The costly consequence of downtime is a story that has long been told. With costs of up to $100,000 or more per hour, strategic prevention of downtime should be top-of-mind for plant managers. Planned downtime is a necessary part of plant management, but unexpected downtime is preventable and significantly more costly. The available solution to resolve unplanned downtime is preventative maintenance. In this post, we discuss the value of preventative maintenance and why master data management (MDM) is a key element to recognizing consistent savings as part of the process.
Enterprise resource planning (ERP) software offers benefits for enterprises and small businesses alike, providing an integrated system across the organization.
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Studies show that data decays at an average rate of 2% per month, which means that 25% to 30% of your organization’s data goes bad in a typical year. Master data management (MDM) is gaining traction across manufacturing departments of every size, and for good reason. MDM goes beyond a data migration or data cleansing process and provides a holistic process that can provide immediate ROI and, more importantly, combat data decay to create long-term change. MDM enables continuous improvement to the currency, meaning, quality, and use of an organization’s master or reference data. In short, MDM creates a single, reliable source for all company data. Consider the following benefits of an ongoing MDM solution to create sustainable advantages for your enterprise.
The data needed to create meaningful change across an organization is typically available. Most CEOs know this. According to a survey by Gartner, 80% of CEOs claim their data is an asset. However, your data likely has an underlying issue making that “asset” significantly less valuable. When organizations feel their data is not being fully utilized, a common response is to upgrade to a new enterprise resource planning (ERP) system. The implementation is likely a one-time project that focuses on moving the data from the legacy system to the new ERP system. In theory, the change should alleviate data misuse to create meaningful business intelligence. However, the root issue is left completely unresolved during a quick-fix data migration process. Below, we explore why standard ERP systems and data migration fall short.