Master Data Management plays a vital role when it comes to shared service companies as they handle a variety of vendor, customer and financial processes. But what exactly is Master Data and how can one part of an organization assist so many businesses with data integrity and efficiency leading to enhanced decision making?

Master Data is the process of supporting and maintaining the master data records in our System Analysis Program (SAP). These records include topics from vendor or customer information or financial processes. Part of this is the creation, modification, extension, blocking/unblocking of these records through our Global Master Data Management (GMDM) and Mendix Suite.

Master Data Key Domains

In Siemens GBS, you can break up Master Data into four key domains:

• Vendor Master Data: GBS supports vendor creation, modification, extension, block & unblock
• Customer Master Data: GBS assists with customer creation, modification, extension, block & unblock
• Financial Master Data: Creation & modification of cost center, profit center & general ledger Master Data
• Material Master Data: Material Master Records that are produced, procured & kept in stock

As all Siemens companies handle a wide range of business functions, maintaining accuracy and consistency with data records is crucial for efficiency. To assist with that, we offer two vital tools to help our customers stay on track with their sensitive information - GMDM and a Mendix Suite.

GMDM is a single globally aligned workflow solution for business partner master data across Siemens. It is fully integrated into the existing landscape of SAP, SCM STAR, Finavigate, Damex and external sources such as D&B. Within GMDM, users are able to create, update, modify, extend, block or unblock business partners.

GBS also offers a Mendix Suite for Financial Master Data which allows users to automate the processes related to financial topics. This tool allows for transparency in workflow for creation, change and deletion of items similar to the GMDM tool.

Achieving Master Data Excellence To Your Advantage

Currently being supported in over 20 countries, Master Data Management not only eliminates data inconsistencies and errors, but also provides a sense of security with users through the two-factor authentication process for bank account change requests.

In early 2023, our team in India was able to successfully stop a fraudulent attempt through this two-step process by flagging an email domain posing as a “look-a-like” of one of our customers. With cybertechnology constantly adapting and hackers becoming inventive with their scams, it is important to GBS that we constantly strive to improve our processes and standards.

By ensuring reliable, consistent, and efficient processes, Master Data Management takes away the stress of having to juggle multiple business partner information and empowers customers to enhance service quality providing more time to focus on other business processes.