How I explain what I do in my new job; an introduction to MDM and PIM
I recently accepted a role at foryouandyourcustomers in Australia. Having just joined, I now find myself being asked one prevalent question by my peers, friends, family, and network…what does foryouandyourcustomers do?
Our headline states; “At foryouandyourcustomers we support you in all aspects of digital change.” That doesn’t really explain what we do, so I find myself giving a longer answer; “Well we do a lot of things “digital” however one dominant skill throughout the company is MDM and PIM, using the Stibo Platform.” Unfortunately, unless I’m talking to someone who works in this niche domain, I find myself getting more puzzled looks.
“What does your company do?” I suspect I will find myself sending a link to this article, saying “read this first, then let’s chat after”!
— Steve Wilson, foryouandyourcustomers
My parents recently asked me what I did, I started to talk about MDM, PIM, and Digital Consulting. The more I spoke the more I confused them! I attended a Mining Conference where it is clear most companies attending would really benefit well from an MDM and PIM solution, yet they didn’t know it. The more people who ask me what my company does, the more I realise I need to explain what MDM and PIM are, in easy terms, and for technical or non-technical people, this has led me to write this article.
Having visited many of the offices in Europe, termed as ‘Cells’, I found each ‘Cell’ has its own specialist skills, people, and distinct personality, similar to a biological Cell. Yet, the company overall has very strong skills in MDM and PIM. I thought, by explaining these terms, might lead me to a better answer the next time I’m asked “What does your company do?” I suspect I will find myself sending a link to this article, saying “read this first, then let’s chat after”!
I will cover what MDM and PIM are, how they influence our daily lives, and what people or companies can benefit from a solid MDM and PIM solution. Please note, whilst foryouandyourcustomers does amazing work across a range of eCommerce / Data / IT / Digital solutions, this article only covers an overview of MDM and PIM (using Stibo).
Using Stibo’s data management solutions can help your business improve the way it manages, integrates, and shares its data.
What is MDM?
MDM stands for Master Data Management. It is a process and set of tools that help organisations manage and maintain their critical data assets. MDM involves creating a single source of truth for an organisation’s data, which can be used to ensure data accuracy, consistency, and accessibility across various departments and systems. This can help organisations make better decisions, improve customer experiences, and comply with regulatory requirements. Some common types of data managed with MDM include customer data, product data, and financial data.
What is PIM?
PIM stands for Product Information Management. It is a set of processes and tools that help organisations manage and maintain their product data. PIM involves creating a single source of truth for an organisation’s product data, which can be used to ensure data accuracy, consistency, and accessibility across various departments and systems. This can help organisations improve their product catalogs, streamline their supply chain processes, and provide their customers with accurate and up-to-date product information. PIM solutions are often used in industries such as retail, manufacturing, and e-commerce.
Who is Stibo?
Stibo is a Danish multinational company that provides business data management solutions to organisations. It offers a range of products and services designed to help businesses manage, integrate, and share their data across various departments and systems. These solutions are often used in the areas of customer relationship management, marketing, and product information management.
What are the advantages of using MDM and PIM, using the Stibo Data Management Platform?
If you’re a business looking to improve the way you manage, integrate, and share your data, you might want to consider using Stibo. Here are some of the advantages of using Stibo’s data management solutions:
Improved data quality: Stibo’s solutions help ensure that your data is accurate, consistent, and up-to-date. This is especially important in industries where data is critical to decision-making, such as finance and healthcare.
Increased productivity: By streamlining your data management processes, Stibo’s solutions can help your employees work more efficiently. This can lead to increased productivity and improved customer service.
Enhanced customer experiences: With accurate and up-to-date data, you can provide your customers with personalised experiences that are tailored to their needs and preferences. This can help increase customer satisfaction and loyalty.
Better decision-making: With a single source of truth for your data, you can make more informed decisions based on accurate and reliable information. This can help you make better strategic decisions and stay ahead of the competition.
