Three benefits of product data management for manufacturers
The technology-driven capabilities of a PIM solution provide a single, centrally controlled hub of product information, allowing companies to consolidate all their product data in one place. The aim is to store and deploy. When used as intended, this ‘golden record’ for every product data entity can be used organisation-wide, and guarantees a single, high-quality source of data for all stakeholders and users.
1. Eliminating data redundancy
Manufacturers deal with a complex set of data sources, from raw materials to work-in-progress, finished goods for distribution and post-sales service. Initially, they onboard supplier data which is often ingested across siloed systems, applications, and business units. These perform specific and frequently complex sets of processes across the value chain. The potential and real impact on the performance of product data caused by data redundancy is eliminated through deployment of a PIM system.
Redundancy covers the existence of unnecessary data such as duplicates of the same entities or various versions of data with differing lineage being used for different purposes. These impact on:
The technology-driven capabilities of a PIM solution for manufacturers provide a single, centrally controlled hub of product information, allowing companies to consolidate all their product data in one place. The aim is to store and deploy. When used as intended, this ‘golden record’ for every product data entity can be used organisation-wide, and guarantees a single, high-quality source of data for all stakeholders and users.
2. Data governance – sharing and privacy
Nowadays, highly regulated industries such as financial services, pharmaceuticals, and healthcare, need to respond to requests for information rapidly and transparently. As wide-ranging regulations like GDPR impact on most global industries, those organizations with well-governed data are at an advantage when it comes to mitigating risk and avoiding penalties for non-compliance.
All organisations need sharing and privacy protocols to build ‘digital trust’. That means processes which adhere to data security rules, control over access rights and robust standards when managing private (be it commercially sensitive product information or sensitive customer data). Moreover, the issue of compliance processes will only assume greater significance in the future. You’ll need to establish information assurance compliance to oversee and evaluate. A PIM system provides the capabilities for security requirements, but alongside it, effective data governance should be an organisational imperative. It ensures information security and engenders trust in a collaborative environment by implementing end-to-end management of risks, threats, and security issues in general.
3. Data as a driver of innovation and excellence
Historically, siloed approaches to the use and management of data have always been an organisational bugbear. The emerging norm dictates that inter-and cross-departmental collaboration will be a key driver of value-added data usage. Those manufacturers in the vanguard are reaping the benefits of collaborative relationships with customers, suppliers, technology partners and in some cases, competitors.
The focus has moved beyond technical details. The range of applications enabled by excellent product data management has enhanced not only value chains but also relationships with, and access to, customers, be they B2B or B2C. In fact, product information management will be behind the capacity to respond to changes in customer behaviour by adapting how product data reaches and interacts with them (and vice versa).
This operating model has an embedded strategic dimension. It combines cloud-based digital technologies and agile operational capabilities with an integrated, effectively sequenced, and agile approach to rapidly accelerating change across industries. Ultimately, it empowers and drives innovation.