Financial master data management
Establishment and implementation of a master data governance office to improve transparency, high quality in master data and efficiency in processes.
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.
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:
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.
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:
Better programme and financial planning
Implement Consulting Group