It is hard to find an organization who do not want to be on the digital transformation wagon today. But how can you ensure that your digital transformation journey will be a success? One of the elements in making sure that this data driven process will be a success will be to have a solid foundation of Master Data Management (MDM) including Product Information Management (PIM).
The core concepts here are:
- Providing a 360-degree view of master data entities: Engaging with your customers across a range of digital platforms is a core part of any digital transformation. Having a 360-degree view of your customer has never been more important, and that starts with well-organized and maintained customer master data. The same is true for supplier master data and other party master data. 360-degree view of locations is equally important. The same goes for products and assets as pondered in post Golden Records in Multidomain MDM.
- Enabling happy self-service scenarios: Customer data are gathered from many sources and digital self-registration is becoming the most common used method. The self-service theme has also emerged in handling supplier master data as self-service based supplier portals have become common as the place where supplier/vendor master data is captured and maintained. Interacting with your trading partners on digital platforms and having the most complete product information in front of your customers in self-service online selling scenarios requires a solid foundation for product master data and Product experience Management (PxM).
- Underpinning the best customer experience: Customer experience (CX) and MDM must go hand in hand. Both themes involve multiple business units and digital environments within your enterprise and in the wider business ecosystem, where your enterprise operates. Master data is the glue that brings the data you hold about your customers together as well as the glue that combines this with the data you share about your product offering.
- Encompassing Internet of Things (IoT): Smart devices that produces big data can be used to gain much more insight about parties (in customer and other roles), products, locations and the things themselves. You can only do that effectively by relating IoT and MDM.
Product experience Management (PxM or PXM) is a trending term in the Master Data Management (MDM) and Product Information Management (PIM) world.
As reported in the post Product Something Management the acronym PxM is one of several three letter acronyms starting with P and ending with M in play in this space.
Some of the topics handled in a PxM solution that can be seen as a development of traditional PIM solution are:
- Analysis of product content including encompassing other data domains
- Emphasis on product content that is search engine optimized (SEO)
- Context aware presentation of product content
- Personalization of product content
- Exploiting Machine Learning (ML) and Artificial Intelligence (AI) in the above-mentioned scenarios
Solution vendors on the market are positioning themselves in relation to PxM as some vendors are going in the direction of being a PxM vendor while other vendors embrace the span from MDM over PIM to PxM. This urges solution buyers on the market to focus on implementing PxM from a best of breed vendor in this realm or to look for one-stop-shopping.
You can meet both kind of solution vendors on this list.
This Disruptive MDM Solutions List encompasses what usually is called solutions for Product Information Management (PIM).
But besides PIM there are some other closely related Three Letter Acronym (TLA) coined solutions in play when it comes to the management of product data and product information. These are:
- PCM which can stand for both Product Content Management and Product Catalog Management. There are various explanations for the difference between the two PCMs and PIM. The consensus seems to be that both representations of PCM is focussed on channel specific and formatting issues and may be relying on other data management disciplines as for example Master Data Management (MDM) and product data syndication services.
- PDM being Product Data Management in whatever way that is different from Product Information Management. You might consider PDM techier than PIM.
- PLM being Product Lifecycle Management. Solutions for PLM typically are different from other data management solutions, but then Stibo Systems recently have combined PLM, PIM and Multidomain MDM in a single platform and PLM has been an element from the start in the SyncForce Product Success Platform.
- PxM is Product experience Management. In a recent post Gartner analyst Simon Walker explains how PCM and PIM for some vendors have merged into PxM in this piece.
Anyway, providers of all kinds of Product Something Management solutions are welcomed to register on this site.