What Is Product MDM?

The products you create need to be constantly improved, updated, and reviewed under a well-implemented strategy driven by data you and your brand have collected from use cases and reputable sources. Whether conducted internally, externally, or via your stakeholders and channel partners — the journey of developing and upgrading products in your manufacturing, CPG, and medical device business never ends.

With so much data needing to be looked at, refined, and translated into actionable steps, how can your team keep up with the demand?

Master data management tools are a great solution and one of the best ways to centralize all of your product data into a single source of truth for your entire company.

This comprehensive guide will explore the benefits of master data management, a product master data model, master data examples, and how MDM differs from Product Information Management (PIM).

What Is Product MDM?

Master Data Management (MDM) is a methodology and philosophy and something that needs to be continuously improved in order to function as intended. MDM is a centralized solution, which promises to be a hub of information and tools that provides every user with timely and applicable information.

While product data can be stored in different places, this creates data silos and will cause confusion across teams about who has the most up-to-date information. Product MDM is more than just product data. An MDM solution is an enterprise-wide deployment that stores all information across the business after a comprehensive implementation of both tools and methodology.

Chances are that you are already using an MDM solution, but it may not encompass everything you need. Popular strategies are to store everything on drives and Excel spreadsheets, and creating a customized MDM strategy can be difficult.

Most companies opt instead for the best PIM solution, which centralizes both the data and the management of all product data and its related assets. A PIM solution is not only much more comprehensive than an MDM solution, but it is much easier to implement.

Why Master Data Management Is Important?

Master data management and the tools and team you select to coordinate it are critically important for ensuring your organization runs smoothly across all channels. MDM is a centralized hub of information, meaning that you are not only getting a better tool for management, but it also streamlines consistency across the organization and assigns the proper controls for each subject-matter expert.

Compliance and governance, both internally and by even the most stringent regulators, prefer to work closely with brands that have a compliant MDM that aligns with the industry's vision.

MDM software solutions consolidate data from multiple systems into a single master data view, which enables collaboration and data sharing across the business.

Lumavate's comprehensive solution not only contains a full-functional PIM but comes equipped with total Digital Asset Management (DAM) functionalities, which manage the digital assets (spec sheets, training manuals, how-to videos, etc.) that are related to your product data.

What Is PIM in Product Management?

Now that you have a clearer picture of master data management, you may wonder how it differs from a product information management solution. The truth is that PIM achieves the scope of an MDM tool but provides much more integration and flexibility in order to encompass a broader range of activities and data-sharing opportunities.

The best PIM solution manages the various types of product information required to market, sell, and service products - and any information accompanying this endeavor. A PIM solution should fully integrate with your ecosystem to effectively manage and access multiple users and departments within the organization.

A PIM solution is usually left to the responsibility of the marketing team. Still, it is up to everyone within the business to contribute where they are needed in order to keep up with demand and to stay current with all product information.

For example, companies within the manufacturing industry place the responsibility of product data management on product managers, which can turn this role into a high-turnover job if they are not equipped with the right tools. Product management's critical responsibility is providing sales, marketing, and other customer-facing channels with enough information to communicate the benefits to their clients.

A solution such as Lumavate provides a comprehensive Product Experience Management (PXM) platform that allows you to combine all the best benefits of a PIM, DAM, and Digital Experience Platform (DXP) solution.

The holistic solutions provided by PXM allow you to provide your team with all the product data and information they require to create stunning experiences and deliver them to customers, which includes brand portals, dynamic website updates, text messaging functionalities, marketing campaigns, and much more.

What Is the Difference Between PIM and PCM?

Reading through this guide, you may start to wonder about the differences between product information management and Product Content Management (PCM). Without getting bogged down in more acronyms, product content has everything to do with creating, storing, distributing, and managing product content. This includes videos, how-to guides, spec sheets, training manuals, and troubleshooting tips.

Product information management concerns itself with managing and centralizing data, which is critical for various reasons. Product information must be up-to-date for product sheets, compliance reviews, and distribution channels. Product information must also be timely and accurate so that the marketing, account management, sales, and customer service teams convey the correct information to clients.

This data type is used to create stunning digital experiences, including product catalogs, websites, sales materials, events, product packaging, and more.

A PXM, such as Lumavate, allows you to roll everything into one. You don't have to choose between product information and product content, you get the benefits of a PIM, DAM, and DXP in a centralized location.

Product MDM vs PIM

Product MDM is an integral part of a PIM. Product information management starts with accumulating the data you have learned within your organization and storing it in an easy-to-use location. Here are some of the best PIM solutions on the market:

Pimcore

1. Open-source platform with a strong community for support and customization.

2. Flexible data modeling allows for complex product structures and relationships.

3. Scalable solution that is suitable for businesses of all sizes.

4. Steeper learning curve for users unfamiliar with capabilities.

5. Requires technical expertise for customization and implementation.

Stibo PIM

1. Established player in the PIM market with a strong reputation for data quality management.

2. Highly scalable solution capable of handling large volumes of product data.

3. Robust data governance features ensure data integrity and compliance.

4. User interface and navigation can be complex, leading to a steep learning curve.

5. Limited out-of-the-box integrations with third-party systems.

Akeneo

1. Intuitive user interface designed specifically for product managers and marketers.

2. Flexible data modeling and attribute management functionalities.

3. Cloud-based and on-prem deployment options to suit different business needs.

4. Customization options may be limited for highly specialized use cases.

5. Pricing structure may not be transparent, leading to potential cost surprises.

Lumavate

1. Comprehensive Product Experience Management (PXM) platform offering PIM, DAM, and DXP functionalities.

2. Intuitive drag-and-drop interface for creating digital product experiences without coding.

3. Built-in scalability and flexibility to adapt to evolving business needs.

4. Seamless integration with existing systems and data sources.

5. Transparent pricing structure with competitive pricing and cost-effective solutions.

Lumavate: Your Out-Of-The-Box Day 1 Solution

If you're searching for a product master data example, you might stumble across many different solutions, but you and your team must decide on one that is right for you. Ask yourselves key questions that include core and "nice-to-have" functionalities, budgetary constraints, ease of use, and time to implementation.

Lumavate is your comprehensive PXM solution that supports all of your needs. Manage product data across all channels, create stunning experiences, and coordinate state-of-the-art marketing campaigns. Lumavate is transparent in its pricing, and full functionality comes online in less than 24 hours.

Want to try Lumavate risk-free? Demo Lumavate today and see how a comprehensive solution can solve all of your product data management needs.