Hundreds of years ago the geocentric model was replaced by heliocentrism, meaning that we recognize that the earth travels around the sun and not the other way around.
When it comes to Product Information Management (PIM), we also need a Copernican Revolution, meaning that it is good to manage product information consistently inside a given company, but it is better to manage product information in the light of the business ecosystem where we participate.
Exchanging product information in the business ecosystems of manufacturers, distributors and merchants cannot work properly by asking all your trading partners to use your version of a spreadsheet – if they don’t get to you first with their version. Nor will self-centered supplier / customer product data portals work as examined in the post PIM Supplier Portals: Are They Good or Bad?
Your company is not a lonely planet. 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/etailer 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.
At Product Data Lake we support business ecosystems in Product Information Management (PIM). And this is not just a nice model. There are concrete business benefits too. 5 for you and 5 for your trading partner: Check our 10 business benefits.