Master data & product information management
Master Data Management (MDM) should provide processes for collecting, aggregating, matching, consolidating, quality-assurance, persistance and distribution of qualified data throughout an organization to ensure consistency and control in the ongoing maintenance and application of this information.
An MDM tool can be used to support Master Data Management by removing duplicates, standardizing data (mass maintenance), incorporating rules to prevent incorrect data from entering the system in order to create an authoritative source of master data.
The root cause problem of master data usually stems from business unit and product line segmentation, in which the same product (or key item / object of the organisation) is serviced by different product lines / departments, with redundant data being entered about the product by different departments for their own, often narrow, requirements.
The redundancy of data is compounded in the front to back office life-cycle, where the authoritative single source for the departments and data is needed but is often once again redundantly entered or augmented by several different sources.
Product Information Management (PIM) is the categorization, structure and organization of product data and content (information) in the form that companies can use effectively anywhere within or between organizations.
It's the centralization and sharing of information to enable businesses to:
- Eliminate redundant time and reduce costs of product
- Find product information fast: without an efficient PIM
system up to 50% of time is spent searching for
- Have one central resource to enable single-keying of
information, improve due diligence and eliminate
Cost reduction of publishing and distribution of product information:
- By over 50% compared with conventional processes!
And cut time to market: increase product awareness and enhance competitiveness
MDM and PIM are the cornerstones of content and knowledge management.