What Is a Product Master Data Management ?- Definition

Product Master Data Management means managing the product procurement by using software or other tools to track and control data related to a particular product. The data tracked usually involves the technical specifications of the product, specifications for manufacture and development, and the types of materials that will be required to produce goods.

Understanding Product Master Data Management

Data is the most powerful asset in the product-building journey. Managing Product Master Data in an old and traditional system might bring complexities and challenges for business leaders. It can lead to poor decision making, lack of data governance, multiple and untrusted sources of data.

An advanced product master data management solution can help companies to overcome these challenges and gain a competitive advantage in business. Trusted data can easily accelerate the time to market and reduce efforts and cost too. Some businesses are constantly upgrading or changing their product. It’s very critical to have real-time updates in product master data, like attributes, associations, supply chain definitions, etc. 

Product Master Data Management meets the challenge of efficient sourcing, onboarding and cross-referencing of information from diverse sources and systems. Seamlessly manage related workflows and consolidate, analyze, audit, update and distribute key product information to every sector of your company simultaneously.

Challenges For Product Master Data Management

Product Master Data Management takes on complex,  critical challenges. Managing product data involves thousands of attributes, hundreds of relationships and millions of records spread across disparate, often siloed systems. Spreadsheets are highly inefficient, and even the best content, ERP or traditional product information management (PIM) systems can’t support fast-moving product data lifecycles. The ability to acquire, manage and share information across the enterprise, and with ecosystem partners and customers – while providing governance to maintain integrity – requires a more agile, strategic solution, ready to address complex challenges including:ƒ

• Inaccurate, untrusted, isolated and duplicated information
• Managing products with complex hierarchies and attributes
• Sharing data efficiently across organizations
• Adhering to regulatory compliance requirements
• Syndicating product data and content across multiple channels
• Delivering supply chain and consumer data transparency

Benefits For Product Master Data Management

• Data Consolidation
• Data Cleansing
• Data Governance
• Data Sharing
• Security

Product Master Data Management is an analytically driven application, providing you with interactive and customizable dashboards. The real-time information helps you to prioritize your tasks. As data comes from different sources, Product Master Data Management helps you with setting up business rules to apply the right data validation process. You can review entered data and ask for more information if needed and then accept the data. Product Master Data Management can collaborate with multiple systems and share the information.

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