Product Data Management is beneficial for a variety of industries that involve marketing and distribution of goods. Whether it is a Business to Consumer (B2C) or Business to Business (B2B) mode, PDM provides a viable solution for companies to efficiently manage their products and services. It is the process of organizing and managing product-specific data and associated information like descriptions and labels.
PDM data also includes the digital assets of such products. These assets might be images and videos that are required for multichannel (multiplatform) sales. There are plenty of service providers like BizCaps in the market to offer customised and advanced solutions.
To select the best-suited PDM software for your business, you need to know about the values it can add over time.
Value of Product Data Management
The development, maintenance, and delivery of all the product data are centralised and streamlined with effective product data management. It can span a wide range of individuals and procedures. This will assist the company in achieving a variety of workflow efficiencies that include:
Launching a new product or service in the market necessitates coordination between internal teams (such as production, sourcing, and product management) and third parties (such as manufacturers, translation agencies, and logistics experts). IT also requires an integration of various technologies and business processes.
PDM software from providers like BizCaps helps you organise and manage information and task workflow between various departments in real-time. Instead of using a generic task management solution, you can re-assign tasks and ownership depending on various circumstances.
Marketing is one of the most critical tasks for any business and requires data to be organised. Campaign management involves combining campaign-specific workflows with end-to-end marketing and commerce processes to launch and maximise initiatives.
Product data management allows you to rapidly adjust product assortments to change consumer demands across distribution networks by creating and integrating workflows with marketing automation and eCommerce processes.
Management solutions focused on rules and exceptions are needed to ensure processes comply with industry regulations, laws, or guidelines. For example, eCommerce companies may want to monitor which partners have access to what information is based on partner type, e.g., contract suppliers, wholesale distributors, and stores. This can be achieved by utilising optimum software capabilities.
Data is needed for the proper functioning of all departments of an organisation. While uploading data to data pools such as the Global Data Synchronisation Network (GDSN) will help standardise formats and task flows, you must also manage syndication processes across multiple channels.
You can organise, share, and collaborate on data sophisticatedly with the help of product data management. It can syndicate master data and digital assets across various platforms with different formats, file types, and language specifications.
Personalisation in Customer Journey
Modern digital marketing uses customer-centric campaigns, personalisation, and optimising the customer experience to get the most of a strategy. This technique has proven beneficial for most businesses.
With automated product data management, a company can utilise interactive media, platform behaviour, location, and other individual-specific data. It can result in a higher sales rate as personalisation is used to make product recommendations based on customer-centric profiles.
Cost-Cutting Is Ensured
A strong PDM system will help you save money on your operations and supply chain. Accurate data eliminates management risks and removes the costs of unreliable product data. Companies should substitute products that are out of stock until consumers complain.
Manufacturers also use PDM data to inspect and develop their distribution methods. This improves customer satisfaction and helps manufacturers outperform their competitors.
With PDM, data and related product reports will be available to you. Managers and other responsible employees can use it to make informed decisions. It will also help you save money, boost customer loyalty, and increase employee productivity.