Prometheus Group Delivers Master Data Governance as a Service to Industrial Enterprises

Prometheus Group is bringing cloud-based master data services to heavy industries. IDN looks at the Prometheus MDaaS subscription service.

by Brenda Fox

Tags: asset management, data, cloud, governance, integration, management, MDM, Morpheus,

Prometheus Group is launching a set of cloud-based data cleansing, governance sustainment services to help heavy asset enterprises tackle the issues of predictive maintenance. 

 

Prometheus Master Data as a Service (MDaaS) is available as a subscription service and includes a standardized industry taxonomy.

 

The company’s master data governance SaaS solution looks to help end “the repetitive and expensive cycle of data cleanse and sustainment projects,” according to Jeff Kinard, Prometheus Group’s senior vice president for strategic partnerships.   

Heavy asset organizations are struggling to find an effective way to manage data cleansing and sustainment, Kinard noted. The Prometheus MDaaS service means that organizations will no longer need to conduct many of the tedious and time-consuming tasks associated with master data governance, including defining taxonomies and data cleansing, he added. 

 

Among the “key benefits” to customers Prometheus MDaaS expects to deliver are: 

  • Better record accuracy
  • Overall reduction in stockpiled spare parts
  • Reduction in carrying costs of excess spare parts
  • Improved reliability-centered maintenance (RCM)
  • Employees save time by finding the right information the first time
  • Reallocate internal resources 

“Data governance is a key cog in the march towards predictive maintenance. Our MDaaS platform delivers continuous data cleansing, guaranteeing that master data never becomes dirty,” Kinard added. “As a result, maintenance will be more efficient and effective, delivering a competitive advantage to asset-intensive organizations.”

 

With Prometheus MDaaS. “Maintenance decisions will now be made based on accurate information enabling teams to have increased confidence in their data. This will drive better decisions, including the tracking of equipment reliability and inventory levels of critical spare parts,” he said. 

 

Prometheus MDaaS is rolling out as a recent survey finds an astounding that 95% of organizations see negative impacts resulting from poor data quality. 

Experian’s global data management research report for last year found “poor quality data prevents organizations from achieving their #1 priority—improving customer experience.” Further, it found organizations admitting that 29% of their data “is inaccurate” leading to a distinct lack of trust in data

Key features of Prometheus MDaaS include:

Standardize and cleanse existing master data: This tracks and removes duplicates, organizes records with standardized taxonomy and ensures the organization can quickly and easily find any record it needs.

 

Standardize taxonomy across every plant and organization: This enables enterprises to quickly and easily analyze inventory across all locations, helping ensure more effective inventory management, including the sharing of critical spare parts.

 

Ensure the continuous integrity of company data: Any changes or new record requests get handled through a governance workflow that includes checkpoints and approvals tailored to your organization.

 

Extended benefit from leveraging Prometheus aggregate database: Providing standardized data helps Prometheus provide users important information, including accurate and updated Bill of Materials, optimized maintenance plans and task lists and equipment reliability measurements.

The service is, in large part, expected to help customers with data governance as part of their SAP S/4HANA transformation.  For its part, the Americas' SAP User Group supports of the Prometheus Groups’ MDaaS initiative.  

 

“It’s time to rethink how to clean your data, or you won’t be able to benefit from the data-driven decision-making you can achieve from mobile applications, artificial intelligence, and other advancements coming down the road,” said Ann Marie Gray, ASUG vice president in a statement.

 

“Customers across all industries and functions complain about a lack of data quality and visibility across their organizations. In particular, the enterprise asset management space must address this issue, given the amount of data it generates,” she added. 

 

The Prometheus platform consists of six interconnected modules to simplify and streamline enterprise asset management and supports plant and facility maintenance, operations, and safety. The solutions enable digital transformation and integration of asset management strategy and ERP, CMMS, or EAM systems enterprise-wide. It also communicates changes in real-time across an organization to eliminate silos and standalone solutions, which often result in inconsistent processes. 

 

Prometheus worldwide customers include large asset-intensive organizations, including oil & gas, chemical, pulp & paper, mining & metals, and utilities.

 




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