Big data only affects big corporations, right? Wrong. Scattered and disorganized data hinders productivity and customer satisfaction no matter the size of your business. For niche companies that hang their hat on differentiated service and personalization, data mining is vital. So, how can small and medium enterprises implement Master Data Management (MDM) without becoming overwhelmed? In this article, we’ll go over three approaches to MDM software that can help smaller businesses reap the same rewards.
#1: Consider Cloud Deployment
Cloud hosting has opened the door for organizations of any size to deploy robust data management solutions. EnterWorks actually provides the option for on-premise or cloud models for PIM and MDM software. This flexibility helps support companies that desire a more cost-effective structure, along with scalability and ease of use.
Let’s talk advantages. Software users often find the cloud easily handles the workload without the challenges of operating on the ground behind a firewall. Public Cloud deployment also provides an additional layer of security. The major cloud providers – including Amazon Web Services (AWS), Microsoft Azure, or Google Cloud – have a significant investment in the system with layers of protection and back-ups to keep the system running and secure. AWS, for example, allows you to set up a “private cloud,” which means the cloud holds only your data, with no physical server or sharing required. Private virtual servers also offer simplified set-up and flexible options for bandwidth.
The bottom line is that leveraging a PIM/MDM solution deployed via the cloud puts powerful data management in the hands of organizations that are limited by resource and cost restrictions. So, if you haven’t yet considered cloud deployment, now may be the time.
#2: Take a Cooperative Approach
Many smaller businesses belong to a trade association within their industry, for example, dairy or electrical distributors. If that’s you, then your business could possibly benefit from an MDM or PIM solution provided through your cooperative or member group.
In recent years, more associations have started offering something we call “Member PIM.” This can be done as a member perk or through a subscription service. By offering the value of PIM/MDM services, trade groups have the ability to streamline product content management for members who may not be able to handle such a substantial investment on their own.
EnterWorks has already helped several associations provide this service for their members. Our PIM solution is uniquely positioned to help member groups collaborate and compete with customer-centered offers.
As an example, read about what we’re doing with the National Association of Electrical Distributors (NAED) here.
#3: Partner with a System Integrator
With fewer resources at their disposal, smaller and midsize companies must focus on targeting the areas of digital investment that will have the greatest impact. This often requires melding industry-specific expertise with technological know-how. Enter the System Integrator (SI).
Working with a specialized SI can help companies select, implement, and support an MDM or PIM solution tailored to their unique needs. For example, automotive companies must model their solution for specific product data standards or connections to certain data pools. A specialized SI can help smaller organizations navigate these waters without wasting time and money on unnecessary features or processes. SI’s can help you streamline and focus your MDM/PIM implementation for the greatest impact.
Times Have Changed, But So Has Technology
Times have changed, and so must the mindset of small to midsize companies when it comes to data management. Data privacy regulations are tightening, digital commerce is rapidly evolving, and customer demands are increasing. Organizations can no longer get by without leveraging their data as a competitive strength. Failure to do is an inhibitor to growth – period.
Thankfully, PIM and MDM offerings have also evolved.
Organizations now have access to all-in-one platforms that encompass MDM, PIM, and Digital Asset Management (along with add-ons for publishing and supplier management) that allow them to address their needs with one scalable solution, instead of the burden of multiple investments. These solutions are also designed for high business user adoption, with no coding required.
Paired with cloud deployment, this makes PIM and MDM more accessible than ever before. Doors are now opened for smaller organizations to tackle data quality, expand e-commerce, pursue revenue growth, ensure regulatory compliance, and deliver the type of differentiated experiences that customers expect.
Talk to us about how your small or midsize business can live its best data life with EnterWorks’ market-leading platform for MDM, PIM, and DAM.