As data continues to grow exponentially, businesses struggle to align people, processes, and technology to satisfy stakeholder expectations. Disparate data escalates the challenges of capturing and utilizing the right information. Without a cloud strategy that begins with PIM at its core, companies cannot harness the full capabilities of maintaining clean and accurate data to speed time to market, increase revenue, and exceed customer expectations.
To keep up with the competition, companies are moving key systems to the cloud to uptake the latest best practices, speed operations, lower costs, and improve agility. Aberdeen says that “nearly 60 percent of all companies report that their data infrastructure resides primarily in the cloud, or in a hybrid-cloud/on-premises environment.” As business processes become more complex and new technologies (such as the Internet of Things (IoT)) emerge, organizations are relying on a hybrid or complete cloud architecture that must scale to accommodate rapid growth.
Traditional systems and manual processes no longer offer sufficient control. Decision-makers need access to accurate product information from anywhere at all times to drive business value. A best-practice PIM solution allows you to aggregate, enrich, validate, and share the product data required for your sales and marketing, supply chain, and enterprise resource planning (ERP) processes, ensuring your products are ready for today’s global market. A cloud-based PIM solution provides a highly effective foundation for moving all critical systems into the cloud, and plugs and plays without business disruption or the cost and burden of having to customize your existing supply chain, ERP, or customer-experience (CX) architecture.
Without an effective way to manage product master data, cloud promises often fall short. By embarking on a strategic path to the cloud that begins with a purpose-built PIM solution, companies can connect infrastructure in any environment with a common digital thread of master product data that links on-premises, hybrid, or cloud. This means there is no need to replicate item data or build costly new integrations to run your end-to-end processes.
Aberdeen found that companies moving their PIM solution to the cloud were “23 percent more likely to trust the accuracy and completeness of their product data.” A product master data foundation in the cloud provides a low-risk high-reward scenario for cloud adoption—potentially within six months of implementation.
To read your complete guide to achieving product data mastery – download the Digibook HERE, read Product Information Management for the Modern Supply Chain or visit Oracle.com/producthub