The expanding scale and scope of data offers limitless opportunities to drive insight, innovation and success. But the accompanying complexity and frequently siloed nature of that data creates an equally strong possibility for increased risk. What’s needed is a system to manage and control this data to ensure quality, visibility and transparency. Making data available to accurately assess risk helps strengthen and future-proof business against foreseeable weakness and exposure.
Stibo System MDM empowers businesses to apply governance and business rules to ensure data quality across the business ecosystem. Automating error-prone manual processes reduces errors, helping protect against costly regulatory violations and ensuring data used to drive insights and decisions is accurate and updated. Finally, by improving data transparency, MDM enables visibility and traceability to proactively manage and reduce risks involving product and consumer safety across channels and markets.
Meet Peter, a master data manager. Despite their best efforts, his team is not getting all the value out of their master data because they don’t have an overview of all the information that resides in various systems. Learn more about how MDM can help business leaders like Peter reduce risk and drive the value and results they need using trustworthy data.
A data-driven approach to decision making based on trusted data allows you to react quicker and more confidently than if you base your decisions on tradition and opinions. As well as to eliminate the potential risk of acting on inaccurate or outdated business information and insight. Stibo Systems MDM helps you reconcile, cleanse and enrich your data to see relationships between entities and feed your analytics and BI with trusted data and keep it updated and available everywhere it is needed.
Consumers rely on valid product safety and ingredient specifications and trust that the products they buy present that information in an accurate fashion. By ensuring product descriptions are accurate, complete and in accordance with regulations and a positive user experience, businesses can provide the guidance on proper use of the product, and avoid costly returns when customer satisfaction lacks.
A product information management (PIM) solution like Stibo Systems Product MDM enables visibility into a range of product attributes to meet the demands of consumers and regulatory systems regarding nutritional information and labeling across complex global markets.
Product MDM collects data from multiple sources and creates a golden record of information to ensure product and packaging descriptions conform to standards for identification, safety and traceability.
Erroneous or missing data along the supply chain can ultimately force companies to institute product recalls. Complex supply chains, including sub-suppliers and ingredient and raw material providers, increases exposure to risk. Remote production facilities, cross-border trade, shipping, storage and packaging are other moving parts that generate a huge amount of data to track.
Enabling and managing transparency and traceability into the supply chain, including ingredients, sources and product origin, empowers business to quickly mitigate risk of product recalls and health concerns, avoiding costly disruptions and ensuring the health of the business in the process.
Stibo Systems MDM allows companies to track and record all data associated with the lifecycle of the product from concept to consumption. It enables them to manage all data domains (suppliers, locations, products, etc.) to ensure traceability and fulfillment of standards and policies, even in the most complex environments.
Trusted, complete and rich customer information can support your risk management. Knowing your customers and their relationships does not only provide you with business opportunities, it is also key to fight fraud and organized crime and to mitigate the risk from politically exposed persons.
Customers using fake IDs can be a severe problem for retailers who might risk shipping goods to people who are not allowed to purchase or trying to evade payment. But especially banks are required to know their customers to prevent fraud and money laundering. Banks quite simply need to make sure that their customers are for a fact who they claim to be. To this end, banks can impose a set of minimum requirements, such as ID card, face verification and proof of address. Non-compliance with KYC regulations can result in dramatic penalties for the bank.
For corporate and investment banks, the KYC policy is more complex due to the many ramifications of corporate structures and engagements. Collecting and maintaining KYC data is obviously a costly and cumbersome process that runs risk of accumulating duplicate and incomplete information, storing it in different business applications. When these applications become silos of information, the information sharing within the bank – and hence the risk management – is hampered.
A data-driven approach is more viable. Stibo Systems MDM can help you to reconcile and enrich customer and party data across your business systems with automated data processing. MDM works on top of your data applications to facilitate unique identification of entities, even across borders, subsidiaries and different departments.
MDM supports your data governance policies by, for example, removing duplicates and disclosing incomplete information to create a golden record of the client entity. Reconciliation of customer data is the first step towards trusted entity identification. Furthermore, MDM can automatically map how entity data connects and relates across the entire organization and beyond and ultimately raise a flag in case a customer relationship reveals a potential risk. Use MDM to build a 360° customer view that encompasses KYC information, subsidiaries, contracts, parties, relationships and more.
By providing transparency into supply chain data, MDM allows you to minimize risk, putting the business in a position to control disruption and damages. Learn more about how to mitigate risks in the Consumer packaged goods industry.
Avoid recalls and improve patient safety with access to clear and complete product information to prevent adverse events linked to information mishandling. Learn more about using MDM for information management in life sciences.
Leverage KYC information to build 360° customer views and reduce exposure to fraud, organized crime and money laundering. Learn more about how master data management can help manage risk in insurance and banking.
Unified processes for product information management can ensure products and services meet the requirements to reduce churn and comply with data regulations. Learn more about the benefits of master data management in telecom.