Digital universe increased and more than ever we are flooding in a sea of data.
IDC predicts that our digital universe will double in size every two years and in 2025 will reach 163 trillion gigabytes.
With these statistics in mind, how Digital Marketing Company in Bournemouth do you manage your data in any business or organization? For many, Master Data Management (MDM) will come to mind that offer to manage customers, operational data and transactional you. Perhaps you use a PIM solution that provides the main source of product data that can be used across different channels. Or maybe you do not use data management solutions.
It is important for retailers and digital brands to have a proper system to collect, organize and exploit consumers and products of their valuable data.
In this post, we explore two main ways to effectively manage product and consumers of your data using the PIM and MDM.
What PIM and MDM?
PIM or Product Information Management is a solution that centralises product data allows team members to enrich and publish data across multiple channels. In short, PIM will help to integrate product data across channels, collecting relevant data and better reach consumers with their content.
A PIM solutions help retailers achieve cross-channel integration as well as collecting and managing the data needed to create a better customer experience by ensuring that product data and descriptions.
Akeneo PIM solution as easy to connect to the channel eCommerce and useful for marketers and eCommerce Manager. Generally, the PIM project is faster to deploy, require fewer resources and provide faster business value of MDM projects.
Improving the quality of product data and accuracy
Improve catalogs and product information management process as a whole
Decrease in time-to-market
Easy to expand into new markets and local
Maintaining brand identity across multi-touch points
Increase sales conversion
Master Data Management (MDM) is a type of software infrastructure that determines the acquisition and management of key data such as customers, products and suppliers.
As the amount of data grows over time, it can get more challenging for the company to maintain the quality of this data. This can have negative consequences for key business processes that rely on accurate data.
MDM system to manage data across multiple data domains including employees, customers, finances, location and vendor information. This means that as a result, MDM projects are usually very broad and requires a lot of resources to implement and maintain.
Reducing the complexity inherent in globalization and expansion
Reduce data inconsistency that can have a huge impact on business operations
Enables organizations to create edit data in one area and make sure that their edits are reflected in all appropriate fields
Cleaner provides data for analysis
Supporting data consistent across multiple platforms and tools
Help meet compliance regulations
The platform is best for your business?
MDM and PIM systems provide very similar capabilities that can be used to set up the product and provide a single source of information. This helps to create a solid foundation for making major business decisions while keeping everyone on the same page.
If your main goal is to increase sales by adding more product SKUs or enter new markets or channels, then you need to PIM. According Akeneo, PIM solution is a dedicated, business-centric marketing solutions that provide faster deployment and ROI compared to the MDM solution. PIM tools also have a stronger connecters for eCommerce, print, mobile and POS systems, which is a major consumer of accurate product data for marketing and sales.
On the other hand, if you manage other data domains including customer, financial data or location and you have Digital Marketing Companies in Bournemouth enough resources and time to deployment, MDM may be better suited for you.