Master data is crucial and drives an organisations processes, being both an enabler and a control point. Anyone who has implemented an ERP system will know the importance of master data.
What you can do
Set standards for your master data
What you can do
Set standards for your master data
- Formats for capitals, abbreviations, addresses, post codes, tax numbers, contact details, bank accounts, etc
- Check that all master data fits within your standards, if not, fix it
- Ensure there are the minimal number of vendors, customers, materials, etc., remove any duplicates
- If you can not delete files, block any that have not been used for 13 months
- Avoid “sundry” accounts - the volume of transactions will be higher than you expect and they are hard to check
- How a master file is created and who can create it
- If it is a significant control point then maintaining master data should be separated from transactional access (eg: setting up vendors should be separate from processing invoices and making payments).
- Trained personnel should maintain master data
- Database maintenance is a specialist skill set. Personnel should be methodical, detail focused and almost pedantic.
