Chain-Sys: What Is a Software Product Company?

Chain-Sys: What Is a Software Product Company?

Computers have been around for a long time, but the general public still doesn’t fully understand how they work. Because of that confusion, there are often many questions surrounding companies that offer computer products and services, especially when those products and services are amorphous. Read on to learn what a software product company like Chain-Sys is.

Software vs. Hardware

The first (and most important) thing to understand is the difference between software and hardware. It’s in this distinction that a lot of confusion around the nature of software comes from. You may think about hardware stores when you hear this term—in that case, hardware refers to things like nails, screws, and cabinet fixtures.

In this case, however, hardware refers to all the physical components required for a computer. This includes the RAM sticks, CPU, video card, hard drive, and more. On the other hand, software is the programs and processes that tell those pieces of hardware what to do. Your web browser, for instance, is a piece of software on your device.

Software: Product or Service?

With that said, many people aren’t sure whether companies that offer software provide a product or a service. That discrepancy is understandable, as products are traditionally known to be physical goods. We believe the best way to look at it is that software companies provide products and services. The design and upkeep of software is the service, while the software itself is a product (albeit a digital one).

Software Company Services

In addition to developing and maintaining software, many software product companies also offer IT services so that you can ask questions about the software. Some software companies may also provide services or products to assist with cloud data management or other processes—it depends on the company.

Now that you know what a software product company like Chain-Sys is, we hope you better understand what we do. If you have any remaining questions, we’re always happy to talk. Contact our team today!

What Is Master Data Management and Why Is It Important?

What Is Master Data Management and Why Is It Important?

Working with data is unavoidable for companies that want to stay relevant. However, just “working with data” isn’t always enough to cause you to stand out from the pack. To set yourself apart, you need to work with data more efficiently and effectively than your competitors. That’s where master data management comes in. But what is master data management, and why is it important?

You’ve come to the right place. Read on to discover what you need to know about master data management.

Master Data Management: Explained

To understand the management part of master data, the first step is understanding master data. When we break it down to its simplest definition, master data refers to the most vital instances of data in your enterprise—all of the information that’s required to conduct business.

Of course, this can be further divided into a few different domains. For instance, your customers, products, and locations are all key elements of master data. Without any one of those elements, your company could not survive. You should also consider a subset of “other” factors, like warranties and contracts. All these unique elements comprise your master data.

Master data management, then, refers to how your business handles all that information. Now, things may get a bit more confusing. Master data management technology, often called MDM, allows you to perform tasks with data management in mind. Master data management as a discipline is more conceptual—it gives you principles that will help you govern your data successfully.

Reduced Workload

The collection and maintenance of master data is a full-time job—one that you should leave to a dedicated master data management system. Without one, you’re expecting every department to spend time managing their own data alongside their regular job functions.

As soon as you remove data management from the workload, all your departments will find it easier to complete their work on time (or even early). A master data management system allows you to collect each piece of data simultaneously rather than having each department collect and utilize the data separately.

Over time, this makes your business quicker and more efficient, which saves you money while getting the reports you need on time.

Higher Data Quality

When separate departments are responsible for maintaining their data, you’re bound to run into snags along the way. Without a way to manage master data, departments will grow away from each other rather than together, leading to problems with collaboration that only increase as you go.

Master data management allows everyone to access a single source of data, which means your information will not dilute as time goes on.

Avoids Data Duplication

One aspect of data quality that is often overlooked is duplicate data. When you don’t have a system that can look for and detect duplicate data, you may find yourself with information that gums up the works. With a decentralized data application, you’re more likely to run into redundancy that can take up your time and cause errors throughout the process.

Duplicate data becomes a significant hurdle when you acquire information from customers. Slight changes in your questionnaires over the years may cause customers to enter their information multiple times in slightly different ways. For instance, you may have records that refer to a customer living at 1340 Delta Avenue and another record that lists them at 1340 Delta.

You don’t need both these instances, and it may cause a less intelligent program to assume you have one more customer than you do. When this issue occurs across hundreds or thousands of customers, you’re left with analytics that doesn’t accurately reflect your customer base.

With an MDM solution, you won’t need to worry about duplicate data. Your MDM will scour through data to find repeat instances and remove them, increasing your efficiency.

Reduced Time-to-Market

Setting up new systems is always a headache, right? It doesn’t need to be with a dedicated MDM. Connecting a new system to your primary MDM system instantly populates the new application with all the data it needs to hit the ground running.

Upgraded Decision Making

When all your data is in one place, your teams can make decisions with a clearer picture. Without a master data management system, you can think of this process like putting together a puzzle without the box—you may have all the pieces, but you don’t know the picture you’re trying to create!

As new data comes in, it instantly updates the information across your company. This leads every team to make decisions with all the latest information they need to propel them toward success.

Compliance and Governance

Regarding benefits, “compliance and governance” may not be the most attractive words, but they are some of the most essential words should you want your business to stay strong for years to come. While it may sound more appealing to increase efficiency and reduce your workload (which MDM can also do), you can’t maintain a company without staying in compliance and structuring your systems with governance.

This structure allows you to restrict access to data, giving your employees the information they need to do their jobs effectively while preventing them from accessing data they shouldn’t. All interactions with data are also cataloged, which means it’s easy to trace problems back to their source so you can correct them.

Reduced Security Risk

Extrapolating on this further, MDM tools also assist you in tightening your security. Breaches are extremely serious; if they happen, you can quickly see where the problem began so you can address it.

In all, a business equipped with the right master data management tools stands to work more efficiently and safely than other companies in the game.

