'How to Measure the ROI of Product Information Management and MDM' by pimcoreservices pimsoftware mdmsolutions
The quantitative side
While there are no predefined formulae, businesses can gain considerable insight by taking calculated steps to compare the ‘before and after’ business stature against a PIM or MDM implementation. Here’s how:PIM or MDM implementations do not mature overnight. Securing the right technology does not get the job done. The implementation process itself requires alignment across all internal stakeholders. Hence, the critical aspect of measuring the ROI would be to select the correct time frame.
Once the timeframe and cost components are defined, a baseline needs to be created in order to measure the returns on the PIM or MDM investment. For example, many businesses understand they have product data quality issues that lead to missed sales opportunities, yet they do not always comprehend why or how it keeps happening. With well-planned KPIs in place, organizations can better evaluate how to lower the need for additional resources, reduce production time, and boost operational efficiency to save costs and improve sales growth.
This is essential to derive business cases and apply them to determine the accurate returns from a successful PIM or MDM implementation.
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