Multi-Domain Master Data Management (MDM) and Product Information Management (PIM) are two interrelated disciplines within information management.
While we may see Product Information Management as the ancestor or sister to Product Master Data Management, we will in my eyes gain much more from Product Information Management if we treat this discipline in conjunction with Multi-Domain Master Data Management.
Party and product are the most common handled domains in MDM. I see their intersections as shown in the figure below:
Your company is not an island. You are part of a business ecosystem, where you may be:
- Upstream as the maker of goods and services. For that you need to buy raw materials and indirect goods from the parties being your vendors. In a data driven world you also to need to receive product information for these items. You need to sell your finished products to the midstream and downstream parties being your B2B customers. For that you need to provide product information to those parties.
- Midstream as a distributor (wholesaler) of products. You need to receive product information from upstream parties being your vendors, perhaps enrich and adapt the product information and provide this information to the parties being your downstream B2B customers.
- Downstream as a retailer or large end user of product information. You need to receive product information from upstream parties being your vendors and enrich and adapt the product information so you will be the preferred seller to the parties being your B2B customers and/or B2C customers.
Knowledge about who the parties being your vendors and/or customers are and how they see product information, is essential to how you must handle product information. How you handle product information is essential to your trading partners.
You can apply party and product interaction for business ecosystems as explained in the post Party and Product: The Core Entities in Most Data Models.