Data governance refers to an organization’s system of rules concerning any and all responsibilities, roles, and processes for responsibly and efficiently handling data. While data management refers to your overarching strategy for managing data as a valuable resource, data governance is the system that supports this overall strategy. Meanwhile, product information management (PIM) can help you create a more streamlined, efficient, and accountable data governance system in various ways.
This is part of why the global market for PIM platforms is expected to grow at a compounded annual growth rate of 10.2% from now until 2024. Worth $7 billion in 2019, the market is expected to balloon to $11.4 billion in 2024. Much of this has to do with how PIM systems and platforms directly support data governance in the era of big data.
PIM in Industry 4.0
The right PIM platform can benefit e-commerce retailers, manufacturers, logistics companies, or other organizations with managing overwhelming amounts of product data.
By collating and managing all relevant product data via one PIM platform or system, your organization can adopt a single source of truth (SSOT) in your information architecture. The concept of SSOT ensures that every relevant business decision that happens in your organization is based on the same agreed-upon data sources. This gives your people a consistent and centralized view of your unique and complex data sets, accessible through whatever range of digital tools and platforms with which your PIM is compatible.
'How to optimize the entire value chain with PIM'
If you can properly utilize PIM, you can establish the strongest possible foundations from which your company can leverage data throughout the product lifecycle. This includes establishing best practices for data modeling and design, which directly benefit from the digital asset management functions that are built into some PIM systems.
PIM: One of the Keys to Unlocking Big Data
In Industry 4.0, PIM and other data governance-aiding systems are making leveraging big data more accessible to small and medium companies. This is a development that's entangled with education as it migrates online. As online degrees become more prevalent, access to specialized competencies for leveraging data become more commonplace as well.
Apart from the way enterprises are now handling data, this is a fact that’s reflected in the curricula of modern and progressively popular online business administration degrees, which have made fundamental business-oriented data governance skills more accessible through remote learning.
In fact, graduates of these web-based training programs are guided into specific career paths such as financial management and business analytics, both of which are highly in-demand competencies which can benefit from the data governance measures afforded by the right PIM.
Such competencies will be valuable to enterprises looking to give them an edge over the competition or scale with efficiency. And with the right PIM, it will be easier for organizations to work with the aforementioned specialists in leveraging product data for actionable insights, even within new remote working conditions.
In short, the right PIM could be your key to not just surviving, but thriving in the era of big data and Industry 4.0. Whether you want to implement better data governance, or just want to get a hold of increasingly complex product data, it’s time to start looking into which PIM platform is right for your system.