It is important for companies to achieve next-generation master data management. People in many different roles across the organization need access to accurate and reliable data on a regular basis.
For example, a procurement worker needs to source the right materials at the right time so that she can help minimize any delays in the return to service of critical systems and equipment. She can also minimize any additional costs that might occur if stock that is already owned is mistakenly repurchased. The annual cost for holding materials and inventory is typically about 20%, and this is in addition to the cost of unnecessarily repurchasing inventory. All of these costs are multiplied if there are duplicate entries in the master data, so there are major financial and operational implications for procurement.
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