Reduced costs: By automating manual data management processes and reducing the need for manual data entry, Stibo’s solutions can help you save time and money. This can free up resources that can be used for other important business activities.
Overall, using Stibo’s data management solutions can help your business improve the way it manages, integrates, and shares its data. This can lead to increased productivity, enhanced customer experiences, better decision-making, and reduced costs.
MDM/PIM can help organisations of all types and sizes improve the quality, consistency, and accessibility of their critical data assets, supporting better decision-making and more efficient operations.
What companies could benefit from an MDM platform such as Stibo?
Any company that relies on accurate, consistent, and accessible data to drive its business can benefit from a proper MDM platform like Stibo. This includes companies in a wide range of industries, such as retail, finance, healthcare, manufacturing, and government. Some examples of companies that could benefit from a proper MDM platform include:
Retail companies: Retail companies can use MDM to manage their customer data, product data, and inventory data. This can help them provide personalised customer experiences, accurately track inventory levels, and make informed decisions about pricing and promotions.
Financial institutions: Financial institutions can use MDM to manage their customer data, transaction data, and regulatory data. This can help them comply with regulations, prevent fraud, and improve their risk management processes.
Healthcare organisations: Healthcare organisations can use MDM to manage their patient data, medical records, and insurance data. This can help them provide better care, reduce errors, and improve their billing and reimbursement processes.
Manufacturing companies: Manufacturing companies can use MDM to manage their product data, supply chain data, and quality control data. This can help them improve their production processes, ensure product quality, and reduce waste.
Government agencies: Government agencies can use MDM to manage their citizen data, voter data, and tax data. This can help them provide better services, comply with privacy laws, and improve their decision-making.
What people within an organisation could benefit from an MDM solution, like Stibo?
A variety of people within an organisation can benefit from an MDM solution. Some examples of these individuals include:
Data managers: Data managers are responsible for overseeing an organisation’s data management processes. They can use an MDM solution like Stibo to manage, integrate, and share data across various departments and systems.
Business analysts: Business analysts use data to understand an organisation’s performance and identify areas for improvement. An MDM solution like Stibo can help them access accurate, consistent, and up-to-date data to support their analysis.
IT professionals: IT professionals are responsible for implementing and maintaining an organisation’s data management systems. An MDM solution like Stibo can help them streamline these processes and reduce the need for manual data entry.
Marketing professionals: Marketing professionals use data to understand customer behavior and develop targeted campaigns. An MDM solution like Stibo can help them access accurate and up-to-date customer data to support their efforts.
Customer service representatives: Customer service representatives use data to assist customers and resolve their issues. An MDM solution like Stibo can help them access accurate and up-to-date customer data to provide personalised and efficient support.
Following on from above, what are some specific examples of how MDM has improved customer experience for these companies?
Some examples include:
A retail company uses MDM to manage its product information, ensuring that all of its stakeholders have access to consistent, accurate data about the products it sells. This allows the company to reduce errors and improve the efficiency of its supply chain operations.
A healthcare provider uses MDM to manage patient information, enabling doctors and nurses to access accurate and up-to-date medical records for each patient. This helps to improve the quality of care and reduce the risk of medical errors.
A financial services firm uses MDM to manage customer data, ensuring that all departments have access to consistent and accurate information about their clients. This allows the firm to improve the quality of its customer service and make more informed business decisions.
A government agency uses MDM to manage citizen data, improving the efficiency and accuracy of its operations and services. This enables the agency to better serve the needs of its citizens and make more informed policy decisions.
Overall, MDM/PIM can help organisations of all types and sizes improve the quality, consistency, and accessibility of their critical data assets, supporting better decision-making and more efficient operations.
If you would like to learn more about how foryouandyourcustomers can help design, implement, and deliver a Best-of-breed MDM / PIM solution, please contact Steve Wilson (firstname.lastname@example.org), Author of this Article.