Product Information Management Is The Next Gen Business Strategy

Product information management is designed to manage information centrally. The information is related to various products. The main focus of this task is to sell and market products through distribution channels. This management system has been implemented by different entities like websites, ERP system, print catalogs, and electronic data feeds. In the process, a central pool of data is utilized to acquire accurate, consistent, and up-to-date information. In order to support different demographic aspect, multi-lingual situation, and modification and fine-tuning of product information under a central catalog, the product information has gained utmost importance.

The key to multi channel success lies in PIM in a consistent manner. If there is poor data quality in multi channel business, then that business cannot thrive for long. You cannot depend on the cleaning of product data merely. For better results, retailers, CPG manufacturers, and distributors want a comprehensive solution. In product information management, product information is mixed with robust capabilities in integrating data and governance.

The functional areas of data governance case study include supplier portal, master data management, product data authoring, digital asset management, business process management, commerce integration, and web access. Each of the activities has certain features. For example, in digital asset management raw products like graphics, images, audio, documents, and video are managed centrally in order to easily find them out and then format and fine-tune according to the requirement. In case of business process management, it is ensured that each division and group in an organization follows the same or similar process for maintenance and authoring of products. The ultimate aim is to enhance the operational efficiencies. With the help of PIM web interface, a simple, powerful and very fast web-based search is looked after and as a result business is capable of authoring product information for boosting sales and marketing.

Discussion about PIM will be incomplete if we do not take mro data cleansing into consideration. It is truly a fundamental service. Here various factors, such as proprietary software, review from experts, and standard operating procedures (SOP) are taken together to standardize, validate, cleanse, and enhance raw client data. After cleansing, the data is formatted to conform to the particular configuration requirement of ERP/CMMS/EAM besides rectifying character limitation, field type, and data management. Potential duplicate records are identified during the process of cleansing. There are three distinct levels in the process of MRO data standardization —- cosmetic cleanse, standardization, and enhancement.

The Significant Role Of Data Mining In Knowledge Management

Over the years, businesses are implementing various approaches to retain their clients/customers and win their competitors. With the development of information system applications, companies have become able to capture an enormous amount of data about customers and products through scanning bar codes, online shopping, surveys etc. This data, however, can assist in making informed business decisions, but it is kept untouched in huge databases for years. But, to understand a customer’s behavior, companies require integrating innovative tools which can discover the hidden valuable information in a huge data repository.

Also, the emerging competition and available alternatives for customers, have evolved the necessity of sustaining an effective customer relationship management. For this reason, owners are employing knowledge management approach to transform this customer knowledge into informed business decisions. Here, the role of data mining services and techniques comes into play to identify new opportunities by converting this hidden customer data into useful information. Knowledge Management (KM) is central to this.

Data mining

Data mining is basically a process which utilizes intelligent techniques to reveal useful patterns of knowledge in large databases. With applying various algorithms, it can predict useful information out of stored data, further helping to interact between subsets of data. Data mining tasks involve two aspects: prediction and description. Where prediction predicts unknown values of the variables by using some known variables in data sets, description extracts interesting patterns and trends in the data.

Knowledge management

With knowledge Management (KM), we mean converting data into an appropriate knowledge. However, defining exactly what KM is could be challenging because of the intangible nature of knowledge; where a knowledge is defined as the organization’s ability to share knowledge effectively to gain competitive advantage. Also, KM is considered as one of the crucial business aspects and therefore, companies should know how to acquire, capture and share this knowledge to enhance performance in long run.

Data Mining and its applications for Knowledge recovery process

The role that data mining plays in business knowledge management for acquiring and extracting useful information is discussed below:

Decision Making

The applications of data mining help an organization to make informed decisions. Consequently, the interactions generate Business Intelligence (BI) which help companies to utilize and convert available information and knowledge in real-time for business development. Also, data mining techniques uncover hidden customer/product information for businesses which can provide valuable knowledge and establish BI. With this, it becomes easy to analyze the product sales information which, in turn, help marketing department to formulate the strategy for product promotion.

Further, let’s discuss some applications of DM and KM in business domains, who utilize data mining techniques to find interesting data patterns in form of knowledge:

Retail Industry: This industry gathers enormous data on sales, customer shopping history, etc. due to the increasing popularity of e-commerce these days. Here data mining can help to build extensive knowledge about customer’s buying behavior and trends. By knowing this, retailers can achieve better customer satisfaction, reduce operational costs, and can extend their brands.

