”Under new management” is a common sign in the window of a restaurant. The purpose of the sign is to tell: Yes, we know: Really bad food was served in a really bad way here. But from now on we have a new management dedicated to serve really good food in a really good way.
By the way: Restaurants are one of the more challenging business entities to handle in Party Master Data Management:
- They do change owner more often than most other business entities making them a new legal entity each time which is important for some business contexts like credit risk.
- On the other hand it’s the same address despite a new owner, which makes it being the same entity in the eyes of other business contexts like logistics.
- In many cases you may have a name (trade style) of the restaurant and another official name of the business – a variant of this is when the restaurant is franchised.
Master Data Management is not trivial – serving restaurants or not.
Improving Master Data Management starts with the sign in the window: Yes, we know: Really bad information was served here in a really bad way. But from now on we have a new master data management dedicated to serve really good information in a really good way.
Then you may have a look at the menu. Do we have the right mix of menu items for the guests we like to serve? How are we going to govern a steady flow of fresh raw data that’s going to be prepared and selected from the menu and end up at the tables?
What about the waiters attitude? Serving is much more fun if you are proud about the dishes coming from the kitchen. It’s pleasant to bring compliments from guests back to the kitchen – not at least given along with great tips.