Unreliable or poorly defined data within an organisation leads to negative effects on efficiency, clarity and communication across departments and staff. More importantly, this can lead to inaccurate reporting across financial systems. And as organisations evolve and grow, master data will change and will require consistent rationalisation.
Expertise in managing this data is essential to keep your organisation running effectively. Some of the challenges which require this expertise are:
- The need to manage master data across financial and non-financial systems
- The need to define governance workflows to manage master data
- The need for group ownership of common (financial) metadata
- Constant master data changes in financial data