Banking and Finance Sector: Banking and finance sector has huge databases filled with critical financial and economic data. Here, DM techniques can provide the benefits of identifying patterns and deviations in business information and market prices necessary to recognize global risk and ROI. By assisting banks in the areas of risk management, fraud detection, customer relationship etc., it facilitates decision making and knowledge sharing processes.

Health Care Institutions: Mining technique like clustering can help to attain demographics of the patients having serious diseases like cancer, tumor etc. This knowledge can help doctors to explore disease’s symptoms and relationships which, in turn, can improve treatment therapies and operation procedures.

Aviation Industry: This sector can be benefitted by association rule or clustering technique to gain customer’s knowledge which, later on, can be utilized to offer discounts on flight tickets by determining customer’s flying frequency.

Online Business: E-commerce stores can take the huge advantage of integrating DM tools &techniques to extract the information stored in a customer profile. Once, the information is collected, the owner can offer reliable products recommendations to customers based on their interest to boost sales.

Insurance companies: Insurers can sell more policies and enhance conversion rates via running effective campaigns, execute processes and reduce operational costs after knowing how many customers are interested in buying policies, their requirements, and interests.

Manufacturing: Manufacturers would be able to produce products, people are more interested in, after knowing their choices through DM and KM process.

Safe and Efficient Business Records Management Ideal for Every Modern Organization

Records management is regarded as both a management and discipline function that includes the secure document storage of the business records that any contemporary organization owns and keeps.

There are storage companies that also offer online document storage of essential business records at competitive rates.

Financial records are documented transactions that are needed and used by the organization in the regular course of business. They are also legally considered as evidence for every transaction entered into. Transactional records include, but not limited to, orderings, receipts, loans, contracts, notifications and schedules.

A record is defined as the business information that is created and received by a person or organization. It is also maintained as evidence pursuant to the legal obligations of the business.

A record is therefore something that can be taken into a court of law. If called upon, the record must be authentic, reliable and usable, complete and unaltered, so it can fully and accurately represent the facts that it attests to.

Records and Information Management

Records have a distinct life cycle that begins with creation or receipt, processing and distribution. The second phase includes maintenance and evaluation, and concludes with ultimate disposition.

The last phase of the cycle involves either destruction or transmittal of records for permanent housing. The company may either build its own vault, archive or another dedicated facility for the storage of the records or engage the services of an outsourcing storage company.

Recordkeeping systems include people who are directly involved in the creation and use of the organizational records, the policies related to such records and procedures that ensure optimum access to and use of said documents. They also include tools and technologies that are employed in the creation and storage of records in various formats.

An organization with a consistent recordkeeping program can conform itself to statutory requirements specifically for information retention. It has appropriate evidence of its transactions in case of audit and minimizes jeopardy at the discovery phase in case of litigation. There would be continuity of operation in the event of a disaster and costs can be controlled because of the timely disposition of financial information.

A recordkeeping system is required to have reliability, integrity, permanence, comprehensiveness and compliance. Reliability is about the consistent capture and access to organizational documents. Integrity involves no unauthorized alteration, removal and destruction of records. Permanence means that no record can be altered, tampered with or improperly deleted.

With comprehensiveness, it involves the management of all created and stored records that comprises the normal continuous activity that links all the units of the organization. Compliance is the creation and maintenance of the documents consistent with all of the applicable policies and procedures implemented in the organization.

Online Records Storage

Today, any type of financial record can be securely stored online and can be accessed via any web connected Mac or PC anywhere in the world.

As businesses now tend to go global, with employees assigned to various locations locally and internationally, online records storage becomes highly relevant and useful. Employees while travelling or telecommuting will be able to store essential documents and files online and instantly access them when needed.

There are online records storage companies that offer simplified online programs. Employees can easily drag and drop several files and folders and organize them in online libraries and folders. They can then share them with other team members.

There are also online storage systems with collaboration features such as version control, notifications, file locking, commenting and audit trails. Amazingly, there are no restrictions on the type of file to be used like MS Office, audio, images and pdfs.

Online storage programs allow only authorized users to gain access to the stored documents. Also, they save time and money, keeping IT costs low with easy to use online records storage solution that can be used with no software or hardware required.

Records management companies offer secure and efficient storage of documents in their vaults or archiving facilities. They have trained professionals who can handle the storage system, thereby keeping information in its strictest confidentiality. They are also experts in the legal aspects of secure document storage.

Online document storage is also gaining popularity as it makes team collaboration and stored documents easily accessible via the web.