Now and again, as you try to crack open the hard nutshell of an argument around digital commerce experiences: you’ll find one shape-lifting yet constant story that talks about master data as the ‘magic ring’ to control and elevate the next-level of customer experiences.
Throughout digital history, at all times and under every circumstance, companies who have remained in control of their core data are really the ones who stand to enjoy strong revenue streams and happy customers.
Therefore it would not be too much to say that your master data foundation is the secret opening through which boundless energies of the digital ecosystem flow in a seamless yet potent way.
The Need to Look Beyond PxM…The Future is MDxM.
The latest incarnation of the Product Information Management (PIM) solution is Product Experience Management (PXM).
“PXM” is used by data management companies, including Riversand, to describe the creation, maintenance, and publication of digital product information across customer channels.
For achieving future-proof scalability, we’d argue, you need product information management. But a solid underlying master data management layer must support it to satisfy your enterprise goals.
That’s because, no matter how good the functionality and features of your PXM or PIM solutions, in the long-term, your business will take major hits. It may also require you to apply bandages or additional fixes or an outright replacement if your managed master data foundation isn’t enterprise-class.
What Does a Perfect Master Data Experience Platform (MDxP) Look Like?
People and organizations often build in a vacuum. And this often leads to an incomplete solution no matter how good the intentions.
Let’s look at it this way.
Imagine you’re an architect.
Now you wouldn’t start striking ground and digging the foundation until the blueprint was complete. And you wouldn’t start putting up the walls until you know how many stories you’re going to layer over your foundation. Preparation is essential.
When you have a cohesive, future-ready data foundation, you don’t get sucked into adding extra walls or side rooms (scope creep). The right blueprint means all the rooms, or domains of your data, work together.
With a solid master data foundation, all pieces fit together perfectly.
A master data foundation easily integrates the pillars of your business functions with intelligent automation and analytics. The engine at the core helps flexibly control the breadth and depth of your customer data, product data, location data, and other data.
You find critical answers to questions like:
- What do you need to meet the complex demands of positive customer experiences?
- How can you control and influence your existing and future business use cases?
- What can you do to integrate all your source channels (supply-side) and end channels (marketplaces and website) to maximize impact?
- How can you optimize and leverage the capabilities of Master Data Management (MDM), Product Information Management (PIM), and Product Experience Management (PXM) securely, all on one flexible, scalable, and reliable platform?
When you have a unified, multi-domain cloud-native solution, you experience an expansion of your own digital powers and a vivid renewal of your entire CX and supply chain. You can feel like you have control again.
How to Create End-to-End Digital Commerce Experiences
This brings us to the important ways of creating commerce experiences. Riversand’s Master Data Experience Platform (MDxP) is but a base that unlocks this greater view of your operations.
1. You can plan and set up to go multi-channel from one place
Specifically, the Riversand platform is pre-built for multi-channel commerce, taking away the pain of setting up, capturing, and managing all data (internal and external) from countless brands and suppliers.
Whether centralizing all your product information, sanitizing your data, or removing duplicate or outdated products and content, there is one place for it all.
The cloud-native MDxP links directly with other source systems to add the flexibility needed for your PIM system or Digital Asset Management (DAM).
Another reason is it also puts an end to spreadsheets and other non-centralized files that are outdated as soon as they are emailed as the “final” version.
A master data experience platform manages and governs product data (e.g., descriptions, images, videos, PDFs, and other assets) from thousands of sources in one central platform, all linked directly.
Functionally, you can then:
- Simplify multi-channel inventory sync
- Find intelligent forecasting and purchasing
- Manage bulk actions and business rules
- Enable multi-channel governance
As we move towards 2021, top and fast-growth brands will require flexibility and instant data analysis. This is because marketing and supply chain decisions are increasingly short term, facing new levels of uncertainties every day.
It would then be imperative to innovate and make as much as possible use of contextual and localized information to better target consumers.
2. You can source and onboard product data for all your assortments
The Riversand platform enables you to integrate in real-time with thousands of invoking partners, systems, industry data pools, and supplier portals.
As a result, you have the option to seamlessly connect with industry-standard data pools to onboard product information with all your trading partners, using GDSN, ETIM, and Autocare.
Riversand’s MDM solutions are cloud-native and built on Microsoft Azure, which scales seamlessly across your entire ecosystem – on-premise or cloud.
With the cloud-native functionality we’ve built, you can:
- Find golden record management a productivity game-changer
- Enable data standardization across all channels
- Build direct connectors for easy AI-driven enrichment
- Manage and control rich data quality and governance
For all that, our direct connectors aggregate every piece of data possible, from your enterprise resource planning (ERP) systems, product lifecycle management (PLM) solutions, suppliers, procurement systems, inventories, financial systems, and more.