Now that you know what master data management is and why it’s important, start the next chapter of your business’s story and begin working in an MDM system. You won’t believe how adding an MDM system to your business pipeline can completely transform how you work!

What Is Data Cleansing and Why Does It Matter?

What Is Data Cleansing and Why Does It Matter?

What Is Data Cleansing and Why Does It Matter?

Not everyone knows that data can be dirty. Dirty data poses a myriad of problems to businesses all over the world, so they want to know how to clean the data up. As time goes on, data gets dirtier, making the cleaning process more and more challenging. But what is data cleansing, and why does it matter? Read on to find out.

Cleaning Data

So, what do we mean when we talk about “dirty data?” Dirty data is not information about waste management. Instead, this phenomenon refers to data that’s incomplete, duplicated, or inaccurate. Dirty data doesn’t just spring into existence, though—it comes from somewhere. Typically, dirty data originates due to poor communication, user error, or even a bad data strategy.

Whether you know you have dirty data or you just want to play it safe (which is never a bad idea), data cleansing is your go-to solution. Data cleansing is a process that works to filter out the dirty data and clean it up. Essentially, the cleansing process removes or resolves every instance of incomplete, duplicated, or inaccurate data.

Data Quality

All the data in the world does no good if you’re not working with quality data. Dirty data can waste your time and even cost you serious money. When you work with high-quality data, you don’t need to worry about throwing money at a problem that doesn’t exist except within spreadsheets. That’s what low-quality data can do—tell lies through statistics.

Importance of Data Cleansing

Cleansing your data catalog is important because dirty data is a recipe for misinformation. You may not know the truth about your organization’s processes without a little data cleansing to help you! With master data management, you can clean your data easily and efficiently.

Now that you know what data cleansing is and why it matters, make sure you give your data a good cleaning before trying to use it. Otherwise, you may end up with information that isn’t helpful at all.

Price of Bad Data vs Rise of Good Data

Price of Bad Data vs Rise of Good Data

The Price of Bad Data

If the “Customer” data had old or incorrect address, you’d be sending goods ordered to wrong address leading to a dissatisfied Customer, additional shipment charges and administrative/logistic efforts. If “Customer” Master had duplicates, transactions with the Customer would be spread across those multiple duplicate Customer Master records. The whole picture about the Customer (all the transactions) cannot be viewed, as queries would bring only those transactions that happen to be tied to the Master Customer Record. Read loss of cross selling and up selling opportunities. As a Customer Support person, you cannot find the order the Customer is talking about over the phone.

If there were duplicate Item/Material records in the master table, inventory on one of the duplicates would be low, triggering an automatic replenishment, while there was enough stock on hand under a different master record. If Purchasing department ordered on one of the duplicates and Manufacturing department is searching another duplicate’s bin in the warehouse, the situation can lead to productivity loss and lot of shouting over the phone. The purpose of an ERP system can be broken by bad data.

All above confusions can arise in a single ERP system. But generally, organizations have multiple Enterprise Applications in use, with some processes in place to maintain sync of data across the systems. The confusions can grow multifold in this scenario.

The Rise of Good Data

Processes, Data and People run your business. To have good processes, you have a set of Computer Applications to run. You hired the best employees to run your business. Coming to Data, you need to make sure that it is of the highest quality and readily available to all data consumers.

Facilitation of efficient Master data governance with ChainSys

You need to control, monitor and facilitate data creation (Master Data Governance). This will lead to accurate master and transactional data. You should also maintain the quality of data throughout its life on an ongoing basis (Data Quality Management). Quality data is maintained in Operational Systems and as well Data Lakes/Warehouses. The former is called Operational MDM and the later is called Analytical MDM. ChainSys dataZen™ is the right toolset to perform many of the above activities. Unlike the MDM systems and Data Hubs provided by major ERP vendors, dataZen™ is not tied to any one ERP system and is very agile in terms of easily configuring the tool to add meaningful and necessary DQM functions, cross checks on short notice. All systems over time accumulate bad data, which needs periodic cleanup. dataZen™ facilitates pulling a batch of data at a time, subjecting it to established quality checks, getting correction inputs/okays from the right stakeholders and pushing it back into the system. dataZen™ makes MDM fun and easy to do.

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A Fortune 500 Pharma Company’s successful journey on Master Data Deduplication

A Fortune 500 Pharma Company’s successful journey on Master Data Deduplication

With being one of the data-dominated industries, the pharma industry comes across various data management challenges. The regulatory compliance standards, document submissions, changes in SOP processes, mass data inputs in both domains of vendor details and patient details leads to duplicates & incorrect data entries, and complexities in financial architecture in regards to receipts, bill payments, and other purchase information.

For the next pandemic years, having a single source of truth or consolidated Master Data for the whole pharmaceutical sector is becoming increasingly important

How ChainSys streamline a Pharma company’s Master Data?

ChainSys’ dataZen provides a single source of truth to materials, customers, suppliers, formula, receipt, bills of material, pricing, equipment, and real-time data at scale to accelerate research and development and also to improve their time-to-market.

dataZen’s Master Data Management principles

  • A Single Platform for Data Quality Management (DQM), Data Governance & Master Data Management (MDM)
  • A multi-domain strategy ensures that nothing is overlooked
  • Configurable and agile, with very little or no programming
  • Built-in Data Quality, Profiling, Deduplication, Consolidation, and more
  • Easy to build workflows for Data Governance

How dataZen stimulates and reduces complexity with health care data?

ChainSys’ dataZen solution offers a flexible and minimalist business workflow, qualitatively distinguished data, a centralized customer hub for simpler form submissions, and an automated business rules engine to eliminate manual procedures.
Learn how dataZen benefited a fortune 500 pharmaceutical firm!

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