Name: 7 Ways Poor Master Data Negatively Impacts Your Company
Start: 2024-06-25T14:05:00Z
End: 2024-06-25T14:05:43.000Z
Location: BrightTALK
Rating: 0

Prometheus Group is a leading global provider of comprehensive and intuitive enterprise asset management software solutions that work within enterprise resource planning systems and span the full work management life cycle for both maintenance and operations. Developed jointly with end users, Prometheus software enhances the customer experience for planning, scheduling, and executing work for both routine maintenance and shutdowns and turnarounds, all while protecting the workforce with safety solutions and electronic permit to work.

At most organizations, it can feel like maintenance and operations are at odds. Operations cares about keeping production running and maintenance wants to stop production to perform work to prevent costly asset failures.

Show the Financial Impact of Potential Asset Failures and Address Issues Early

For every organization, predictive maintenance is the goal. However, achieving a predictive maintenance state is easier said than done.    

Fortunately, with the correct asset performance management tool, you can take complex sensor data and turn it into actionable maintenance work orders to address issues early, before they become costly asset failures.

Predictive Maintenance: From Fantasy to Reality

Many maintenance and operations teams know they need better data. However, in order to get your organization’s buy in to improve your master data, you still need to present a compelling business case.  

In our webinar, we walk through the current landscape of master data projects and things to consider when developing your business case.  

We’ll discuss challenges organizations face with poor master data quality, how to quantify the costs of poor data quality in asset management, how to articulate the benefits of improved asset master data quality, how improving data quality aligns with goals and strategic objectives, and real-world master data management case studies and success stories.

Build a Business Case for Master Data Quality in Asset Intensive Organizations

Despite having both asset performance management and maintenance execution processes in place, most organizations still face inefficiencies, increased costs, and increased risks. This is because these processes are often disconnected and not completely aligned.   

To tackle these challenges, organizations need a cohesive maintenance and operations approach that allows them to share and connect information across departments, while maintaining one source of truth within their EAM/CMMS system.    

In this webinar, we will explain how organizations can increase alignment between maintenance, operations, and engineering teams, detect asset performance issues early and operationalize action items, prevent asset failures through intuitive and connected processes, and increase the productivity of their maintenance with predictive maintenance.

Improving Your Asset Reliability Through Predictive Maintenance

Many organizations struggle with disorganized and unreliable master data, which hinders their ability to make informed choices, efficiently allocate resources, and proactively execute strategies.

Fortunately, there are ways to clean and standardize your master data to improve its reliability and accuracy. With improved master data, you can make strategic decisions and ultimately improve the productivity of your entire maintenance department.  

In this webinar, we will discuss what good enterprise asset master data looks like, how inaccurate master data can affect maintenance operations, and what clean data can do to help organizations achieve their maintenance goals.

Want To Increase Maintenance Productivity? Master Data Is the Key

While good data can be your most strategic asset, bad data can be catastrophic. Research has found that 84% of CEOs are concerned about the integrity of the data, while 91% of organizations have not reached “transformational” levels of maturity in data and analytics. 

Data you don’t trust is not really data. Dirty data can result in costly errors in material procurement, poor maintenance management, and excess inventory carrying costs. Master data, such as functional location and equipment data, is the foundation for every enterprise resource planning (ERP) system like SAP. And it is the framework organizations use to build out their asset management strategy.

During the initial implementation of the ERP, enterprise asset management (EAM), or computerized maintenance management system (CMMS), organizations go to great lengths to create and organize their master data to ensure accuracy for maximum effectiveness. However, many companies struggle with standardization and don’t have a sustainable master data program.

In this webinar, you’ll learn:
• Best practices for master data
• Why the accuracy of master data makes maintenance management run smoothly.
• How master data-as-a-service (MDaaS) eliminates traditional master data challenges.

Master Data Best Practices: Why Data You Don’t Trust Is Not Really Data

Many companies want to maximize their maintenance reliability but have sensor data they aren’t able to utilize, analyze, and quickly act. Without timely and actionable findings, this sensor data goes wasted or turns into operational noise.

However, with the Prometheus APM solution, you can take all of that sensor data and turn it into a manageable number of actionable steps rather than a lot of alarms and alerts that eventually are ignored. With Prometheus APM, companies have been able to prevent things like:  

Turbine flow restriction ($2 million saved) 
Fan failure ($750,000 saved) 
Cooling tower failure ($150,000 saved) 
Aeration blower failure ($100,000 saved) 
Chemical explosion (safety – unquantifiable savings) 

These are just some examples of the 75,00+ issues customers have identified and prevented with Prometheus APM. In our webinar, we discuss examples of asset failures APM customers have avoided, how APM extends the P-F Curve and reduces failures, cost savings gained by Prometheus APM customers, and how Prometheus APM can be deployed in under 1 month.

Reducing Asset Failures and Costs with Asset Performance Management (APM)

The quality and effectiveness of your permitting and safety processes are crucial to your organization’s safety, efficiency, and compliance. Without good permitting processes in place, you can run into issues with reliability, efficiency, and productivity.   

