Master Data Management and Product Information Management: What’s the Difference?
If you’re a bit perplexed about the difference between PIM vs MDM, you’re not alone. In fact many are unclear about what Product Information Management (PIM) entails, and how it differs from Master Data Management (MDM).
You may be wondering, “What do I really need? PIM vs MDM, or both?” So, let’s clear up the confusion with a quick look at the difference between the two areas of product data management.
Master Data Management…think back-end operational excellence
High-value, business critical information is at the heart of every business transaction, application, and decision. This information is called master data. However, the quality of master data degrades over time. Key business processes are then impacted when master data is inaccurate, missing, duplicated, or incomplete.
A Master Data Management solution eliminates the guesswork and uncertainty that results from too many versions of the same data. MDM provides a framework of technologies and processes with a central repository of reliable, up-to-date data consolidated across all enterprise applications.
Ultimately, with Master Data Management the main focus is providing a single, trusted version of back-end data in pursuit of operational excellence.
Product Information Management…think compelling product content for omnichannel marketing
Product Information Management refers to centrally managing information about products. Furthermore, the driving force in PIM is to enable a multi-channel marketing strategy with consistent, compelling product content.
A PIM solution helps retailers achieve cross-channel integration, as well as collect and manage the data necessary to better understand customers and how they prefer to shop. Retailers are able to reach consumers with trusted, compelling content including images, reviews, product descriptions, videos, and more.
Read the eBook
This eBook explores how to compete and thrive in today’s competitive market with an ever increasing digital economy and why your product information management process must stand out from the crowd.
Immediate benefits and efficiencies arise from having a single repository available to all users including marketers, store personnel, logistics, trading partners, and suppliers. A shared view reduces errors and inconsistencies, as well as the labor involved in creating quality content. This also leads to faster product launches and promotions. Ultimately, improved customer satisfaction reduces return rates and builds brand loyalty.PIM is a part of MDM. However, many companies choose to implement standalone PIM without a larger MDM undertaking. This can be an easier, quicker option for those looking to synchronize product information across channels.
Read our eBook How to Drive Better Customer Experiences with Product Information Management and learn how to compete and thrive in today’s competitive market with an ever increasing digital economy and why your product information management process must stand out from the crowd.