Why An Organization Requires Product Information Strategy With a Flexible Product Data Model?
Modern-day businesses utilize the PIM system as their product information repository. A PIM solution delivers a centralized location for storing product data allowing organizations and their entities to access, manipulate, and share it through multiple channels.
Every organization has its own product information strategy to keep the integrity of its entities and to maintain its product data value as its main focus. However, when it comes to the important aspect of product information strategy it is not just the existence of product data, organizations should give importance to their product content overall quality along with its usability on its entities.
Here are the lists of 4 vital components of Product Information Strategy
- Quality Content
- Content Targeting
- Content Accessibility
- Content Governance
Implementing an efficient product information strategy will help organizations to adapt better according to the evolving market and the demands of modern consumers. In today’s digital world, consumer expectations are evolving and it becomes very difficult for organizations to meet those demands. So, a proper platform for managing their product data like PIM becomes necessary.
However, the agile product updating process plays a key role in gaining success in today’s market, for that PIM tool requires a proper data model. Having a PIM tool with a proper data model will help organizations achieve these aspects easily.
- Flexibility on accessing data
- Easiness in data governance
- Smoothens operational workflow
- Increases end-to-end usability
Why Flexible Product Data Modeling is Important for PIM Strategy?
Organizations involved in product-centric business depend mostly on their product master data. In addition, the growth of digitalization has forced many organizations to make use of new channels and touchpoints to attract more audiences. At the same time, modern consumers are looking for more from the sellers.
As a result, organizations these days utilize the PIM system a lot for optimizing their business value chain and to boost their economic status through effective management of their product data. The PIM system becomes inevitable for modern businesses on managing unified product data.
PIM for Modern Business
Having a dedicated system becomes necessary for organizations to account for all those dynamic system requirements, unpredictable operational workflow, demand for more staff, and so on. A dedicated system for managing product data like the PIM system will help prevent product data from getting scattered, flawed, siloed and so on.
Also, managing product attributes and other product information becomes difficult once an organization starts producing a wide range of products. This difficulty in managing product data will lead to a slower process, a significant reduction in conversion rate, heavy workloads for staff, frequent updates on product catalogs, impossible to distribute updated & accurate product details across multiple channels in real-time.
Introducing a dedicated PIM system will eliminate all those aforementioned problems in the most successful way and also in a user-friendly manner. A dedicated and centralized database for managing key product data will help an organization to consolidate and unify the product data accurately with up-to-date information easily. PIM solution has the capability of handling large volumes of product data along with numerous attributes; this is what modern-day eCommerce businesses are looking for.
Here are the few more aspects an eCommerce Business can get from the PIM system
- Facilitates eCommerce organization (Both B2C & B2B) with unified product data.
- Make sure product data distribution is carried out in a semantic consistency through the supply chain.
- The PIM system ensures distribution and optimization of product data fully adheres to regulatory compliance.
- The PIM system enables product data to be reused among the various entities of a business.
- Accelerates the new product to reach the marketplace quickly along by providing required agility.
Well, implementation of a PIM system is like the job done in half. As modern-day businesses fully depend on their key product data and PIM system for its effective and flexible operational workflow, without suitable data modeling for product data it is impossible to harbor the full potential of product master data.
So, the introduction of flexible product data modeling comes into play by delivering a generalized and user-defined view of data for the organization.
Flexible Product Data Modeling – All You Need To Know
The product-oriented company needs to keep its product data true, accurate and updated. This data should be able to provide product-related information like the technical specification, characteristics, etc. that help in accurately defining the product.
A product data model enables in relating the product data to the other important data and its attributes. This model helps in organizing the data into different categories, classes, or families. This makes it easier for the viewer to access the specific or targeted data.
What is Flexible Product Data Modeling & Why it is important?
A flexible product data model helps the company in organizing structured and unstructured data effectively. The flexible data models are important for the following reasons:
The changes in the evolving and developing business are very rapid and accordingly, the companies change or modify their data infrastructure. With these changes, the risk and compliance functions also change. A flexible data model enables the company to stay nimble and compliant.
The flexible data model allows the company to have its Governance, Risk Management, and Compliance (GRC) program that allows defining the future goals, adapting based on changing needs, and acting accordingly.
Permit different approaches
This data model allows the different teams within the organization to use different methods for managing the data. This model allows in getting the holistic view of data management.
