Article

Financial master data management

Nordic service company

Establishment and implementation of a master data governance office to improve transparency, high quality in master data and efficiency in processes.

Author

Challenge

From an initiative to optimise roles and responsibilities in the company, it became clear that the company’s financial master data was not of sufficient quality. This resulted in conflicts regarding distribution of roles and responsibilities. Implement Consulting Group was chosen to assist with this in terms of implementation of master data governance.

Solution

Implement Consulting Group assisted in establishing a master data governance office which was a driver for standardisation of master data and the related processes.

This was followed up by a progressive but parallel approach for different areas of finance, e.g., G/L, cost element, internal orders and suppliers, which included the following milestones:

  • Roles, responsibilities, processes and leadership described and documented
  • Master data standards documented and approved
  • Master data processes documented and approved
  • Master data goals for quality documented and approved
  • Training material and standard procedures available
  • System support for relevant master data workflows available
  • Standardised master data processes implemented
  • Master data quality and process measure on a continuous basis

A successful solution design was developed by a close collaboration with key people in the finance function as well as adapting best practices matched to the situation of the company.

Impact

The project contributed to build the competences within master data management in the finance function as well as gradual maturation of the processes in the function. The master data competences within the finance function were slowly migrated across the rest of the organisation, such that the data quality was improved for the entire organisation.

This project ensured:

  • Improved transparency and control
  • Speed and efficiency in processes
  • The possibility of a higher degree of automation of processes in the system