Poorly defined or non-existent data entry protocols
- Poorly performing CMMS, EAM, and Materials Management applications
- Unreliable information about what is in stock
- Wide-spread complaints about time lost looking for information, particularly among maintenance, procurement, inventory, and materials management resources
- Unexpected downtime is commonplace and often attributed to missing critical spares (or a general reliance on a “fingers crossed” mentality when it comes to spares availability)
- Inability to share or search for inventory across the enterprise
- Translation and language differences make finding things in other regions impossible
The Logical First Step
Cleaning up or enriching “legacy” MRO-related data often stands as the first logical step for a business suffering from the scenarios listed above. In doing so, Masterpiece, by sparesFinder, provides our customers with a cloud-based (and easy to implement) solution for standardising and enriching item descriptions across their operations. With Masterpiece, our customers can define a global standard for describing materials, remediate their existing and inaccurate data, and prepare for a long-standing governance initiative.