Even so, with a data-driven foundation for your business, you shouldn’t be limited to raise your game. Think about streamlining processes and delivering better quality product information to all customers across all channels.
3. You can personalize and build the best product experiences at scale
Recognizing that every business and customer has unique needs, Riversand has taken an innovative and visionary approach to its cloud-based offerings.
Customers can achieve operational efficiency to deliver effortless, seamless, and context-driven personalized product experiences across every touchpoint.
Whether creating enhanced product content or improving product placement with dynamic recommendations, you can unlock user intent and past data to optimize your products, website, emails, or landing pages in real-time.
This helps you commercialize and merchandise your products better and faster:
- Create enhanced product content easily
- Several languages of content management
- Fuel relevance and maximize value with SEO
- Simplify site-search, tagging, and visual merchandising
Your master data management program particularly serves as the ultimate data core. You can capture and learn from your customers, products, and supply chains to drive contextual commerce while enabling operational efficiencies and measuring customer satisfaction.
4. You can reach your customers where they spend their time
E-commerce marketplaces such as Amazon, Walmart, and Etsy provide access to a wide variety of products. In many cases, these products reach the customers’ doorstep in two days or less. The power of convenience.
What is more, this convenience, breadth of selection, and long-tail reach of online giants are collectively the reason to sell your products and services through these marketplaces. Moreover, in the case of adding new products more quickly – have the right tools for the job.
Riversand MDxP lets you spend less time managing your website and other data assets, including more time delighting your customers.
Most importantly, with MDxP, you can quickly scale in the cloud to many markets and e-commerce sites. Simply put, large marketplaces enjoy the fruits of their scale. No matter your size, you can get back on a more level playing field and use their advantages to your own.
The rise of the marketplace economy has also ushered in more market control by bringing products directly to buyers (D2C). Likewise, it’s also simply prudent: Selling products using a platform with embedded intelligence lets you pivot back to the drawing (R&D) board, including adjustments in contexts, categories, assortments quicker from your early adopters.
First, Nike began by reselling a single type of sneaker to a specific market. Then gradually broadened its line with 13 different shoe categories on its website, six brand-based categories, ten icon-based categories, and 12 sport-based categories.
That is to say; you can scale and make use of speed and data to cultivate a competitive brand advantage.
With the right platform functionalities, you can
- Maximize your data governance and integrations
- Expand your marketing and social channels
- Transform your brand experience and generate loyalty
- Open new pathways to modern digital commerce
Subsequently, you can launch, connect, and sell (go viral) through D2C, marketplaces, print, data pools, including various distributor portals from a single location (MDxP). And get mass mindshare quickly.
5. You can gain valuable insights about your customers
The path to delivering exceptional customer experiences just became easier. With a data-centric platform, you can understand and, moreover, target customers in a personalized fashion.
Navigate the new digital commerce paradigm by layering automation and intelligent technologies. And also uncover new insights and optimize each part of your e-commerce operations.
That said, Riversand MDxP incorporates contextual targeting technology, sentiment analysis, and ratings. After that, it allows for tailored options to the right customers for in-the-moment engagement.
This gives you the power to
- Find predictive digital market approaches for better decision making
- Enable multi-domain insights
- Upsell and cross-sell by uncovering contextual relationships
- Shorten time to action using embedded search and dynamic positioning
With Riversand’s MDxP, besides, you can respond to new business needs and customer opportunities faster. The effect of successful data-driven automation and intelligence gives you the ability to pivot easily.
6. You can create your own future by flexibly growing your way
Again, the Riversand platform is a symbol of continuous creation. As your business needs change, of course, applications add a significant edge.
The Riversand MDxP is a well-suited framework during the rapid development of particular applications via our App SDK. Particularly you can extend the MDxP platform as you need.
You have a wide choice of UI elements, widgets, plugins. And above all, with a high output rendering engine, developers can quickly develop customized applications.
- Grow with the out-of-the-box (OOTB) channel layer
- Build new applications without disrupting existing backends
- Support workforce and business process
- Consolidate and organize all your app data in one place
Moreover, our app store platform is practically limitless; you can employ different standard native APIs that provide authentic native experiences.
Finally, with Riversand’s MDxM platform, the playing field is as open as ever. The ideas for growth may be ever-changing, but the way to success has become a little more direct.
While we’ve shared a lot of vision in this piece, the good news is, it’s reality.
To sum up, Riversand is helping clients gain an advantage over their supply chains – in retail, manufacturing, distribution, energy, and other markets. Likewise, if you have a current solution but are looking for a more forward-thinking tech partner, we’d love to discuss how we can help you succeed.
Ayesha Saini is a content strategist for Riversand.