Currently, company’s transformation, digital or not, is a hot topic on the agenda of several board of directors.
One of the issues of this transformation is the innovation and development of new services and products tailored to customers and consumers needs.
For companies manufacturing and selling products, one of the main pillars of this transformation is product data. This product data &/or information is becoming the first touch point between a brand and its customers consumers.
If the product content is rich and completed in a nice way, this information will support the sales increase; if not, it will be a barrier to business development. (66% of online shoppers abandon their purchase due to a poor product information)
A complete product description, trusted by customers/consumers, is an assembly of data garnered from different sources within a company (or external).
Product data is created, shared, transformed, enriched, queried, seen, used, etc… by different data consumers within a company. This data irrigate the organization and all its stake holders; it’s the baisi of the exchanges of an organization with its environment.
The management of product data is a collaborative process, common to and cross shared by all departments of a company.
Therefore, a good product data governance is critical and vital for a successful transformation.
As product data evolve and change through its lifecycle and new attributes are added, a data governance will allow a pro-active management and maintenance of those data during product cycle life time.
A product data governance will support this transformation through bringing more autonomy to the business people in their data management and being more reactive to answer market demands.
Building a product data management organization with its governance and data quality is foundational for the successful and lean transformation of the company.