Webinar: Go for the Gold - The Key to Product MDM Success
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The adoption of Master Data Management (MDM) software and solutions is increasing at a rapid rate within organizations of all sizes. Companies that successfully complete Product MDM projects are achieving significant competitive advantage over their peers. Unfortunately, the number of failed Product MDM implementations is also increasing. Most of these failures can be traced back to “technology-centric” approaches to Product MDM versus a “product content first” strategy. View this presentation to learn: ◾Key elements of a successful Product MDM project ◾Importance of aligning business goals with the Product MDM project ◾How product quality can make or break your Product MDM implementation ◾Steps required to establish and maintain high-quality, trusted, "gold" product content ◾How manufacturers and industrial distributors have increased sales and gained competitive advantage with their Product MDM project
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Webinar: Go for the Gold - The Key to Product MDM Success
- 1. May 15, 2014 Codifyd.com Go for the Gold: The Key to Product MDM Success Michael Nagrant, Principal Consultant
- 2. Confidential Property of Codifyd Michael Nagrant • Principal Consultant • 12+ Years Online Content Management, MDM Implementation • Oversaw content design and e-commerce implementation at McMaster Carr Supply. Led team that grew online sales by 2500% in 6 years. • Senior management experience in buy & sell side, print & digital • Fun Fact: Former food critic for the Chicago Sun- Times & current dining contributor Chicago Tribune Redeye
- 3. Codifyd is the leading provider of end-to-end product content solutions. Confidential Property of Codifyd FOUNDED 1999 EUROPEAN OFFICE LONDON EMPLOYEES 100+ HEADQUARTERS CHICAGO GLOBAL CUSTOMER BASE MANUFACTURERS DISTRIBUTORS RETAILERS EXTENSIVE DOMAIN EXPERTISE • 110+ Consultants • Expertise in product MDM, e-commerce optimization, new product publishing, sourcing and onboarding and technology enablement • Onsite and offshore capabilities
- 4. Key Elements of a Successful Product MDM Project
- 5. Confidential Property of Codifyd Establishing a Golden Single Source of Truth THE ROAD TO A SUCCESSFUL MDM TECHNOLOGY IMPLEMENTATION Business Goals Content/ Data Model Data Governance Technology Implementation Gold Content Single Source of Truth
- 6. • Mutually exclusive and consistent hierarchy • Well-defined data model • Clean, normalized, consistent and filled data • Clear images, copy and original collateral • Supporting system of workflows and governance Confidential Property of Codifyd What is Gold Content? MAKE YOUR SINGLE SOURCE OF TRUTH GOLDEN THE SUCCESS OR FAILURE OF YOUR MDM IMPLEMENTATION IS DEPENDENT ON GOLD CONTENT
- 7. A Note on ROI for Successful Product MDM Implementation
- 8. Confidential Property of Codifyd INCREASE SALES FROM 37 - 200% IMPROVE FINDABILITY GAIN COMPETITIVE ADVANTAGE Product Master Data Management ROI Our customers have experienced a great return on their Product Master Data Management investments by leveraging our approach, solutions and methodologies
- 9. Confidential Property of Codifyd Case Study Example: 37% Sales Growth
- 10. The House of MDM
- 11. Confidential Property of Codifyd MDM / PIM SOFTWARE What is the foundation? Content (Driven/Defined by Business Goals) INCLUDING FOUNDATIONAL HIERARCHY/ TAXONOMY What is in the walls? What is in the living room? The House of MDM Plumbing/ Electrical Systems = Content (Data Models) Furniture = New Style Products, Individual Data Points and Images
- 12. Confidential Property of Codifyd Opportunity for Disaster House of MDM WHAT HAPPENS WHEN YOU ORO AR B AA DP OPOL HURAM FVBOEINU AGN BD SAAYDTS IEOTLENEM?C?TRICAL SYSTEM?
- 13. Confidential Property of Codifyd MDM – The Single Source of Truth Downstream Systems Assume Gold Content Channel Partners Gold Product Content Centralized • Normalized Optimized • Enriched Downstream Systems Omni- Commerce Print Systems
- 14. Confidential Property of Codifyd MDM – The Single Source of Truth What Happens if Content isn’t Gold? Poor Product Content Channel Partners • Poor sourcing experience • Lost sales from poor findability • Missing attributes • Competitive disadvantage Downstream Systems • Unable to support new product introductions • Issues managing supplier data • Cannot manage product lifecycle • Slow customer response • Data quality poor impacting financials Print Systems • Inaccurate Catalogs • Sales Material Errors • Lost Sales Omni-Commerce • Poor Shopping Experience • Lost Sales • Missing Attributes • Inability to Compete
- 15. The Myths of MDM Implementation WHY A GOLD CONTENT SINGLE SOURCE OF TRUTH IS NOT ACHIEVED
- 16. Confidential Property of Codifyd The Myths of MDM Software Implementation WHAT WE OFTEN HEAR • Don’t worry, you can put in a new taxonomy, data structure and define business goals later! • We’ll help you with hierarchy! • We have a DQ Tool! We can clean your data.
