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If “Data is the new oil!” is the rallying cry of the data scientist, then “Manage your data as an asset!” must be the battle cry of the data steward.

Managing data as an asset is an interesting concept.

It raises questions such as:

How do we account for the value of data?

Can we monetize data? What does this mean?

Can we depreciate data?

And many more…

The Impact of Poor Data Quality on Profits

Most organisations are struggling to account for tangible assets, such as inventory.

Imagine a manufacturing giant using “Just in Time” principles to order sugar, only to find tons of sugar stored under the wrong product code. Or a utility company installing thousands of electricity meters, but all of them are still registered as sitting in the warehouse, causing confusion about customer locations. These are real-world examples of how poor-quality inventory data can impact profits, leading to wasteful spending, inefficiencies, and financial losses.

The Achilles Heel of ERP: Data

The ERP industry promises to improve asset management through automation, but its effectiveness relies heavily on the quality of the data fed into the system. If the data is inaccurate or incomplete, the ERP application becomes less reliable in delivering the desired business returns.

The True Value of Data: Internal Monetization

While debates about monetizing data and accounting for its value are interesting, they often miss the key point. Data is how we represent our business, and when our tangible assets are poorly represented, we lose money. The most significant opportunity to monetize data lies within our organization.

Empowering Data Governance and Data Quality

To maximize the value of data, organizations must focus on data governance and product data quality. By ensuring that data is correctly represented and accurately managed in our systems, we can save money and improve overall operational efficiency.

Examples of Successful Data Governance and Data Quality Implementation:

• A US retailer saved millions by enhancing the data governance of item attributes across the business
• A British Utilities giant saved millions and improved operational safety by enhancing asset data quality
• An Information Difference study shows that duplicate and erroneous information contaminates around 30% of typical product data master files. Shipping errors, time-wasting, inaccurate financial reporting and many other problems stem from this reality.

Explore the impact of data quality issues in the supply chain and how it affects your business. Learn how to elevate supply chain analytics through improved data quality by reading our article on Data Quality Issues in the Supply Chain.

Download our comprehensive RFI template for Product Information Management (PIM) and Master Data Management (MDM) solutions. Our RFI Template for Product Information Management helps you evaluate vendors and select the right solution to meet your business needs.

Conclusion: Take Charge of Your Data Assets

Data integrity is the key to unlocking the value of your enterprise information asset. Treating data as a valuable asset, and managing it with the utmost care, will lead to improved business outcomes, reduced wastage, and increased profitability.

Contact us at +27114854856 for a discussion about improving your ability to manage your inventory.