Product Data Management
Product Data Management (PDM), or Product Information Management (PIM), tracks and manages data relating to a particular product. Without it, production can grind to a costly halt.
Engineers can spend 50% to 80% of their time
searching for or gathering data rather than creating value for the company1.
How Product Data Management can help your business.
Product Data Management (PDM), or Product Information Management (PIM), tracks and controls the data relating to a particular product. This data will typically include technical and manufacturing specifications, details of materials types, tolerances and approved replacement parts. Without it, production can grind to a costly halt if the right component can’t be located, for example. Read more in the Royal Philips Electronics case study.
Product data management can also track the costs associated with the development and launch of a new product, providing invaluable intelligence to your organization. The end result? Better products, released to market quicker and more reliably.
The quality of the data in your PDM system is paramount. Imagine the impact on your business if your products are displayed to customers and prospects with inaccurate details or pricing, yet it's a fact that nearly 30% of item data in catalogs used by retailers and manufacturers is incorrect. Correcting these errors costs between $60 and $80 each. Read more in the Terex (Global Benefit Tracking) case study.
In addition, poor product data management means that:
- companies spend an average of 25 minutes per SKU per year2 manually cleansing out-of-sync item information.
- 43% of all invoices result in some form of deduction3.
- data accuracy is around just 68% for companies that have not4 implemented a data quality management solution.
Datactics has a superb track record in supporting global businesses in applying product data management. By helping to apply effective product data management techniques and solutions, Datactics has helped customers:
- Increase global purchasing leverage
- Rationalize the supply chain
- Maintain consistent (and better) terms with global suppliers
- Optimize inventory by reducing duplication
- View and control global spend
- Identify and implement best pricing strategies.
If Product Data Management is of interest to you please look at the following Case Studies which highlight the real results achieved by organizations dealing with this challenge –
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Royal Phillips Electronics. With high volumes of ever changing product data, Phillips had a need for data cleansing. Using Datactics, 30% duplications were removed and the data remained clean.
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Utilities Asset Management. The largest water and wastewater company in England and Wales had hundreds of thousands of assets that needed to be managed, but without data quality management plans in place the asset data had become both degraded and unusable. Datactics delivered a ‘Master Data’ solution which reduced risk, enabled accurate tracking and increased asset utilization.
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NHS Supply Chain. The UK NHS (National Health Service) supply chain operation manages product sourcing and delivery for over 620,000 products to more than 600 NHS Trusts and Healthcare organizations. Datactics delivered an innovative and automated solution for effective product and catalog matching to the NHS Supply Chain
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Terex (eCost). Terex is a Fortune 500 company and a diversified global manufacturer with revenues exceeding $9Bn. With the successful delivery of Datactics solutions across 35 business units worldwide, Datactics enabled Terex to increase its purchasing leverage by consolidating spend data.
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Terex (Global Benefit Tracking). Terex is a Fortune 500 company and a diversified global manufacturer with revenues exceeding $9Bn. Following on from the successful delivery of the Datactics Data Quality Firewall and File Validation tool, Terex contracted Datactics to effectively track the savings and expenditure obtained across its global supply chain
1 Capgemini - Upstream IM and EDRMS
2,3 A.T. Kearney
4 Adam, D. Honore, Senior Analyst, Aite Group
