To understand the role of Master Data Management (MDM) in manufacturing, it helps to look at two very different scenarios.
Consider the first manufacturer. With siloed teams and disjointed systems, their information is often inaccurate and out-of-date. Product launches are sluggish, and they lack the necessary agility to respond to trends. Buyers looking online are often left frustrated, pushing them to the competition for the information and experiences they need.
Now, take a look at the other company – one with a foundation of high-quality data. Supply chain complexity doesn’t hold them back. Instead, they can leverage collaboration across the value chain to improve their bottom line. Product launches are fast, which means they can stay ahead of customer demands across channels and geographies. They are primed for growth in the digital age.
Sounds great, right? How did they get there? It all starts with MDM.
Serving B2B Buyers in a B2C World
In today’s commerce world, the expectations of B2C consumers continue to seep into B2B, causing unique challenges for manufacturers, including:
- Meeting the demands of B2B buyers who are accustomed to omnichannel experiences.
- The opportunity to sell direct-to-consumer, plus the added pressure of marketplace participation.
- Serving as the trusted source of information for end-customers throughout the purchasing journey – According to Forrester, 66% of consumers visit a manufacturer’s website for information about a product they’re considering for purchase.
Manufacturers know they must rise to the challenge. However, managing product data with often millions of attributes – across regions and channels – can seem impossible without an effective way to manage their data.
Master Data Management provides the essential data hub that manufacturers need to meet the evolving needs of B2B buyers, end customers, and information-obsessed shoppers. Content enrichment allows companies to pair high-quality data with compelling images and other digital assets. MDM also provides the content syndication that manufacturers need to seamlessly share information to upstream and downstream systems and partners, including retailers, vendors, suppliers, marketplaces, data pools, and distributors.
Other Top MDM Manufacturing Benefits
In addition to responding to digital demands, Master Data Management also helps manufacturers:
- Reduce complexity across the value chain: Manufacturers can work seamlessly with suppliers and third parties. Supplier portals can be used to efficiently onboard information directly from suppliers and vendors, allowing them to play an active role in content enrichment.
- Gain operational efficiency and cost savings: Precise and timely data helps manufacturers improve warehouse and inventory management, as well as extract cost savings in shipping and packaging.
- Enable Product Lifecycle Management (PLM) processes: Enterprises can capture core product data during the entire development of a product so that it can be effectively manufactured, sold, and serviced.
- Accelerate time to market: Workflow for efficient on-boarding of product information helps get products to market faster than ever.
- Extend global reach: Manufacturers can gain efficiency in managing translations, meeting regional format requirements, and localizing content to improve global revenue and brand recognition.
- Leverage the latest in emerging tech: AI and machine learning technology, such as predictive maintenance, are increasingly important for manufacturing success. MDM is essential to harness the volume and variety of data produced through these processes.
How to Make MDM Work for YOUR Manufacturing Market
One of the awesome (and often challenging) things about Manufacturing MDM is how nuanced it can be depending on your unique market. For example, food manufacturers will have a very different experience with MDM due to specifics around recipes, ingredients, and traceability. Meanwhile, HVAC manufacturers must consider things like parts, safety regulations, and supporting the aftermarket.
So, how do you make MDM work for your specific needs? It often has more to do with how you implement a solution vs. which platform you choose, although both aspects play a role.
Some important considerations include:
- Identifying your ideal data domain strategy
- Solution architecture designed to extract efficiency and cost savings
- Hierarchies and taxonomy to maximize your data relationships
- Syndication and channel-specific exports
- Establishing the right-sized data governance program
- And much more
The manufacturing game has undoubtedly changed. Amplifi helps manufacturers compete with MDM solutions that are tailored for their unique business and market needs. Learn more about our specialized approach here.