"Product MDM is an integral part of getting products onto our website. A single, well managed source of data and increased automation have resulted in a system with fewer input errors and capable of dramatically reducing the time it takes for us to publish products on our website."
— Rebecca Chamberlain, Product Owner – Product information, marksandspencer.com Development
Data associated with products today is critical to their success. But it can lose 15% of its accuracy and value as it gets shared and updated. Learn more about how bad product data is bad for business, and how Product MDM can help.WATCH THE VIDEO
To minimize your time to market, you need an automated end-to-end process of onboarding, cleansing and enriching product data. It needs to be accessible from a single repository and easy to share with your points-of-sale.
Your ability to be agile and efficient depends on the master data management that supports your product information lifecycle. Stibo Systems offers a single MDM platform that can automate product onboarding and transform product and supplier item data to fit the formats of your sales and marketing channels.
By using MDM, you avoid the slow and error-prone process of manual work. Workflows and AI-enabled auto-classification help ensure data quality is maintained and fit for purpose at any time.
To win on the digital shelf as well as in-store, you need to be able to publish accurate and purposeful content in each of the channels in an agile and easy way. This will reduce your manual workload and time to market.
Footwear retailer, Mason Companies, leverages MDM to increase speed to market
Customer experience is related to the way a retail organization understands and addresses diverse customer needs through the journey. As a retailer, you need to deliver accurate, updated and timely information on products, services and locations, as well as transparency and consistency in every interaction. This requires a data platform that can coordinate and integrate multiple departments (e.g., ecommerce, stores, warehouses, marketing and customer care) and different types of master data.
Master data management (MDM) is a key discipline to develop superior customer experiences and personalization strategies. It enables you to obtain and manage data about your customer beyond ordinary demographics, including product and service preferences, location data and consent.
Stibo Systems MDM has built-in data management and governance capabilities that retailers can leverage to build a true 360° customer view.
By its ability to govern different data domains in conjunction, MDM can provide deeper insights into the customer journey and customer preferences. For example, managing customer and product data together, enables retailers to see how a product is used, which can increase relevant cross-sell opportunities; and managing customer, product and location data together can help retailers to localize product offerings and advertise product availability and services in specific locations where rules may vary.
Governing cross-domain and contextual relationships is a key functionality to anticipate customer demands and create hyper-personalization strategies.
Learn more about how to build a hyper-personalized customer experience with Multidomain Master Data Management.
Customer experience in a hybrid environment, where digital channels and social media are coexisting with physical stores, is closely linked to information accessibility and consistency across channels and touchpoints. It’s not enough to connect channels and systems. Retailers need to manage and govern the data feeding the channels to make it coherent, structured, rich and updated according to each channel’s requirements and role in the customer journey.
Your ability to set yourself apart from the competition hinges on your ability to collect and deliver relevant information of different types:
Retailers who take action to provide this information will experience a significant drop in product returns. The richer and more coherent information is served up across channels, the more likely the customer is to make an informed buying decision. Particularly online channels rely on accurate information to bridge the information gap between the online and the physical experience of a product.
Master data management enables omnichannel execution with flexible data models, enrichment, activation of core data domains, automated data workflows and by connecting applications to a trusted master data repository.
As data continues to grow and data is needed across geographies and applications, we scale with you. With Data as a Service, you can consume data from a single source in real-time across customer touchpoints.
Complex supply chains, including sub-suppliers, increases exposure to risk. Remote production facilities, cross-border trade, shipping, storage and packaging generate a huge amount of data to track.
Increased regulation around product data requires retailers to apply control mechanisms in the product information lifecycle from supplier to end-consumer.
Master data management (MDM) provides you with the needed end-to-end data transparency and a single source of truth, enabling you to achieve compliance with the least possible effort:
MDM for customer and employee data management also supports compliance with personal data protection laws. By managing consent and metadata, you can ensure accountability and transparent processes. Deduplication capabilities and integration with third-party sources ensure that personal information is always up to date.
Material shortage, supply chain disruptions and facility shutdowns can be damaging for the unprepared retailer. You need to be able to expand with new partners and onboard new suppliers quickly.
Supply chain management involves supplier search and identification, onboarding, qualification and contract management, performance management and deactivation. Using Stibo Systems Supplier Master Data Management (MDM) can help you enhance the supply chain integration and make your organization nimble.
Supplier MDM supports a 360° view of your suppliers and provides you with actionable insights:
Getting insight into the connection between suppliers and product categories can help you understand what your top margin products are and analyze supplier alternatives. This can help you reduce the disruption risk. The expanded visibility throughout the value chain is an efficient way to control and manage risk as you can anticipate problems and therefore define corrective actions.
After a very in-depth vetting process we decided to use Stibo/STEP in 2014. Our implementation had it's challenges like any, but it was mostly due to requirement gathering (surprises) on our end. The core Stibo team was outstanding and we still stay in contact to this day. We've since completed two upgrades and those went swimmingly well. We continue to grow with the application – started as a PIM and slowly venturing into MDM."– Knowledge Specialist in the Retail Industry, submitted April 15, 2020 Read more and other reviews at Gartner Peer Insights