Product Master Data for Organizations — Its Creation, Use and Management
Summary- Read through to understand the creation, use and management of product master data for organizations.
Businesses are now becoming more and more content driven. For every product that an organization creates, there is always relevant information associated with it which should be easily accessible and transferable across departments and to the customers too. This critical form of data can be termed as a Master Data and for each Product and every organizations needs to create an intricate system of recording, maintaining and presenting this information in accordance with its relevance to users
Understanding Product Master Data:
Product Master Data and its management is the quintessential form of information which gives all relevant facts about a particular commodity or service provided by an organization. It covers almost every aspect of information related to each and every product in a company’s catalogue, its recording, management, updation, sorting, maintenance and reporting. Usually, any master data management module in a business involves two critical aspects:
· First, the creation of data, which will enable all the essential data into one file.
· Second, management of this data, to ensure smooth flow of information to all related parties of a particular business.
Primary Steps Involved in the Creation of Product Master Data:
· Firstly, the process starts with the collection of information about a particular product. For an example, if it’s an air conditioner you would have to know everything starting from its components to the performance characteristics, features offered, production format, pricing, marketing strategy and so on.
· Secondly, the information has to be converted into the type of data that is used by different stakeholders in a particular organization.
· Next, the data is then organized through the use of professional tools in a central repository. This leads to easy search and correction of mistakes.
· Lastly, the creation of product master data requires detection, alteration and storage of data, removal of redundancies and establishment of SOPs that will dictate further changes/ uses of this master list.
Need for Product Master Data Management:
The term “Management” is used in reference to product master data because of the fact that it never remains the same and is ever flowing. There are a number of factors present in maintaining a product master data repository to its highest level of accuracy. The data is accessible to all departments throughout the organization and not just for viewing but also to edit it — this requires ease of operation, setting of standard procedures and a certain level of security. One of the main reasons for using a product master data management system is the identification and elimination of redundant or repeated entries as such data uses up space and hinders in the optimization of functionality.
The product master data management at the customer end is also very important. If you are providing the information for a particular commodity, these days it is no longer about just conveying the basic product features. Marketing teams use product master data solutions to fashion highly intriguing strategies to entice customers into buying. Moreover, master data management systems should incorporate various methodologies for better communication within and outside the organization. Data management is a primal tool for the sustainability and expansion of business.
Author’s Bio:-
EnterWorks offers the most effective and powerful product master data management solutions and software that is flexible and dynamic to meet every enterprise’s product description and master data needs.
