Accurate and consistent product classification with well-structured product attribute data is the most critical element for the success of any MRO Master Data Management (MDM) program. In order to achieve that, it is very important to have a good taxonomy in place, that defines material classifications at multiple levels and is followed across the organization.
Enventure has our own proprietary readymade MRO taxonomy, as well as deep expertise in industry-standard taxonomies such as UNSPSC, eCl@ss, etc. Based on your industry and business purpose, our MDM Specialists can suggest the most suitable taxonomy for your company, or customize a standard taxonomy based on your specific needs.
The Enventure taxonomy has been built based on our two decades of experience in various industrial verticals such as Oil & Gas, Mining, Pharmaceuticals, Food & Beverages, Manufacturing, etc. The taxonomy is very diverse, covering over 6000 commodities and suitable for any asset-intensive industry. The Enventure taxonomy has a multi-level classification schema (Nouns, Modifiers, Sub-modifiers), with an associated dictionary that covers all key attributes, abbreviations, value definitions and Units of Measure (UoM).
Some of the key features of our readymade taxonomy:
The Enventure readymade taxonomy helps organizations cut down overall MRO Master Data Management setup efforts and costs. The first phase of any MDM program involves taxonomy design and data modeling blueprint, and cycle time for this can be considerably reduced by using Enventure’s readymade taxonomy.
We also provide customized taxonomies for clients who may have specific needs or expectations; a custom taxonomy takes into account a variety of factors, such as the materials in use, supply base, application/usage of the taxonomy, ERP or EAM system and needs of various stakeholders who use the data.