How to Win the War Against Bad Master Data
Posted: Tue Feb 11, 2025 5:21 am
Master data lays the foundation for your supplier and customer relationships. It identifies who you are doing business with, how you will do business with them, and how you will pay them or vice versa – not to mention it can prevent fraud, fines, and errors. However, teams often fail to reap the full benefits of their master data because the data is in disparate mexico whatsapp number data systems, not accurate, or simply not present. This poor data management comes at a price— bad master data costs the US economy $3.1 trillion each year and results in a 25% reduction in potential revenue gains.
Enterprises must improve master data management to transform operations, drive revenue growth, and prevent fraud.
Why Master Data Is Important
Operating with bad master data creates circumstances for fraud to occur and compliance failures, leaving businesses with not only losses but also fines and reputational damage for not having properly vetted their business partners. The master data management process, especially at the time of onboarding, is the perfect opportunity to ensure master data quality and enroll trading partners in all your strategic initiatives and communication channels. There is no time in a business relationship when the supplier will be more motivated to adapt to an organization’s policies and business requirements than at onboarding.
Enterprises must improve master data management to transform operations, drive revenue growth, and prevent fraud.
Why Master Data Is Important
Operating with bad master data creates circumstances for fraud to occur and compliance failures, leaving businesses with not only losses but also fines and reputational damage for not having properly vetted their business partners. The master data management process, especially at the time of onboarding, is the perfect opportunity to ensure master data quality and enroll trading partners in all your strategic initiatives and communication channels. There is no time in a business relationship when the supplier will be more motivated to adapt to an organization’s policies and business requirements than at onboarding.