Worried About a Recession? Multi-Domain MDM Can Ease the Burden
By Kerry Young on Jun 26, 2020
With Covid-19 causing the U.S. economy to falter, business leaders assumed an official recession announcement was just a formality. A recent announcement from the National Bureau of Economic Research confirmed what most already know; the economy has contracted, though many economists predict there’s light at the end of the tunnel.
Even as the economy makes strides, the coronavirus presents unique challenges to many organizations. These issues require maximizing resources and finding creative solutions – many of which are driven by expanding data collection, improving data quality, and leveraging data analysis. Multi-Domain MDM plays a crucial role in all three.
Optimizing Supply Chains with MDM
In many organizations, supplier information is dispersed across ERPs, CRMs, spreadsheets, and various other platforms and departments. At a time when many supply chains are already taxed, disorganization in this area can lead to inefficiencies in deliveries, tracking, and onboarding new suppliers and products.
With MDM’s Supplier Data Domain, an enterprise can house all supplier data in one centralized system with golden record management. Businesses gain access to trusted supplier data, improved collaboration, and fast time-to-market for new products. It also helps ensure optimal supply and fulfillment for current products.
At a time when many are looking for innovative cost savings methods, this centralized supplier view also helps reduce costs through better negotiating, affordable sourcing options, and optimized shipping from warehouse locations.
Helping Customers Get the Product Information They Need
Though many retail locations are re-open for business, the recent shutdowns caused most companies to re-evaluate their overall omnichannel sales strategy. Specifically, they want their digital presence to do more of the heavy lifting.
One obstacle to meeting the needs of more sophisticated and demanding online shoppers is publishing consistent, accurate, and engaging product content across all channels. When customers are looking for a particular piece of information on a product to help make their buying decision, the right product content can seal the deal.
MDM with Product Domain and DAM allows enterprises to hold all product information in one centralized location. That means possibly millions of product attributes will be accurately and thoroughly disseminated to customers to help them envision products in their hands, even when they can’t make it out of the house. It also allows enterprises to better manage a large number of SKUs, prices, and offers to support initiatives like endless aisle and personalized shopping experiences.
Understanding Customers Leads to Loyalty – Which is Crucial Right Now
With more customers shopping online, the current market environment provides an opportunity to gather more customer data. When customers log in to their online store accounts and browse online, their information is more accessible to sellers than when they simply stroll into a retail location.
This provides enterprises with the chance to present customers with highly targeted offers – but only if the customer’s data is cleansed and optimized. When customer data is fragmented across multiple databases, companies struggle to provide relevant product suggestions and offers to meet the contextual, personalized desires of savvy shoppers.
By utilizing a Customer Data Domain through a Multi-Domain MDM platform, organizations can better understand customers, personalize communications, and nurture relationships, leading to greater brand loyalty for the long-term.
“Where” is More Important Than Ever
Companies with multiple locations (branches, stores, warehouses, subsidiaries, etc.) can often struggle to make business decisions about inventory, costs, and marketing…especially when their business spans regions or even language). In a time of recession, when every expense and opportunity counts, having the context of “where” can help companies make targeted decisions and optimize every resource – all of which can make a significant impact to the bottom line. This can be accomplished by leveraging a Location Data Domain as part of an overall Multi-Domain MDM implementation. Location Data applies the identifier of “Where” to other data domains, adding significant clarity to the decision-making process.
Why Multi-Domain is a Strategy for Now, with Scalability for the Future
As economic woes tend to teach us, it’s easy in the digital age to become obsolete. While many organizations focus solely on survival during tough times, leading companies use these cycles as opportunities to re-evaluate business goals, find new efficiencies, and become more agile for the future. By adding resources that scale, they better equip themselves to handle future market fluctuations, both positive and negative. That’s why Multi-Domain MDM makes so much sense in providing flexibility and intelligence now, as well as scalability for the future.
To learn more, read our White Paper on powering Cross-Domain Intelligence with Multi-Domain MDM.
About the author
Kerry Young joined EnterWorks in 2006 when Ennovative, Inc., the multi-channel publishing software company he co-founded, was acquired by EnterWorks. He directs EnterWorks’ operations and leads EnterWorks’ professional services and consulting organization, ensuring effective customer implementations and ongoing success. Mr. Young brings more than 25 years of technology and business management experience to EnterWorks, having served as CTO for a subsidiary of the Dow Chemical Company, and earlier as VP, Information Technology for Marshall Industries, a $1.7 billion industrial electronics distributor. He previously managed information systems for a subsidiary of McDonnell Douglas Corporation. Mr. Young holds a B.S. degree in Computer Science from Cal Poly, San Luis Obispo and an M.B.A. from California State University Fullerton.
Questions or comments about this article?
Tweet @Winshuttle to continue the conversation!