Merck KGaA
EFFICIENT MASTER DATA MANAGEMENT WITH ZETVISIONS SPOT
Merck generates a large amount of reference data in the context of group consolidation and external reporting. The company defines reference data as financial master data with a focus on consolidation and reporting.
These reference data are generally used for groupings, hierarchies and categorisations of data. They exist both within companies - such as company structure data - but also across company boundaries: for example, as ISO country codes, ISO currency codes and postcodes.
Together with Merck KGaA, we created a consistent data source - a "single point of truth" for all reference data, associated documents and other information of the group. Our master data management software SPoT helps to create this single point of truth.
A uniform and consistent data source, maximum transparency, minimised sources of error and simplified processes.
The challenge
Merck used purely manual processes for its financial master data before the introduction of zetVisions SPoT: Excel-based lists were imported into various reporting systems for this purpose - associated with the problems of synchronisation and the different technical options offered by the systems:
Three products from three manufacturers were used. There were no compatible interfaces and different data models. For the reference data, there were different "leading systems" from which the data was distributed to various subsystems.
„Thanks to zetVision's SPoT, our master data management processes are defined and the data governance rules provide clarity.“
Andreas Bieker Group Data & Apps for Finance Merck KGAA
The solution
With the introduction of the master data software zetVisions SPoT, the different systems were replaced by a "single point of truth" - and a consistent data source was created. Today, master data is created and managed in one system and maintained directly in the hierarchies by those responsible for the divisions. Clearly defined processes and data governance rules ensure the necessary transparency, and the dual control principle minimises errors.
„The biggest benefit is data quality and consistency, avoiding errors and rework.“
Andreas Bieker Group Data & Apps for Finance Merck KGAA
Merck KGaA
Merck is the oldest pharmaceutical and chemical company in the world and was founded in 1668. Merck is one of the leading science and technology companies in the fields of healthcare, life science and electronics.
Around 62,770 employees develop technologies for genome editing, find ways to treat diseases and provide applications for smart devices. In 2021, Merck generated sales of € 19.7 billion in 66 countries. The founding family is still the majority owner of the listed company, which is headquartered in Darmstadt.
