Your digital transformation efforts won’t succeed without great master data—top digital initiatives
By Scott Taylor on Jun 7, 2021
In the first installment of this blog series, we established why you will never optimize the ROI of your digital transformation (DX) efforts if your core product, customer, supplier, and other critical types of business data aren’t up to snuff. Let’s take a look at some of the hot digital business initiatives grabbing the headlines and the dollars and how it all—sooner or later—ties back to your core business data.
One of the hottest digital transformation initiatives is the massive expansion in digital commerce. Accelerated by COVID-19, the eCommerce explosion has continued a trend that was already well underway. In the US alone, eCommerce activity grew as much during the first half of 2020 as it had over the previous ten years combined. And with at least two-thirds of consumers planning to continue shopping online, this trend is here to stay.
The march to digital goes well beyond eCommerce
It’s not just eCommerce that’s making the headlines. Market-leading product brands and retailers are exploring all sorts of ways to better engage their consumers at all points during the sales cycle and beyond. From click-to-collect and build-to-order to virtual try-on services, smart, innovative companies are elevating customer experiences across digital touchpoints and driving sales and brand loyalty as a result.
All DX initiatives rely on your core business data
But you probably guessed it already—the key to optimizing the success of these, or any other DX initiatives, is accurate product, consumer, and other master data across your digital sales channels and core business systems. Creating and sharing trusted data across your organization requires master data management (MDM) and product information management (PIM)—a close cousin of MDM.
These technologies enable you to personalize offers and content at scale, optimize supply chains, and improve collaboration with distribution and retail partners. A strong digital foundation of trusted data enables brand manufacturers to quickly spin up direct-to-consumer (DTC) e-Commerce channels or implement new business models like subscription-based selling. Retailers can create cohesive omnichannel consumer experiences across print, in-store, and digital touchpoints—tailoring each touch to both the medium and the consumer. With the right foundational data management technologies in place, the possibilities for market-grabbing innovations are endless.
For additional insights around how to get the most out of your DX investments as a business leader, check out this eBook.
About the author
Scott Taylor, The Data Whisperer, has enlightening countless business executives to the strategic value of proper data management. He focuses on business alignment and the “strategic WHY” rather than system implementation and the “technical HOW.” As Principal Consultant for MetaMeta Consulting he helps Enterprises and Tech Brands tell their data story. An avid business evangelist and original thinker, he continually shares his passion for the strategic value of master data through industry events, public speaking opportunities, blogs, videos, whitepapers, podcasts, cartoons, puppets shows and all forms of thought leadership. His new book – TELLING YOUR DATA STORY: Data Storytelling for Data Management is available now. He lives in Bridgeport, CT where he often kayaks in Black Rock harbor. He can also juggle pins and blow a square bubble.
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