MASTER DATA MANAGEMENT

Most companies and organizations today need to acquire their data from numerous sources then to structure and manage it to quality assure the information before they publish to multiple channels, in multiple languages. This often involves a vast amount of systems and people and is complex, risky, and time consuming - so it pays to manage the data centrally, in one place. 

Master Data Management is about having a Single Source of Truth, ie master data exists and is managed in one place. It acts as a source for all other systems and outgoing channels.

Centralizing your data gives you control and creates a platform that you can organize, enrich and synchronize across the system landscape. In taking a strategic approach to MDM, you can increase data quality and remove inefficiency, caused by data silos. It's about connecting information, people and processes from a central source in a way that drives your business forward. 

Master Data includes a whole range of information that can be critical to your organization, such as product information, customer information, personal data or supplier information

If you’d like to learn more about MDM, download some material from our partner Stibo Systems here:

What is Master Data Management? And why you need it: White Paper from Stibo Systems (2,7 MB):

The complete A-Z of Master Data Management: Get the eBook from Stibo Systems (2,5 MB) 

We can also offer you an exclusive free download of the free eBook MDM for Dummies!

Master Data Management for Dummies

 

MDM systems and multi domain MDM

Larger multi-domain MDM systems, like Stibo Systems’ STEP, can handle all kinds of master data. They can work with relationship between products and articles, images and files, customers and suppliers, vendors and locations, digital and printed catalogs and classifications. MDM systems have a strong focus on data quality, version management, analysis and measurability, as well as focusing on efficient administration, workflow management and automation.

Read more about multi domain MDM and the platform Stibo STEP here:

Multidomain Master Data Management: Data Sheet from Stibo Systems.(0,3 MB) 

The STEP platform: Get the Brochure from Stibo Systems. (11,6 MB) 

PIM & Product MDM with Stibo Systems STEP

The need for Product Master Data Management (PMDM / PIM) is directly related to the need for quality assured and available product data. Effective management and sharing of all information related to products can be crucial in achieving set business goals. Product data involves countless attributes, data relations and information that most often are found in a multitude of systems, applications and databases. The quality, security, quantity and availability of product data can be the key element to a company's success. The introduction of Product MDM / PIM is a based on a strategy for acquiring, managing and sharing product information across the entire value chain. Product MDM / PIM provides a centralized, definitive solution for organizing, categorizing, locating, synchronizing and enriching product data.

Overview PIM Product Information Management Solution: Product MDM system landscape flows and integrations

Product MDM / PIM with Stibo Systems STEP allows organizations to accelerate their business and increase revenue by enabling them to:

  • Identify, link and store data from different sources.
  • Integrate and synchronize product data.
  • Manage and control data with workflows, business rules and user privileges.
  • Create a single source of truth.
  • Optimize quality, accessibility, relevance and amount of data available for customers in marketing and sales.
  • Optimize work on product content management with DAM, Machine Learning and deduplication.
  • Compliance with various industry standards across national borders, systems and markets
  • Share, syndicate / distribute or register data to various partners and channels
  • “Publish & Print” integration

Last but not least, PMDM / PIM with Stibo Systems STEP is an opportunity to develop and make a more effective cooperation with suppliers, retailers and other partners. Updated, accessible, high quality information not only improves the relationship and simplifies collaboration with them, but also creates outstanding customer experience.

Watch a video about Product MDM from Stibo Systems here!

 

Product Data Syndication
We offer a cloud-based interface in the form of a Product Data Syndication platform, for importing and integrating suppliers' product data. With a PDS platform, all suppliers can map, transform and syndicate their product data to different reseller channels, mapped according to the data model used by the reseller. In this way, workflows between suppliers and resellers to review and provide feedback can be streamlined.

 

The PIM Accelerator - a unique offer!

We at Sigma can help you launch an MVP of an MDM system or a "PIM for Retail" in just 10 weeks with our PIM Accelerator. The solution is based on Stibo Systems' world-leading PIM platform STEP, and it comes with preconfigured modules where functionality, workflows, user groups, integrations, data models, dashboards, and more, are based on industry best practice. We can kickstart your MDM journey!

Read more about The PIM Accelerator here!

MDM Strategy & Process

Managing business critical data has always been a challenge. However, as data management channels have become more numerous, the need for controlled management has become greater.   With the help of our MDM Maturity Assessment, you get a visual overview of your current strengths and weaknesses. You will be able to set a vision for what you want to achieve.  

Read more about MDM Maturity Model and Assessment.

Go directly to our free online MDM Maturity Assessment.

  

MDM-system, Implementation projects and Process

The implementation project has a much better chance of success, if you have the following strategies in place: 

  • An MVP approach. Over the years, we have found that the best and fastest way to achieve value from a new system is to define a Minimal Viable Product (MVP). We maintain this MVP approach throughout the implementation.  
  • Support from stakeholders. A buy-in from management around the purpose of and priorities in the project, and opens up project resourcing.  
  • A cross functional team. In addition to a governance model, normally there is also a need for an organizational change project and Change Management. The new system will require changed ways of working, new business processes, new roles and responsibilities for the organization.  Therefore, we recommend that a Master Data Manager is appointed as early as possible. This person can lead and build the new master data team/division, take ownership over the new processes as well as driving the implementation project.  

Sigma’s implementation methodologies are based on many years of experience of working with data management implementations in many different industries. To create the best possible solution for our customer, we first need to understand and together with the customer define the relevant business processes. This is done during the discovery phase, the THINK phase, before the actual implementation.  

Best practice  

  • Be ready. Ensure contracts/SOWs are in place, resources on board and pre-requisites are ready, so that the project can start as soon as possible.  
  • What is your project approach? Agree on project approach (e.g. waterfall, agile, hybrid, internal processes) with all parties. Do not choose an unfamiliar project methodology. For example, even if an agile/iterative approach is recommended, it will be challenging if the process is not fully understood or does not map to internal project monitoring.  
  • Define your strategies as soon as possible, such as organizational change management, communication, data migration, system integration and testing strategies.  
  • Define your needs. Initial high-level requirements workshops should ideally cover the full project scope, not just for the first phase/MVP.  
  • Clear and focused user stories on an epic level. If following an agile-based methodology, write user stories that can be addressed within a single build sprint.  
  • Build knowledge transfer in to the project throughout so that other users will be able to maintain the system after go-live.  

Sigma MDM

Whether you are curious about MDM, looking for a partner with data management expertise, to analyse or advise you on your digital journey, or consult you in a MDM project – working with us means expecting a better tomorrow.  

 

Do not hesitate to contact us if you have questions about us or what we do. We look forward to hear from you!