In this webinar, we will explain how you can improve your current permitting processes to increase efficiency, improve compliance, and maximize cost savings.  

Join us to learn more about ways you can improve your permitting and safety process, such as standardizing your permitting processes and forms, digitizing and centralizing documentation, integrating permitting with maintenance, and establishing a permit tracking system.

7 Ways To Improve Your Permitting  and Safety Process

Verdantix, an operational excellence research organization, recently surveyed 304 operations and maintenance executives and found that predictive maintenance and asset performance management (APM) software were 2 of the top 3 technologies companies are increasing investment in over the next 12 months.  

Organizations are seeking out solutions like these to maximize their return on investment through enhanced asset failure detection, increased reliability, decreased downtime, and increased production. 

How do companies ensure they are making the right investments in predictive maintenance and what can the expected return on investment (ROI) be?  

View our webinar, where we cover why organizations are investing in APM solutions to increase their competitive edge, what are some of the key differentiators and things to look for in APM solutions, how APM solutions help reduce asset failures and increase organization’s ROI, and how organizations can get an APM solution up and running in under a month.

Why Predictive Maintenance is a Top Investment in 2024

Asset-intensive organizations around the world often face a similar challenge. How to successfully align operations and maintenance. Often with different systems, processes, and a lack of shared data and effective communication, asset management can suffer. However, when effectively aligned, organizations can increase visibility and drive improvements that reduce costs and increase production.

Do you want to find out more about how the Prometheus Platform can help you connect your maintenance and operations teams while maintaining one source of truth in your ERP system?

In this webinar, we will discuss best practices for connecting operations and maintenance, the top challenges operations and maintenance teams face, how to streamline systems, processes, and information, and how to support the connection between operations and maintenance.

Aligning Operations and Maintenance

Huntsman Corporation is a leading global manufacturer of differentiated and specialty chemicals, operating more than 70 manufacturing, R&D, and operations facilities in over 30 countries.  

With a decision to move to SAP S/4HANA to align the organization and standardize its processes as well as maintain a competitive advantage, Huntsman realized that they had many sites with different and disparate data management processes and began to notice gaps and inconsistencies in master data across sites.  Recognizing the need for a solid and trusted data foundation to maximize the ROI of their SAP S/4HANA transition and improve asset management, Huntsman knew they needed better master data management tools and solutions to achieve its desired results.

In this webinar, Richard Venable, Huntsman's BPO for SAP Plant Maintenance and Maintenance Process Expert for Global Excellence Team, will discuss reasons Huntsman decided to make a transition to SAP S/4HANA, why Huntsman chose to implement Prometheus Master Data as a Service, how Prometheus Master Data as a Service addresses master data challenges, and benefits of improved master data across Huntsman Corporation.

Huntsman Master Data Journey [Case Study]

For many organizations, bad master data is an everyday challenge. Unfortunately, most organizations only see one solution to this problem: hire a consulting firm every 3-5 years to cleanse the data. 

However, this is costly and doesn’t address the true issue at hand – poor master governance. With the correct master data governance processes in place, you only have to cleanse your data once rather than paying for multiple master data projects year after year. 

In our webinar, we will discuss best practices for master data management, such as defining goals and a vision for your master data strategy, getting executive sponsorship with a focus on ROI, selecting the best tools for the job, mapping out your master data processes, adopting the right architecture and standards, building a strong foundation for MDM, establishing strong data governance standards, and monitoring governance with metrics.

Master Data Best Practices

Accurate asset master data is crucial to the success of your maintenance and operations. To do this well, your enterprise asset management (EAM) system should be an accurate reflection of your physical site/plant. However, this is often a challenge because your company's EAM system quickly gets out of date.

Many companies recognize this but then approach it through a time-consuming and error-prone process that is inefficient and often leads to them wanting more.       

In this webinar, we will discuss the best approach to master data management, the importance of clean and standardized master data, how to capture information quickly and inexpensively, the benefits of a mobile approach to data capture, and how Prometheus Master Data can help you sustain your master data.

Improving the Quality of Your Asset Master Data with Mobile Capture

Master Data Is Not a Buzzword, It's the Secret Sauce to Successful Business Operations

Poor master data quality in enterprise asset management can lead to significant operational, financial, and safety risks. This webinar explores the critical importance of maintaining accurate and consistent master data. We'll examine how subpar data management can result in decreased asset reliability, inefficient maintenance, increased costs, safety compliance issues, impaired decision-making, longer training periods, and challenges in performance tracking. Learn about the processes necessary to monitor and maintain high-quality master data, ensuring your organization avoids costly mistakes and operates at peak efficiency.

7 Ways Poor Master Data Negatively Impacts Your Company

Master Data Management

Data Analysis

Data Architecture

Data Best Practices

Enterprise Asset Management

Asset Management

Maintenance

Data Analytics

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7 Ways Poor Master Data Negatively Impacts Your Company

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