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Data Powers the Information Economy

Maintaining high-quality data is the key to getting the most out of your information systems.

Data powers the information economy, and one way to make sure information systems are tuned for optimum performance is to utilize data hubs. A data hub is a unified, reconciled, single source of high quality data. It establishes a master identity for a given business subject, such as product, location or customer, and it utilizes a centralized data model to unify common data elements across numerous information systems. Most data hubs, created via a hub-and-spoke model, enable various business applications to "subscribe" to the data hub as a service.

 

Learn how GGB, the world's biggest manufacturer of metal-polymer plain bearings, used Oracle technology to create a product information management (PIM) data hub. The hub provides a consistent, single source of product data so that the firm can cohesively manage product information in a single location.

 

GGB utilizes Oracle Product Information Management Data Hub to group products by attributes, and GGB likes the way the application automatically synchronizes attributes. Oracle unifies fragmented data without disrupting current business processes. The benefit is that Oracle Product Information Management Data Hub can centralize, cleanse, and enrich product data. It can also continuously synchronize it with all related source systems. The data hub manages information about 50,000 different machine parts and synchronizes the data among various ERP systems.

 

If data powers the information economy, then data hubs keep those information systems tuned for accurate performance.

Consider customer data. Complete and accurate knowledge about customers is what propels most marketing strategies, as managers probe the nuances of customer satisfaction, loyalty, and profitability. Yet executives complain that they don't have a firm grasp on precisely who their customers are, what they are buying, and what else the company might sell them. In recent years, questions of accountability have surfaced as well: which customers put a company's financial reporting at risk? Sarbanes-Oxley mandates require companies to disclose the material risk to revenue and profit, both of which are customer-centric.

Product data is another prime example. Accurate, integrated product information has become a key strategic asset that contributes to the success of many businesses. Yet companies in just about every industry face pressing issues with respect to consolidating, storing, cleansing, synchronizing, and exchanging this vital information. Individual departments have built or purchased information systems to manage product information and automate the associated business processes, such as procurement, assembly, and sourcing. These information systems segregate product data into information "silos," none of which offers a complete view.

 

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