Verdantis Collaborates with Renowned Global Energy Company to Optimize Item and Service Master Data

Verdantis, a leading provider of master data management solutions, has announced a collaboration with a prominent global energy company established in Saudi Arabia
 
PRINCETON, N.J. - Jan. 15, 2024 - PRLog -- Verdantis, a leading provider of master data management solutions, has announced a collaboration with a prominent global energy company established in Saudi Arabia. Following the company's recent acquisition of a petroleum services company, the collaboration aims to tackle post-merger data challenges.

Utilizing the UNSPSC taxonomy, Verdantis will streamline Item and Service Master data for the recently acquired entity, fostering improved operational efficiency across the combined operations. The global energy company is committed to providing reliable and sustainable energy solutions to meet the growing needs of the world.

The project will involve processing approximately 50,000 material master records and an additional 4,500 service master records for classification. Notably, around 1,150 items currently exist in Arabic and require harmonization.

The company faced challenges with inconsistent data formats, duplicate entries, and inaccurate classifications across its material and service master data. This lack of standardization hindered operational efficiency, procurement processes, and cost management. To address these concerns, the company sought a robust data management solution to cleanse, enrich, and standardize its master data.

"We are thrilled to partner with this leading energy company on this critical initiative," said Anbarasu Reddy, General Manager and Head of Operations at Verdantis. "Our expertise in data harmonization and enrichment will enable them to optimize their operations and achieve significant efficiency gains. "

The project will unfold in two phases. Verdantis will analyze the company's existing data and define clear business objectives. Approximately 1,150 items in Arabic will be translated into English, and all items will be classified using the UNSPSC taxonomy. Verdantis will extract manufacturer names (MFR) and manufacturer part numbers (MPN) from item descriptions using advanced data parsing techniques. Attribute values will be extracted from the source data, and any missing attribute values will be enriched through web research and normalization using English language catalogs. De-duplication will be identified and eliminated based on various criteria, including manufacturer, part number, and attribute values. Long and short descriptions will be created in English and Arabic for all items.

Verdantis will leverage its expertise in data harmonization, UNSPSC classification, and enrichment to deliver a comprehensive solution for this leading energy company. The project will create a single source of truth for the company's material and service master data, enhancing visibility and accessibility across departments, including reduced procurement costs, enhanced operational efficiency and increased data visibility.

About Verdantis (Master Data Division of Ultria Inc.)

Verdantis is a leading provider of data management solutions, helping organizations across various industries leverage the power of clean, consistent, and accessible data. Verdantis empowers businesses to optimize operations, make informed decisions, and achieve strategic objectives.
For more information, please visit www.verdantis.com.
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Tags:Master Data Management
Industry:Energy
Location:Princeton - New Jersey - United States
Subject:Partnerships
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