- 17. Confidential Property of Codifyd The Myths of MDM Software Implementation YOU CAN ADD A NEW TAXONOMY, DATA STRUCTURE LATER! Which is easier to install a new electrical system in? • Fix your content before you build the software • Trying to force fitting revised content after MDM deployment results in increased cost and resources • Don’t let IT or a software vendor dictate the timeline
- 18. • Multiple legacy hierarchies with no good plan for reconciliation Confidential Property of Codifyd The Myths of MDM Software Implementation WE’LL HELP YOU WITH HIERARCHY! BEFORE 101 UNREADABLE CHOICES AFTER 6 CLEAR SELECTIONS • Hierarchies not grounded in best practices:
- 19. Confidential Property of Codifyd The Myths of MDM Software Implementation Multiple attributes WE HAVE A DQ TOOL! WE CAN CLEAN YOUR DATA! UOM, numbers and spelling are consistent # Attribute Name Value 1 Material 20 lb Bond 2 Material 20 lb Bond Stock 3 Material 20 lb Bond, White 4 Material 20 lb stock 5 Material 20 lb White 6 Material 20# Bond, White 7 Material 20lb white stock Not normalized Spacing variants
- 20. Confidential Property of Codifyd Industry Leading Data Quality Solution COMBINE SOFTWARE & HUMAN SUBJECT MATTER EXPERTISE Each attribute will have the following fields defined: Taxonomy Node Schema Attributes Definition Navigation Rank Display Rank Data Type Restricted List of Values (LOV) where possible Sample Values where an (LOV) is not possible Acceptable Units of Measure (UOM) Attribute Complexities where applicable
- 21. Achieving Gold Content Requires Agreement In Your Organization
- 22. Silos Are The Biggest Risk to Establishing Gold Content • Siloed departments created the need for an MDM Solution • A system of record ≠ agreed upon essential single source of truth • Interdepartmental misconception and politics cause delay • Cross-functional executive involvement is required • Don’t rely solely on best practice – use third party validation Confidential Property of Codifyd
- 23. Confidential Property of Codifyd Validate and Test to Knock Down Silos Client Current Taxonomy Best Practice Taxonomy
- 25. Silos Use will models slow you to down. govern Cross-the future functional state of executives data and must set up drive an MDM/Content refinement initiative. Cut through silo politics with Software doesn’t solve all roadblocks - invest in improving hierarchy and content before implementing the technology. THE SUCCESS OR FAILURE OF YOUR MDM workflows and business rules that maintain the integrity you IMPLEMENTATION IS DEPENDENT ON ESTABLISHING Confidential Property of Codifyd third party testing and the voice of the user. wish to achieve. GOLD CONTENT BEFORE TECHNOLOGY IMPLEMENTATION Business Goals Content/ Data Model Data Governance Technology Implementation Conclusion TECHNOLOGY SHOULD COME LAST Gold Content Single Source of Truth Establish business goals that drive sound governed taxonomy/hierarchy and quality content .
- 26. Confidential Property of Codifyd Opportunity for Success FOLLOW OUR PHILOSOPHY AND YOUR MDM IMPLEMENTATION… Won’t look like this: But more like this:
- 27. Confidential Property of Codifyd Foundational Audit Codifyd’s foundational audit provides your organization with a comprehensive overview of your current state and a strategic roadmap to product content excellence. For more information about Codifyd’s Foundational Audit, please contact us at codifyd.com or sales@codifyd.com. FOUNDATIONAL AUDIT BUSINESS NEEDS ANALYSIS COMPETITIVE ANALYSIS CONTENT AUDIT SEARCH AUDIT PRODUCT CONTENT PROCESS AND GOVERNANCE AUDIT TECHNOLOGY AUDIT
- 28. Questions?
