A Step-By-Step Guide to Ensure and Enhance Product Data Quality through MDM Tools in 2020 & Beyond

Product data is an extremely important string of data in business and to a large extent; it decides the success of marketing strategies, mdm tools effectiveness and the size of your ecommerce business’s market share.

The best quality product data sets help to attain huge growth for an ecommerce business. But have you thought what exactly does it mean for an ecommerce business to have the best quality product data? But what approach can you follow to know that your product is of high quality or not?

Product data that does not change require alterations in the value and life cycle of the product that is not of high quality. Similarly, if it does not enhance the customer experience and satisfaction and is not helpful for the clients, internal decision-makers or external users then, it is not high quality product data.

Important Metrics to Determine High-Quality Product Data by Using MDM Tools:

 

• Accuracy: To make your product data of high quality, it must be accurate.

 

• Timeliness: Product data must get updated once there is an update for it to be considered of high quality. As the product data gets updated when the new data is received or changed, the data quality becomes really simple to maintain.

 

• Relevancy: The data must be relevance to a specific requirement for which it being intended.

 

• Comprehensiveness: The high quality product data fetched through mdm master data management tools must be comprehensive, without missing values or records.

 

• Consistency: Consistency is very important so, product data must be consistent across all the possible forms and platforms.

How to Ensure and Enhance Product Data Quality through MDM Tools in 2020 & Beyond?

 

• All Types of Data Has to Garnered through Verified Sources: As your structure of product data comprises some lies, then all the data cannot be considered as accurate and this inaccurate data will freeze the quality of the entire product data structure. Spend some time in verifying the videos, facts, pictures and texts attached with every product data. To make this happen, find some free data quality audit systems and mdm tools for running through your product data and make sure that it is effectively formatted and authorized, all set for public use.

 

• Data Update On a Regular Basis: Running regular data updates and cleansing the data is not just a one-time task. If there is any change in a specific product detail, price and the current promo offers then, the data has to be updated. Old data is low-quality data.

 

• Use the Best Automated Product Data Management Platform: This is one of the most useful approaches to enhance quality of your product data. Avoid using spreadsheets for master data management. Automated database management platforms record a lot of details which often gets ignored on the manual platforms. Get advanced product classification, product data collection, product data update and product distribution with automated management platforms such as mdm master data management tools.

 

• 100% Centralized Data Asset Management and Data Modeling: Avoid product data duplication and make sure that your product data is centralized in a single document which will act as a reference document for all the users to refer further. As one part of data or the whole data is generated, worked on and modified through different people then, this provides scope for discrepancies and mistakes. And as the time passes, it gets tough even to track the source of the discrepancy as data issues start arising.

 

• Proper Chain of Communication: Proper chain of communication is extremely important for the maintenance or progress of product data quality. It helps the company understand the right flow of verified data, so data won’t get received from each available source. When the data is decentralized, every unit of the department must know where to and where not to get your product data verified. It is a technique to manage data duplication and strives to promote a trackable and responsible product data sharing structure in the company.

 

• Employ an Experienced Data Quality Control Team: To have a high quality product data you must have the best professionals on your data quality control team and best master data management solutions in hand. Your quality assurance team which makes sure the stability of quality through running data quality checks on new data to a huge extent determines your product data’s quality.

 

• Effective Data Governance Plan: Create a data governance program which tells who is liable for data management and updates. This will make sure that there is a straightforward ownership of the product dataset in the company to avoid all sorts of department silos.

Remember that all the above mentioned tips and a right mdm master data management tool are very important to ensure high quality product data.