The concept of domicile is currently a hot topic. Our head of tax, Sarah Woodall looks at the law and summarises the opportunities to mitigate tax within the law for those not domiciled in the UK. Sarah goes on to explain the concept of residence here. Domicile and tax on foreign income UK residents are […]
The post Dom or non-dom – the impact on tax liabilities first appeared on Harrison Clark Rickerbys.
Your tax residence status as an individual is currently determined by a statutory residence test (the SRT). The SRT is complex and comprises three tests applied in a set order which can make a person either conclusively non-UK-resident (the automatic non-residence test) or conclusively UK resident (the automatic residence test). If neither of these tests […]
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A directory of organisations helping to get Welsh people online will improve the outlook for many who are already disadvantaged.
The post Bridging the digital divide in Wales appeared first on Centre for Digital Public Services.
Some would just need shared remote workplaces occasionally, while for others quiet and confidentiality are top priorities.
The post ‘Hubs’ a halfway house between office and homeworking appeared first on Centre for Digital Public Services.
Across the globe, in all industry segments, data drives business processes, and systems.
The overall organization, its employees, and its customers benefit when this data is shared and accessible across all business units. A unified single point of access for the same customer lists and data used to run the business. On the whole, business data users within the organization generally assume that the customer data that they have access to is consistent across the whole business until they identify anomalies.
The reality though, is that customer data evolves in a more organic and somewhat haphazard way than data management professionals would prefer. This is especially true in larger organizations. Mergers and business acquisitions, projects and initiatives, and other general business activities often result in multiple systems being created, that often perform a similar or exact same function but for a variety of reasons, these redundancies must coexist.
The result is that these conditions inevitably lead to inconsistencies in the overall data structures and the data values between the various systems. This variance leads to increased data management costs and organizational risks.
The general consensus is that both data management and organizational costs and risk can be reduced through the dual strategies of Master Data Management and Reference Data Management.
Master Data Management is about the management of data that relates to organizational entities. These organizational entities are objects like logical financial structures, assets, locations, products, customers, suppliers, and employees.
These same structures provide the necessary context for smoothing of business transactions and transactional and business activity analysis.
Within them, are entities, real-world persons, organizations, places, and things as virtual objects. These same entities are represented by entity instances. In digital forms, they are effectively digital entities but really they are data records. Master Data should represent the authoritative, most accurate data available about key business entities.
When managed well, Master Data entities are trustworthy and can be used by employees in partner engagement with confidence. Surrounding these entities, are business rules that dictate formats, allowable ranges, and characteristics that should be applied to appropriately frame the master data values held.
Common organizational master data may include data that relates to partners that are made up of private individuals, organizations, and their employees. That same data may describe their role, their relationships, and essential attributes that might be useful for engaging with them as an organization.
Typical people-based master data entities are objects like customer, citizen, patient, vendor, supplier, agent, business partner, competitor, employee, or student.
Generally speaking, Master Data Management is thought of as being leveraged in four different ways in an organization. These approaches are, for the most part, exactly the same for the management of customers, vendor, employee, product master or any other master data object in an organization.
Consider what you hope to achieve from implementing MDM. Pretectum observes that implementing customer MDM can be considered, on one hand, to help meet compliance and regulatory obligations. It can be considered as a mechanism that reduces risk and ensures business process optimization too. For some, it is simply recognised as an essential piece of the puzzle in having a better view and understanding of the customer. In reality, though, MDM and customer MDM, in particular, can serve to address all of these needs and potentially more.
Pretectum’s view is that one absolutely critical aspect of all of this is the establishment of an authoritative, consistent and correct understanding of who and what a given customer is. The benefits that flow from managed and controlled understanding under a CMDM could range from cost and operational savings in maintenance of the customer master to reduced loss and risk through collections and fraud avoidance when working with the different buyer and consumption audiences and prospects accompanied by increases in confidence and trust amongst your employees and associates.
In the first, exploratory stage of Agile, it’s crucial to represent your assumptions – and then throw challenges at them.
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