- 29. Confidential Property of Codifyd PHONE 312.243.1140 EMAIL info@codifyd.com HEADQUARTERS 800 W. Huron St. Suite 200 Chicago, IL 60642 U.K. OFFICE 2nd Floor, Allens Yard 46 High Street Market Harborough Leicestershire, LE16 7AF United Kingdom
Hinweis der Redaktion
- Codifyd is the leading provider of product content solutions. Our services and solutions enable distributors and manufacturers to design, deliver, integrate and sustain high-quality product content. We are headquartered in Chicago, IL with offices in London, and we have consultants with expertise in product MDM, e-commerce optimization, new product publishing, sourcing and onboarding and technology enablement.
- The goal of MDM technology is to establish a single source of truth. But the Technology doesn’t do that alone. It is the repository for content and has the intelligence to serve up the single source of truth, but it does not create it. Your organization must do that first. if you fill MDM software with inconsistent, unstructured content, even the best software and most intricate business rules won’t save you. They’ll only expose your operational flaws more efficiently.. Reducing cost, inefficiencies and duplication will not be achieved and a lack of product findability will still exist.
- · Mutually exclusive and consistent hierarchy/categorization that gives distinct pieces of information or products one single home. · A data model or plan for your data that defines restricted lists of attributes and values and gives a clear definition of those attributes and values and a prioritization and rank · Data which is clean, normalized, consistent and filled and has consistent formatting and units of measure · Clear images, copy and other original collateral that merchandise products, allowing customers to make meaningful comparisons between products and ultimately promote their purchasing. This type of content alternatively may help employees find information quicker for internal systems. · And finally, a supporting system of workflows and governance that makes sure your company can achieve a foundation of golden content and maintain it.
- When we deployed many of the examples we’ll share with you today, we’ve seen incremental sales growth jumps from 37-200% annually depending on the solution We’ve seen the efficiency of our solutions result in better findability, with clients reducing the lost time their employees and customers searched for information by thousands and tens of thousands of hours We can provide case studies to support that. That all said, while our methodology is consistent, our final solutions are tied to KPIs, internal business practice and are purpose-built for the client When we do our job, we create something that gives you a competitive advantage and an ROI that’s tough to predict in the beginning, because no one has the competitive advantage of the solution we provide you
- Refer to Architectural Pace Layering and Andrew White 1) Taxonomy/Hierarchy = foundation, framing – costly to change, drives everything – costly to change 2) Business Goals, Data Models = More like Internal walls, electrical plumbing, medium cost to change 3) New Products, individual data points = furniture, easy to move around, add new stuff, lower cost to change
- Refer to Architectural Pace Layering and Andrew White 1) Taxonomy/Hierarchy = foundation, framing – costly to change, drives everything – costly to change 2) Business Goals, Data Models = More like Internal walls, electrical plumbing, medium cost to change 3) New Products, individual data points = furniture, easy to move around, add new stuff, lower cost to change
- A few MDM/PIM systems may provide standard hierarchies/taxonomy They’re rarely appropriate for your specific product or information set In lieu of a standard hierarchy, MDM software providers will point clients to standards like UNSPSC, WAND, or E-Class hierarchies These hierarchies are good for grouping products to garner purchasing data, but they are rarely granular enough to support e-commerce functionality or proper product maintenance But, ultimately, your hierarchy/taxonomy is the foundation for browsing through everything you sell or the information you maintain. It can be leveraged for SEO, reduce wasted internal resource searches, and as a safety net for failing keyword search. One of the most important things to get right in any MDM implementation is the hierarchy
- It’s true. Most PIMs have DQ tools these days. They remove duplicates, clean up misspellings or bad UOM formats pretty well. What they don’t do well is: -Create a schema/model/or plan to make sure your data is governed and doesn’t devolve in the future. -They don’t set up restricted LOVs or normalize to those LOVS -DQ tools can’t always see what specific information is missing -They don’t understand the particulars of your specific technical data and know how to deal with removing technical jargon etc
- Siloed departments are what created the need for an MDM solution A system of record doesn’t mean the essential single version of truth is agreed upon IT, finance, and content may think they want different things or hold up implementation as a matter of opinions and politics That’s why successful MDM initiatives require cross-functional executive involvement Don’t rely solely on best practice. Use third party validation and testing to get agreement quickly.
- Codifyd’s foundational audit provides your organization with a comprehensive overview of your current state and a strategic roadmap to product content excellence. When the foundational audit is complete, we deliver a comprehensive strategic roadmap that shows how you can optimize your product content business practices, processes, and technologies. This includes a detailed overview of your current state, GAP Analysis, and a complete plan to get your organization to a desired future state. For more information about Codifyd’s Foundational Audit, contact us at codifyd.com or sales@codifyd.com.