|
Welcome to the August edition of iQ!
It has been a few months since the iQ newsletter was last published but a very busy one for the Oniqua marketing team. Many changes have either been implemented or will be in effect soon, with Oniqua’s corporate image to receive a revamp with a new look iQ Newsletter coming out quarterly, as well as a soon to be launched website.
As always, your feedback is important to Oniqua, therefore, if there are any suggestions or problems, please feel free to hop on to the website and let us know what you think!
MarketIQ
Cataloging & Content Management – an old discipline becomes a strategic issue
Even now, the attitude towards cataloguing is: “a very necessary evil which if done well saves you money, if done badly costs you lots of money”. People with a passion and expertise for maintaining cataloging standards and methodologies have been working quietly for years. The Supply World is grateful for these people but until recently, they haven’t had a lot of attention.
This has changed with the realization that cataloguing, or master data management, and its broader definition: content management – is a vital foundation component of every modern Supply Chain.
Consider this:
Question: How do I know that I am paying the best possible price for materials?
Answer: You need to regularly test the market through sourcing exercises which result in negotiated fixed pricing agreements. This is where a high quality catalogue pays dividends – without one it is difficult to know whether you are comparing apples with apples. One supplier may offer a cheaper price, but unless you have fully described your material specifications you have no way of knowing whether their product fully meets your organization’s needs.
Question: How can I automate repetitive transactions?
Answer: By deploying an eProcurement solution. However, anyone who has ever done this very quickly discovers the value of high quality master data. eProcurement solutions are wonderful when they work but when the buyer’s content is misaligned with the vendor’s content there is no end to the problems. Again, an investment in master data quality will provide a return on your eCommerce initiatives.
Question: So how much should an organization invest in improving master data?
Answer: With tens or even hundreds of thousands of catalogued items, even a few dollars per record can see like a large investment on “data”. But think of it this way: how many dollars in expenditure and people’s time will be “associated” with each master data record over the lifetime of the material. Put this way and the investment becomes trivial.
Question: So how can an organization make a start in improving its master data?
Answer: The first step is to hold a workshop to determine priorities and agree standards. It may be that for OEM items you rely on the suppliers catalog. When it comes down to nuts and bolts you employ a generic description that is uninfluenced by supplier or manufacturer thus allowing alternative supply and competition. There are of course special cases, for example a surgeon will have a preference for a particular prosthesis from a particular manufacturer - this must be supported. But once a clear specification is prepared then the labour-intensive task of cleansing and maintenance begins - which is where Oniqua can again help.
Back to Top
|
INVENTORY
Date: October 31st ~ November 2nd