International Food Manufacturer Success Story
Advanced Master Data Management technology reduces invoicing mistakes, eliminates compliance issues.
Challenge
The organization, a global leading food and drink manufacturer and employer of 24,000 people, sought to address several master data management issues. The company had experienced significant challenges; including delayed cash collection, pricing errors, compliances concerns, and thousands of wasted hours spent on global data repair. It also needed to increase executives’ trust in data quality in order to unlock business insights that could potentially drive impactful decisions. Before engaging Syniti, the company had unsuccessfully attempted master data management and governance with another vendor, and quickly needed to take action.
Solution
We deployed the Syniti Knowledge Platform (SKP), our enterprise-ready master data management solution to help solve the organization’s ongoing challenges. The SKP was implemented to sit on top of critical data processes such as invoicing, procurement, and new product go-to-market initiatives. It actively governed and validated all inputted data, and orchestrated data flows between the company’s personnel and departments.
Outcome
The results of the new master data management solution proved to be transformative for the company’s business. Its “first-time-right data,” or, data that’s correct without the need for human remediation, jumped from 24.3% to 97.7%. And, its data quality across all 220 business data validation rules rose from 92% to 99.4%. The company was also able to reduce end-to-end time of data capture from 4.05 days to just 1.55 days.
Each of these data quality, timeliness, and efficiency benefits translated into bottom-line business benefits for the organization. Whereas new product development and launches at one time took 3 months, now they take just 2 weeks, thanks to enhanced governance and orchestration of data workflows and automated validation checks. And with correct, first-time-right data, the organization has also avoided embarrassing mistakes such as incorrect deliveries and missed invoices–providing both reputational and cash flow benefits.