Uniform data for decisions and business processes
CAMELOT has developed a holistic approach to Financial Master Data Management, which defines the required processes, organization, data models and technologies using a sustainable strategy. With a view to requirements in the financial realm, we therefore bring in specific CAMELOT best-practices and well-founded know-how.
We support you in the following topics:
- Revising information on debtors and creditors
- Harmonizing charts of accounts and cost-center scopes
- Harmonizing the data models from transactional posting level into group-wide reporting
By defining suitable governance models and control processes, we ensure that the results of our project initiatives are retained over time. We will support your Financial Master Data Management individually during all project stages: strategy, conceptualization, organizational and technical implementation.
The strategic benefit of an encompassing project initiative regarding Master Data Management is frequently not revealed at first glance. These projects are therefore often deferred in favour of more “concrete” initiatives. However, there are good reasons – especially in the financial realm – to ascribe a high degree of significance to the topic of Master Data Management so as to generate strategic advantages.
A large number of practical core deficits in business management therefore rest on inadequate handling of master data:
- Information on creditors cannot be combined into any commercially meaningful view of the customer base and the true potential of individual clients is therefore miscalculated
- A fragmented view of the debtors leads to miscalculations regarding the own position towards suppliers and hence, for instance, to inferior exploitation of negotiation leeway
- Transitions between various master data worlds prevent the establishment of smooth end-to-end processes, causing interrupted processes instead
- There is no “Single Point of Truth”; instead, reporting generates contradictory information through, for example, diverging KPI calculations
- Higher “Total Cost of Ownership” is created by heterogeneous systems over time, requiring the duplicate maintenance of identical facts