Benefits of Flexible Product Data Modeling in Data Governance
Product data uniformity
A lot of product data is required that is provided on different channels. This data model allows editing the data at a single time and is reflected at all places, thus allowing in keeping the data with uniformity.
The product data includes various details like texts, images, videos, static attributes, etc. all in a single view. This data model allows classifying and structuring the product data based on different classification systems essential for the industry.
Meet organizational structure
Every organization has different teams working in unison to bring the product ahead in the market. Each team provides their input for product master data. The use of this master data includes the designing, implementation, operations, and analytics. A flexible model can fulfill these demands easily.
Management of multi-lingual data
Reaching out to the public in different geographical locations demands providing the product details in their native languages. The use of the flexible data model enables translating and editing the product data interface.
A good flexible data model helps in deploying an effective PIM in various situations that allow better data governance, risk management, and control.
The use of a good product data model enables the company to understand the data, define the problems, consider the different approaches to solve the issues and select the best one. This process allows in gathering the best and high-quality data that helps in accurate defining of the product.
Data modeling is economic and consumes a very small section of the project budget. Building this application is faster and has fewer errors. The model provides clarity of thoughts and the basis for data collection. A good product data model will allow in detecting the errors at an early stage where fixing these issues becomes easy and convenient. Detecting these errors at the late stage can be costly or can lead to losses.
Quicker time to market
A flexible data model allows for the automation of certain tasks. It allows in designing certain tools that the model can use as input to generate the essential details, database structure, or data access codes. Using these automated techniques reduces the time required in building the product database thus allowing the product to reach the market quicker.
Data model allows in focusing on the determination of the scope. It allows the company to keep the scope tangible allowing them to include or omit any module. This allows making the product data model easy to maintain and extend.
A robust product data model allows database tuning and thus can operate faster than expected. For achieving optimal performance, the design of the model should be kept adequate to include only those terms that are essential.
One of the important tasks performed by the product data model is to document important concepts and jargon that are essential for long-term maintenance. This documentation helps in tracing back the product detail changes that have been done during up-gradation.
Reduce application errors
The data model allows the participants to define the concepts properly which leads to reduced confusion. The starting of application development with a clear vision leads to a better model that has fewer errors. The errors caused during the development of the application while writing the application code can be resolved during the development process.
Reduced data errors
The data errors are more severe as compared to the application errors. In case of an application error, it crashes and restarts. In case of data error, it can corrupt the larger database. The product data model allows improving the conceptual quality of the application and also improves the quality of data. Using the product data model helps in reducing the data errors.
A data model helps in estimating the complexity of the software and allows gaining insights into the level of development and the risk involved in the project. More the complexity of the software, the more the risk involved in the development.
Adequate data mining
For a product-based organization, data plays a significant role and this data is received from different sources. It is important to consider all the possible areas for the product details. The product data model allows for adequate data mining. This data mining plays an important role in the proper functioning of the PIM software that manages and provides all the essential product data important for product development and marketing.
The use of a flexible product data model is important for the smooth functioning of the product information management PIM system. A flexible product data model amplifies the benefits of PIM.
Flexible Product Data Modeling for Organization in Today’s Digital Age
Flexible product data modeling helps organizations to design the database in such an easy way to address the specific data need. In general, while creating a data model product data definition will happen along with its attributes and interrelationships with other data. This helps the user to find or handle multiple data along with their attributes easily.
Meanwhile, in the case of creating flexible product data modeling it future provides more advantages to a user by enabling them to do necessary actions like editing, translating, and other data manipulations on product data. This helps organizations involved in complex business requirements to access, view, and manipulate their array of product data easily.
In addition, here are a few more aspects that an organization can benefit from through the PIM system with flexible data modeling.
- PIM software with flexible data makes the organization cover and edit all structured and unstructured data easily.
- An organization with continuous growth can avail the benefit of easy and regular updates of data sets according to their changes.
- Also, it allows users to add another data source to the primary data source and enables an organization to make changes in PIM interfacing.
- The support of flexible product data modeling to the PIM system will help an organization to enjoy seamless updating & governance of product master data.
- The flexible workflow provided by the PIM system through flexible product data modeling helps an organization to fine-tune its business process.
To address the modern-day requirements, diving blindly with the implementation of the PIM system would not give the desired results for an organization. Instead, organizations involved in data-centric businesses need to evaluate their current market and narrate a PIM strategy on how to amplify the PIM benefits by introducing flexible product data modeling.