Is your asset and maintenance master data accurate and fit for purpose? Based on our experience, most executives at asset intensive companies are unaware of the poor state of their asset and maintenance master data and the negative effects on their business performance.
Poor quality asset and maintenance master data is bad for business. Not only can incomplete asset and maintenance master data slow down the process of decision making, it also impacts the growth of the business. On the other hand, high quality data drives business success. In order to achieve complete and accurate data, many businesses generally turn to master data management (MDM).
What is Master Data and Why Do You Need to Manage It
Master data refers to the data that is essential to the business’ operations. As businesses grow, their data also grows with them. As a result, more issues may come about as their data piles up. Every year, asset-intensive companies spend a large amount of resources to prepare asset and maintenance master data and gain insight. However, these resources often go to waste if the presented data is flawed. It is crucial to invest in your data for the long run. Ensuring that only high quality asset and maintenance data is present in your maintenance and reliability systems including your EAM or CMMS system will guarantee that high quality results will come from these systems.
What is Master Data Management?
Master data management refers to the technology, tools and processes that are used to coordinate and manage asset and maintenance master data. MDM ensures the asset and maintenance loaded into your EAM, CMMS, APM and other maintenance and reliability systems ins accurate and fit for purpose.
Benefits of Master Data Management
- Flexibility – Different platforms can be used, changes/usages/data storage are easier to manage
- Accurate and Complete Data– Users chooses what data goes in, selecting only key data makes it valuable for business needs
- Consistency – Data is centrally located which eliminates redundant information/data
- Easy backup – Centralized data sources is helpful in possible cases of loss of data due to corrupt storage files/sources or disaster management
- Access Rights – Admin users can change and grant different access rights based on employees’ role
- Data Analysis – MDM is good for data analysis, can look at concrete numbers to derive trends and insights
Do you need help with building high-quality asset and maintenance master data for your EAM, CMMS, APM and other maintenance and reliability systems? NRX AssetHub provides asset-intensive businesses with world-class software for analyzing, visualizing, building, editing, organizing, approving, and sustaining high-quality Asset and Maintenance Data for their Enterprise Asset Management (EAM) and Computerized Maintenance Management (CMMS) systems. We also offer customized demos. Reach out today!
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