Top 7 benefits of MDM/PIM for the manufacturing industry
Industrial manufacturers have everything to gain from deploying a master data management (MDM) solution to improve efficiency and meet new market demands. Today, we take a look at the main benefits of MDM and PIM for the manufacturing industry.
To better understand the usefulness of such a solution in this sector, let’s look at two very different scenarios:
First scenario: A manufacturer operates with siloed teams and disconnected information systems. The result? Their product information is often inaccurate and outdated. Product launches are slow, and the company lacks the agility to respond to market trends. Online buyers become frustrated with the lack of information and poor user experience, ultimately turning to competitors for a better purchasing experience.
Now, let’s consider another company: This manufacturer uses a high-quality data repository. The complexity of the supply chain does not slow them down. On the contrary, they rely on real collaboration across the entire value chain, with desiloed teams working together to improve results. Product launches are quick, and they can anticipate multichannel customer demands across different regions worldwide. This company has digitally transformed its operations to drive growth.
Sounds appealing, doesn’t it? So how did they achieve it? It all starts with MDM!
Why manufacturers should deploy an MDM/PIM solution today ?
In today’s commerce landscape, B2B buyers’ expectations are becoming increasingly similar to those of B2C consumers. This presents a real challenge for manufacturers:
- Meeting the needs of B2B buyers who are accustomed to omnichannel experiences
- Enabling direct-to-consumer sales, especially through marketplaces
- Being a reliable source of information for end customers throughout their buying journey
In fact, according to the American research firm Forrester, 66% of consumers visit the manufacturer’s website to find product information before making a purchase decision.
Manufacturers must address all these challenges. However, managing product information can seem impossible without an efficient technological solution such as a PIM (Product Information Management) system, especially when dealing with millions of attributes across various regions and channels.
MDM (Master Data Management) is a set of tools that allows companies to store, manage, and distribute reference data. It ensures that this data is accurately identified, safe to use, error-free, up-to-date, and of high quality.
DATASOLUTION positions itself as a technology partner to support you in your digital transformation and deploy your ideal MDM solution.
What are the benefits of Master Data Management (MDM) for manufacturers?
By building a single source of truth, our teams help manufacturers effectively meet the needs of B2B buyers and end customers looking for high-quality information.
In addition, content enrichment allows companies to combine high-quality product data (PIM) with relevant digital assets (DAM) such as images, audio files, videos, and other essential content types.
1. Share up-to-date data with upstream and downstream stakeholders
MDM enables content syndication, which manufacturers need to seamlessly share complete and up-to-date information across systems and departments. It also facilitates data sharing with upstream and downstream partners, such as resellers, distributors, suppliers, marketplaces, and global data synchronization networks (GDSN).
Beyond automation, MDM also helps manufacturers:
2. Reduce complexity across the value chain
Manufacturers can work transparently with their suppliers and third-party vendors. Supplier portals can be used to efficiently onboard vendor information, allowing suppliers to play an active role in content enrichment.
3. Improve operational efficiency and reduce costs
Accurate data enables manufacturers to improve inventory management and cut costs related to shipping and packaging errors.
4. Facilitate product lifecycle management
Companies can capture essential product data throughout its development cycle, ensuring the product is manufactured, sold, and maintained efficiently. This process is known as product lifecycle management (PLM).
5. Accelerate time to market
An efficient product information workflow reduces the time to market. This is a major competitive advantage for manufacturers.
6. Expand into global markets
MDM helps manufacturers manage translations, ensure regional compliance, and localize content more efficiently. The goal? Increase global revenue and strengthen brand recognition.
7. Leverage innovative technologies
Artificial intelligence (AI) and machine learning are increasingly important in industrial success. Predictive maintenance and other advanced processes rely heavily on data management.
MDM is essential for handling the volume and variety of data produced by these innovative technologies.
How to adapt Master Data Management to your industry?
One of the key strengths of master data management (MDM) is its flexibility to adapt to any industry. By deploying a custom solution, we support you in managing the complexity of your data and processes, leveraging the expertise we’ve built over the past 10 years.
For example, an agri-food company, like our client Fleury Michon, will use MDM to manage specific requirements such as recipes, ingredients, and product traceability. On the other hand, HVAC manufacturers (heating, ventilation, and air conditioning) need to account for spare parts, safety regulations, and aftermarket support.
So, how can you ensure that MDM meets your specific needs?
It often depends more on how you implement the technology than on the platform itself, although both factors are important.
Here are a few considerations to keep in mind:
- Identifying your ideal strategy for reference data management
- Defining the architecture of the software solution to improve efficiency and reduce costs
- Creating hierarchies and taxonomies to optimize your data structure
- Managing syndication and exports for multichannel distribution
- Implementing a governance program for data management
- And much more!
The industrial sector has evolved. Our experts help you stay competitive by delivering MDM solutions tailored to your unique needs and target markets. Datasolution assists companies in mastering their data for marketing and communication purposes, creating a single source of truth to meet the challenges of multichannel distribution.
Need help defining your Master Data Management project? Contact our experts!
