Part one, in this three-part series, investigated MDM with the PIDX (Petroleum Industry Data Exchange) data standard for item definition in the Oil & Gas industry.
Another core aspect of MDM is classification or categorization.
While MDM (Master Data Management) is designed to provide a consistent definition and classification of items and services, the question remains which industry standards are applicable in categorizing items and services for Oil & Gas.
The UNSPSC is a taxonomy of items and services that enables their efficient and accurate classification, while also enabling company-wide visibility of spend analysis and eCommerce capabilities.
A complete MDM solution would include both UNSPSC for taxonomy (or classification) and PIDX for nomenclature.
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