Key Product Data Business Processes and how they benefit from MDM
A vast majority of time spent by corporations today is focused on the business processes that involve product data – standardizing it, sharing it, avoiding manually cleansing it, and tracking it across your supply chain. It’s why having the most up-to-date product data is critical in today’s economy and it’s why Master Data Management is now so critical to you.
Below are just a few examples of business processes that depend on good, accurate and up-to-date product data.
Online Marketplace Management
Is your e-commerce site offering identical products under different names with different SKUs to the same users? Or, is the same product being offered at two different prices? If so, this could create buyer frustration and result in a loss in sales and lower customer retention rates. With a good MDM product, your e-commerce site will deliver the same product with all the same information every time. This will provide your company with higher profits and improved customer satisfaction.
Supply Chain Efficiency
Do you have products that vanish between your offshore factories and your retail outlets? Is your product being tracked at every step of the process? Is that process linked to an MDM system that can quickly identify any discrepancy at any point in the delivery process? Linking your MDM system with all your delivery partners’ processes could dramatically reduce the cost of misplaced, or otherwise lost product that occurs during transit.
Are you experiencing increasing losses due to “creative” return scams? Are scam artists targeting your company because of your exceptional customer service that embraces a relaxed return policy?And are you now ready to change those policies to protect your margins?Don’t!With a good MDM system that tracks and reconciles all your sales transaction data with returns in real-time, you can have that exceptional customer experience and reduce cost.An MDM solution will not only match records but issue alerts based on user defined rules which will target potential fraudulent transactions.It will not only prevent scams, but also help minimize the impact of lost merchandise. With the right MDM solution, you don’t have to compromise your customer experience to reduce the risk of scams.
Is your government reporting completely accurate? Are you confident that you have all of your data organized and mapped appropriately?It’s important to collect all your data, but without a quality MDM solution, you may not be getting the most accurate results. For example, let’s say you need to report where a particular product was sold geographically to meet unique EPA handling requirements. The first step is to integrate all the product data, but integration doesn’t mean all the appropriate business rules are applied. This leads to inaccurate reporting of products that are packaged or sold through different channels under different names. The downside could be serious fines or legal action. With the right MDM solution, you can trust the information you provide is complete, accurate and up-to-date.
When paying for performance either to an employee or to a partner, are your compensation calculations correct?Of course they are!But your calculations are only as good as your data.Is your data accurate?Is it representing all the correct assumptions including packaging discounts, price changes or organizational timing issues with the compensation recipient?Or do you simply have a problem consolidating all your product information correctly?With the right MDM system containing robust rules and matching capabilities you can trust that your data is clean and you are keeping all your hard earned profits.
MDM is the only cost-effective solution to integrate and standardize your product data, and the examples above are just a few ways in which MDM can improve your product data.