In today’s eCommerce landscape, it can be hard to decide what sales strategy works best. Do you want to drive traffic to your own website...
What is Master Data Management (MDM)?
Organizations holding more than one version of data use Master Data Management (MDM) solutions. When this is the case, there will inevitably be inconsistencies. So, MDM software essentially unifies people, processes, and technologies to ensure all corporate data values are consistent.
The types of data MDM deals with include:
- Employee information
- Customer information
- HR data
- Finance data
Often, this data will be sourced from multiple operating systems, so MDM implementation will likely be a business-wide initiative.
What is Product Information Management (PIM)?
Product Information Management (PIM) is a subset of MDM that specifically deals with enriching product data for marketing purposes. PIM is a central hub that connects multiple internal and external data sources. From this centralized hub, you can manage, enrich, and distribute product content to all your sales channels. In other words, PIM is an essential tool that enables businesses to optimize product data and grow revenues.
MDM vs PIM: Which is the right fit for your business?
Product Information Management (PIM) and Master Data Management (MDM) will both streamline the way you manage large volumes of data, but, whether you need one, both, or none will depend on your business objectives. MDM solutions help cleanse and organize information within a business to ensure data governance. However, the needs of your product data are very different from internal business information. PIM solutions specifically meet those needs by giving you full visibility on all aspects of product data.
For example, you could use PIM technology to import data directly from your ERP system. As such, your PIM would provide you with a single location for all product data. Within this central hub, you can enrich the data and distribute it to all your sales channels.
Similarly, If you manufacture products, you can connect to your PLM to track the product development lifecycle. Again, all relevant parties can store, access, and manage data relating to the product development lifecycle. As a result, your teams have full visibility of when the product will be ready to market.
Streamline how you process product data
As MDM information isn’t product-centric, managing it with this system will typically take a long time. PIM vastly improves the process by automating up to 80% of manual tasks relating to product data management processes. Furthermore, it provides a hyper-focused approach to improving product enrichment which massively improves the customer journey.
You can set up workflows to approve different stages of product enrichment which ensures a high level of quality and consistency. Different departments have different tasks at each stage of the product enrichment process. When different tasks are due to be completed, workflows will notify the relevant department to ensure products are fully enriched.
MDM isn’t made for marketing purposes, but PIM is. It’s the perfect solution for businesses looking to leverage product data to supercharge eCommerce operations to increase revenues. PIM enables you to create rich and unique product descriptions that ensure you rank well in Search Engine Results Pages (SERPs). It’s also easy to extend the reach of your products by opening up new sales channels and entering new geographies.
Less complexity, more simplicity
MDM projects are typically undertaken by large enterprise companies looking to refine all internal data processes. As such, implementing MDM takes up a lot of resources and can develop into a complex project.
The complexity is often due to data being stored in disparate systems. For example, you might store customer names in a marketing platform, and you may have addresses in a separate ordering system.
PIM focuses on a more precise set of product data objectives meaning they’re generally quicker to deploy. So, once the software is live, you can massively boost productivity and agility to quickly react to changes in customer demand. From accessing product data quickly to improving communication between departments, the time-saving benefits of PIM are huge.
Put the focus on your product data with PIM
If you’re working in a business dealing with large volumes of complex relating to people, processes AND products, implementing MDM software will be a viable option. However, if you’re looking to deliver best-in-breed product experiences, PIM will be essential.
The quality of your product data will ultimately determine the quality of the online experience. Quality product data is the foundation of quality product experiences that drive online sales. PIM solutions enable you to ensure you only distribute the most accurate and complete product information.
Quick to implement and sales-focused, PIM provides you with limitless possibilities. It enriches products to a high standard, increases profitability, and provides high ROI. Overall, you can create stronger relationships with your products and deliver exceptional shopping experiences for your customers.
Book your personalized demo today to learn more about streamlining internal processes