When it comes to mastering product data there are these three kinds of data and supporting managing disciplines and solutions:
- Master data and the supporting Master Data Management (MDM) discipline and a choice of MDM solutions for the technology part
- Product information and the supporting Product Information Management (PIM) discipline and a choice of PIM solutions for the technology part
- Digital assets and the supporting Digital Asset Management (DAM) discipline and a choice of DAM solutions for the technology part
What these disciplines are and how the available solutions relate was examined in the post How MDM, PIM and DAM Sticks Together. This post includes a model for that proposed by Simon Walker of Gartner (the analyst firm).
The right mix for your company depends on your business model and you will also have the choice of using a best of breed technology solution for your focus, that being MDM, PIM or DAM, as well as there are choices for a same branded solution, and in some cases also actually integrated solution, that supports MDM, PIM and DAM.
When selecting a (product) data management platform today you also must consider how this platform supports taking part in digital ecosystems, here meaning how you share product data with your trading partners in business ecosystems.
For the digital platform part supporting interacting with master data, product information and digital assets with your trading partners, who might have another focus than you, the solution is Product Data Lake.