Imagine running a company that hits your target metrics, satisfies your customers, and offers premier products/services. Unfortunately, it only takes a few moments for catastrophe to arise.
This is especially true in scenarios with mismanaged data. The average data breach in 2023 cost companies a record $4.5 million, and situations like these can often be impossible to recover from.
Understanding product information management (PIM) and master data management (MDM) can help you handle the information at your company more efficiently. Not everyone understands PIM vs MDM, though. Let’s explore the key information you should keep in mind.
Product Information Management
This process involves how your company manages its product data. You’ll need to use a PIM system to handle this obligation. These systems keep all relevant information in a central location, streamlining its access. Common details include product SKU (stock-keeping units), pricing info, images, and product descriptions.
It’s essential to have a strong understanding of this info so you have accurate insight into how your company is performing. This will also make it easier to scale in the future. Choosing the right PIM software is also essential.
Check the developer’s reputation so you have an idea of what you can expect. Allocate time to research info about PIM software so you know how to integrate it.
Master Data Management
As the name implies, this term refers to how you manage, syndicate, and collect critical business data at your organization. Common categories include human resources info, financial reports, and legal documents.
Companies also tend to keep data about supply chain elements and their customers to maximize the customer experience. To get started with MDM, you’ll need to create and maintain a repository for all the data you intend to work with.
This is especially important if you plan to scale shortly. Businesses can use MDM to eliminate data errors and inconsistencies, as long as they configure their systems appropriately. It’s also imperative to ensure you adhere to compliance regulations in your industry.
Best Practices
One of the most important practices to remember is to conduct frequent audits of your system. This will allow you to discern and correct issues that need your attention.
You should also archive your data in multiple locations. Using a combination of cloud servers and physical hard drives is often sufficient. This will help you maintain access to crucial information if contingencies arise.
It’s crucial to have the right access policies in place. Many companies use zero-trust policies. These require users to input their credentials regardless of how many times they’ve accessed specific data in the past.
Deciding Between PIM vs MDM
The best decision will depend on your needs, and what works for someone else might not work for you. The information about PIM vs MDM in this guide will help ensure you make the right choice for your situation. From here, you’ll have no trouble reaching your goals.
Looking for other business info that can help you improve your company’s operations? There are plenty of articles like this one on our blog, so be sure to check them out today.
