Why is master data management often neglected?
Entering and continuously updating master data is time-consuming. And it is precisely what puts off a lot of companies. Master data management is perceived as an annoying task, and logistics managers often recruit students for the job. The result is incorrect and incomplete data. The potential benefits of properly functioning master data management are often overlooked. Master data is really the basis of Logistics 4.0 – a field in which a lot of businesses still have catching up to do, as a recent DHL report on digitalization in the supply chain demonstrates. Of 350 supply chain and operations professionals surveyed, 95% are not making optimal use of the possibilities of digitization, for example in the area of information technology and analysis tools. Over 75% of professionals recognize the potential cost reduction and process optimization benefits of information technologies, but feel they do not have sufficient support in their company. The potential of networking has already been recognized in highly competitive sectors such as automotive spare parts and retail, but the full potential is still far from exploited in such sectors – because no master data is entered. One reason for this is that many companies do not know how and where to start with master data management.