Did you know a Workflow Engine makes a big impact on raising your return on content investments by elevating the value derived from your Product Information Management (PIM) and Master Data Management (MDM)? Why? Because your Content ROI hinges on your ability to execute business processes efficiently and collaboratively, as enabled by enterprise worklflow seamlessly operating with your PIM and MDM software platform.
PIM or MDM platforms are great tools for enabling commerce sites with content-driven differentiation. Yet, unless you can engage all relevant stakeholders ranging from supply chain to marketing to ecommerce, you won’t create the most compelling, consumable content. The value of PIM/MDM actually derives from efficiently delivering content in context of the customer. It requires dynamic enrichment of content, based on preferences of individual customers or segments, through collaboration within and across enterprises.
A Workflow Engine that is embedded with the PIM and MDM platform enables just that. Collaboration across your functional teams and external parties such as trading partners and customers can be managed through workflow by controlling preset automated paths, alerts, processes, and more. It harnesses the underlying “kinetic energy” of modern PIM and MDM solutions by presenting information aligned to user roles and the functional processes the business users need to orchestrate.
PIM and MDM ROI: Speed and Quality Matter
When it comes to managing your enterprise-wide product information, speed and quality matter. With so much data involved across processes, having a central repository of content is no longer enough. You must also be able to efficiently command and control the process of onboarding and delivering business-critical information.
Forrester drives home the point in its report, The ROI of Master Data Management: “High-quality and trustworthy data sitting in some repository somewhere does not in fact increase revenue, reduce risk, improve operational efficiencies, or strategically differentiate any organization from its competitors. It’s only when this trusted data can be delivered and consumed within the most critical business processes and decisions that run your business that these business outcomes can become reality.”
A study conducted by Yankee Group also suggests a high PIM/MDM ROI through basic improved processes. The companies surveyed reported an average 25% savings from their PIM solutions across 18 business functions, with an annual average of 2,500 person-days saved.
As you can see, improved data quality combined with enterprise Workflow are key components of PIM and MDM.
Top 4 Workflow Benefits
A Workflow-powered PIM/MDM solution enables knowledgeable individuals from merchandising, brands, marketing, channels or suppliers contribute product content via automated processes and paths. This helps organizations bring products to market faster, publish catalogs more efficiently, reduce errors, easily collaborate with vendors, and keep e-commerce sites dynamically up-to-date.
Here’s a list of the top four benefits of a Workflow Engine, as experienced by EnterWorks’ Enable™ Workflow users:
#1: Improved data quality and governance
A Workflow Engine helps enforce best business practices for governing data and ensuring quality. More accurate product information means fewer mistakes, returns, and stockouts. Fields are available at varying levels of strictness to permit flexibility where needed or enforce precision over sensitive data.
#2: Faster product introductions
Escalation paths and alerts keep content tasks such as reviews, corrections and approvals moving quickly and smoothly. The ability to provide consistent product content involving multiple vendors and partners results in product introductions that are faster and more cost-effective.
#3: Improved project management
A Workflow Engine not only automates and streamlines key tasks, it also provides visibility to review work in progress. Graphical monitoring, alerts, and progress tracking helps identify and eliminate bottlenecks. The result is not only automation, but control over project management success.
#4: Enhanced collaboration with suppliers and trading partners
The Workflow Engine can also streamline collaboration with vendors and trading partners. The system validates data against predefined rules to automatically check for inconsistencies from content authors. The tool flags any issues for review, and sends the content for modification before it’s used in any supplier systems.
Finally, as you think about your content management lifecycle, ask yourself: How would automated processes and alerts impact my business? How would our operations improve? Where would we save time and resources? We would love to hear about your business challenges, and talk about how we can help.