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What is the UNSPSC?

The United Nations Standard Products and Services Code (UNSPSC) is a system which is used to classify all products and services around the world. It is a taxonomy structure that is widely considered the standard for todays modern world of eCommerce.  This allows products and services to be classified more efficiently and accurately. By implementing the UNSPSC structure, your business is able to improve company wide spend, deliver procurement cost effectiveness, and reduce company costs all together. The UNSPSC classifies products and services in a hierarchal system, dividing them into four common tiers which pave the way for eCommerce. The [...]

By | 2018-09-12T14:08:41+00:00 September 12th, 2018|Questions|0 Comments

What is Data Governance?

Data governance is the overall management structure of an enterprise’s data that establishes and maintains high quality data throughout multiple platforms of a business. It is responsible for the usability, cleanliness, and security of all data - ranging from customer relations, vendors, inventory, accounting, and supply chain management. A properly set up system of data governance allows you to engage in effective and necessary data management strategy, that will result in maximum profits and better decisions from staff. If implemented properly, data has the potential to elevate your business to the next level, it provides concrete statistical information that will [...]

By | 2018-07-23T13:47:15+00:00 June 25th, 2018|Questions|0 Comments

What is Taxonomy?

In 1758, Carl Linneus published the tenth edition of his book Systema Naturae in which he described his classification of the biological kingdom. Using taxonomic ordering, he aimed to give every living thing a specific name, and a group to belong to. In the same way, material master data is also broken down with a taxonomic system. By putting materials into smaller and smaller groups, it becomes easier to search for specific materials and to master new materials that are similar to existing materials. An animal would be classified first in the kingdom "Animalia" to separate it from the "Plantae" [...]

By | 2018-06-25T10:47:21+00:00 June 25th, 2018|Questions|0 Comments

What is a Material Master?

The material master record contains all information about the materials a company procures, manufactures, stores and ships. The material master database contains descriptions of all materials that an enterprise procures, produces, and keeps in stock. It is the central repository of information on materials for the enterprise. The integration of all material data in a single materials database eliminates the problem of data redundancy and permits the data to be used not only by Purchasing, but also by other business departments and applications. The end goal of a material mastering project is a unique description for each material with consistent [...]

By | 2018-09-06T13:58:54+00:00 June 25th, 2018|Questions|0 Comments

What is Master Data?

Master data is the core data that is essential to operations in a specific business or business unit. The kinds of information treated as master data varies from one industry to another and even from one company to another within the same industry. Master data is an important enterprise asset, and effective management of this data is critical to maintain good operational and financial health. Master Data Management (MDM) is a comprehensive strategy to determine and build a single, accurate and authoritative source of truth of a company’s information assets and deliver this on demand as a service. Master data [...]

By | 2018-06-25T10:48:49+00:00 June 25th, 2018|Questions|0 Comments