Analytics for Living's TenderCast: MDM (Master Data Management)
Analytics for Living recognizes the challenges for businesses and financial institutions to characterize products the common procurement vocabulary (CPV). Albeit business and financial institutions easily maintain and understand their products CPV characterization, however, managing the ongoing publication of products in tenders becomes a daunting task. A tender often times is published with a product name or type, yet the CPV characterization may be incorrect or omitted. To meet this need a master data management approach is required to be developed, maintained and refreshed upon tender publications which in some countries is a daily management effort.
Analytics for Living has developed a method to develop MDM as part of the TenderCast processing. Analytics for Living's TenderCast MDM offering utilizes a syndicated and for some clients a custom developed master data management dictionary to characterize products as well as machine learning to improve accuracy, efficiency and speed. Business and Financial Institutions can utilize TenderCast MDM as an added offering to support the ongoing management of tenders and incorporate the learning to enable a more robust accurate forecast and enable a stronger resource development plan to plan.