Product MDM and the Retail Industry
By David Butler on Mar 25, 2011
Last month, my wife found the perfect blouse at a Nordstrom's department store in San Diego. It was perfect in color, pattern and design, but it was the wrong size. The sales person found the same blouse in a nearby store and we had it delivered. A few days later, we received a blouse with the right size and design, but the color and pattern were different. We took it to the San Diego store where they discovered that the SKU for the two items was exactly the same. It took a visual inspection by sales people at both ends of the next call to determine that the item in the third store was indeed what we needed. In the end, they delivered what we wanted, but the process must have cost Nordstrom a lot more than it should have. An Oracle MDM Product Hub with our unique Product Data Quality capabilities would fix these kinds of expensive problems.
Meeting the Retail Product Information Challenge is a recent article in the Oracle Profit Online Magazine written by Prasoon Ranjan, Senior Director of Industry Strategy and Insight at Oracle. It covers a three-step approach that can help retailers build an efficient foundation for product management.
- Have one product master that acts as the "single source of truth" and manages all product information across all channels.
- Streamline processes around all aspects of product management in a retail organization, such as buyers, merchandisers, sales, stores and suppliers.
- Rationalize systems and resources, leading to compliance with standards, integration with legacy, and business intelligence and reporting capabilities.
The above recommendations from Oracle are based on our considerable experience with a large number of retailers. Retail is a primary industry for Oracle MDM. We have products like Oracle Site Hub that was designed in cooperation with our Retail partners. We also have Retail industry specific products such as Oracle Product Hub for Retail. The Profit Magazine article is a good read. I trust you'll find it interesting and valuable.