The level of competition in the manufacturing space continues to increase as industry consolidation creates larger, fiercer competitors. This includes the rise of private labels, which puts manufacturers in direct competition with their retailers. It also takes into account the sheer number of products in any given category, which has grown exponentially. These competitive forces increase manufacturers’ need to get to market first in order to capture the longest possible selling window and maximize each product’s return.
As the number of sales channels continues to grow, manufacturers must tackle these challenges with real-time access to up-to-date and accurate product data. For many companies, this data resides in multiple systems and different formats, both within the enterprise and in external supplier systems.
To establish a single view of accurate data, manufacturers can turn to an MDM platform to enable product information procurement, enrichment, collaboration, and syndication. MDM helps manufacturers synchronize information with retailers to help boost sales, lower return rates and, ultimately, increase profit margins.