Benefits of MRO Data Taxonomy

A well-structured MRO Data Taxonomy is crucial to provide a reliable and scalable structure for the MRO materials database. Implementing a good MRO taxonomy enables accurate classification of materials into different commodity groups, so intelligent decisions can be supported by analytical data. For example, good material classification is critical for spend analytics, so you have real-time visibility into procurement spend patterns, optimize inventory and lead to better vendor relationships.

We have a proprietary MRO Data Taxonomy, designed by our inhouse industry experts, for asset-intensive industries such as pharma, life sciences, food and beverage, mining, oil and gas, and power. The MRO taxonomy is very comprehensive, covering thousands of commodity types used in the industrial MRO world. Apart from classification, the Enventure MRO taxonomy also has an associated dictionary that defines key attributes, values and abbreviations, making it a great resource for MRO data governance.

Enventure also has very thorough understanding of industry standard MRO taxonomy, such as UNSPSC, eCl@ss and ECCMA ISO 8000 standard. For clients who prefer to align to such an industry standard, we provide taxonomy implementation and commodity coding services. But if the standard taxonomy does not suit a client, we can also customize the taxonomy to include the required commodity groups or add additional levels or attributes, as required by the Client to make it more comprehensive.

Benefits of a well-defined MRO Data Taxonomy:

  • Enhanced search capabilities
  • Improved Spend Analytics utilizing good classifications
  • Quick part identification by maintenance
  • Consistent material descriptions and categorization
  • Enables Inventory and Procurement Cost savings
  • Eliminates obsolescence, redundant and ambiguous material data
  • Differentiate industry-specific parts such as Food grade and surgical grade
  • Intelligent reporting of MRO spending and consumption patterns

A basic taxonomy may help classify items at a high level; but a robust industry specific MRO taxonomy can immensely improve spend analysis capabilities, support B2B e-commerce transactions and integrate data structures across ERP and EAM/CMMS systems.

Talk to an MRO Taxonomy specialist today!
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