International Pharmaceutical Company Success Story
Improving enterprise performance by reducing data disruption and slashing costs.
Operating in over 25 countries and supported by 4,500 employees, this leading international pharmaceutical company hadn’t prioritized Data Quality and Master Data Management as part of its business information management strategy. As a result, its data quality had degraded over time, resulting in a variety of issues. For example, inconsistent payment terms management adversely impacted cash flow, while challenges with vendor duplication caused invoicing delays. Additionally, obsolete data in its systems required extensive labor to monitor, maintain, and action. As a result, the company began identifying and addressing its data quality issues.
To improve data outcomes, the organization deployed the Syniti Knowledge Platform (SKP) and its supporting data quality functionality in 2020. By connecting SKP to the company’s critical source systems, the organization could then rapidly diagnose vulnerabilities in its master data. Then, it could run data through the right processes to remediate it. After the most critical issues were detected, Syniti installed 100+ rules (40 specifically designed for the client) that would sit on top of existing data processes to ensure better governance and data quality in target areas.
Thousands of defects across business-critical processes were identified and remediated within a few months. With optimized data quality, these business issues were removed:
- Vendor identification and duplication affecting compliance and reporting
- Tax/ VAT identifiers affecting business tax recovery
- Inconsistent payment terms harming organizational cash flow
- Missed address details causing delivery errors and invoice inconsistencies
Now that the business has seen the bottom-line impact of high data quality, they are now expanding their use of the SKP to wholesale Master Data Management.