Transforming master data governance in the enterprise asset management sector

Prometheus Group, a leading global provider of asset management operations and optimization software, today announced the introduction of Prometheus Master Data as a Service (MDaaS). The solution provides heavy asset enterprises with all data cleansing and sustainment done as a subscription service and includes a standardized industry taxonomy. This is the first master data governance solution available as a service and will help organizations end the repetitive and expensive cycle of data cleanse and sustainment projects.

Enterprises overlook and underestimate master data management and it can quickly spiral and become an expensive and time-consuming process. Recent research found that 95% of organizations see negative impacts resulting from poor data quality.

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Heavy asset organizations are struggling to find an effective way to manage data cleansing and sustainment. With the Prometheus MDaaS service, organizations no longer need to define taxonomies, carry out time-consuming and expensive data cleansing projects, and allocate resources to master data governance.

Maintenance decisions will now be made based on accurate information enabling teams to have increased confidence in their data. This will drive better decisions, including the tracking of equipment reliability and inventory levels of critical spare parts.

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“Data governance is a key cog in the march towards predictive maintenance,” said Jeff Kinard, SVP Strategic Partnerships, Prometheus Group. “Our MDaaS platform delivers continuous data cleansing, guaranteeing that master data never becomes dirty. This will transform data governance in the enterprise asset management space allowing companies to focus on their core business rather than having to funnel significant resources to data cleansing and sustainment initiatives. As a result, maintenance will be more efficient and effective, delivering a competitive advantage to asset-intensive organizations.”

Key features of Prometheus MDaaS include:

• Standardize and cleanse existing master data: Track and remove duplicates, organize records with standardized taxonomy, and ensure the organization can quickly and easily find any record it needs.
• Standardize taxonomy across every plant and organization: This enables enterprises to quickly and easily analyze inventory across all locations, helping ensure more effective inventory management, including the sharing of critical spare parts.
• Ensure the continuous integrity of your data: Any changes or new record requests are handled through a governance workflow that includes checkpoints and approvals tailored to your organization.
• Benefit from being part of the Prometheus aggregate database: Standardized data allows us to provide important information, including accurate and updated BOMs, optimized maintenance plans and task lists, as well as equipment reliability measurements.

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“Customers across all industries and functions complain about a lack of data quality and visibility across their organizations,” said Ann Marie Gray, VP, ASUG. “In particular, the enterprise asset management space must address this issue, given the amount of data it generates. It’s time to rethink how to clean your data, or you won’t be able to benefit from the data-driven decision-making you can achieve from mobile applications, artificial intelligence, and other advancements coming down the road.”

The service is being rolled out to help customers with data governance as part of their SAP S/4HANA transformation.

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