Summary
The world of enterprise data management is evolving rapidly, and businesses that fail to adapt risk falling behind. In this episode, we dive into three major trends shaping the industry: the growing need for Master Data Management (MDM) to unify product and customer data, the rising importance of data governance in sustainability (ESG) compliance, and the shift toward inter-enterprise data sharing for better collaboration. Whether you’re a data leader, IT executive, or business strategist, this episode will help you stay ahead of the curve. Listen now to discover how these trends will impact your business and what you can do to prepare!
Transcript
Jocelyn 00:02:
You’re listening to Infoverity’s Trust Us podcast, where you can gear up for your data management journey with bite-sized discussions on industry trends and thought leadership. On each episode, we feature industry experts to help you navigate your path to mastering your enterprise data.
Nick Prowitz 00:19:
Today, we’ll be talking about trends in enterprise data management. At its core, enterprise data management is about mastering, centralizing, and integrating an organization’s data to optimize business operations. This can take many forms, such as:
- Mastering customer data to ensure messages reach the right audience at the right time.
- Managing product data so customers have a holistic and trustworthy view.
- Ensuring organizational data is traceable to maintain operational integrity.
This week’s episode is the first of two covering industry trends. Part one will focus on:
- Product master data management benefits
- The role of data management in ESG (Environmental, Social, and Governance) and sustainability
- Inter-enterprise master data management
To provide insight into these topics, we welcome our guest, Nick Prowitz. Welcome, Nick! So glad you could join us today.
Nick Prowitz 01:21:
Very glad to be here. Data is the best. Let’s talk about it!
Jocelyn 01:27:
We’re excited to have you. Can you share a little bit about your background?
Nick Prowitz 01:31:
Absolutely! I’ve been in the enterprise data management space for over 15 years. I was one of the original members of Infoverity and have been with the company since we were founded in 2011.
Currently, I’m a delivery director, overseeing our professional services team. I’ve implemented data solutions across multiple domains, including customer, product, and supply chain, for industries like manufacturing, distribution, retail, and consumer packaged goods. Over the years, I’ve learned what works—and what doesn’t—so I’m excited to discuss these trends today.
Jocelyn 02:08:
Thank you so much for joining us, Nick. We’re really happy to have you.
Let’s dive into the key trends in enterprise data management. First up—why should our listeners prioritize mastering their product data?
Nick Prowitz 02:39:
Simply put—knowledge is power, and data enables informed decision-making. The more accessible and structured your data, the better positioned you are to navigate business challenges.
Mastering product data allows businesses to:
- Understand product performance and customer preferences.
- Manage inventory efficiently.
- Improve decision-making by ensuring data accuracy.
The goal is to get the right data to the right place at the right time to drive better business outcomes. Ultimately, well-managed data translates to increased revenue and cost savings.
Taylor Beckt 03:47:
That’s excellent insight, Nick. Let’s move on to our second topic—ESG and sustainability in data management.
Can you explain what a digital product passport is and why it matters?
Nick Prowitz 04:12:
Sure! A digital product passport provides traceability for a product’s lifecycle, answering key questions like:
- Where did this product come from?
- What is its composition?
- Can it be recycled or reused?
Beyond regulatory compliance, a product passport demonstrates responsible business practices, helping companies connect with consumers who care about sustainability. This not only meets today’s compliance needs but also prepares businesses for future regulations.
Jocelyn 05:17:
That’s a great perspective, Nick. Now, let’s discuss our final trend—inter-enterprise master data management (MDM). Can you define it for our listeners?
Nick Prowitz 05:56:
Sure! Inter-enterprise MDM is about sharing master data across organizations. This can include business partners, suppliers, or even competitors in certain scenarios. The goal is to standardize data so everyone speaks the same language, reducing inefficiencies and redundancies.
For example, product classifications like UPCs or GDSN standards ensure consistency across industries. Similarly, in healthcare or insurance, shared data can streamline operations and improve accuracy.
Jocelyn 07:41:
That makes sense—connecting the dots and creating a complete picture for decision-making. Could you give an example of how inter-enterprise MDM works in practice?
Nick Prowitz 08:24:
Sure! Let’s look at two examples:
- Customer Data– Insurance companies and healthcare providers benefit from shared organizational structures, reducing wasted communication cycles and errors.
- Product Data– Standards like UPCs and GTINs ensure all stakeholders define products the same way, enabling smooth collaboration between manufacturers and retailers.
By aligning data across enterprises, businesses can reduce redundancies, increase efficiencies, and improve supply chain management.
Taylor Beckt 09:40:
That really resonates. To wrap things up, how does Infoverity support customers navigating the enterprise data management landscape?
Nick Prowitz 10:06:
Great question! Infoverity supports clients across the entire data management lifecycle, from strategy to implementation and long-term operational support. We offer:
- Data strategy development– Identifying opportunities to improve existing data management processes.
- Technology implementation– Partnering with top software providers for MDM and PIM solutions.
- Operational services– Ensuring solutions remain relevant and effective long-term.
- AI & automation support– Helping businesses leverage AI to enhance data-driven decision-making.
Jocelyn 11:30:
That’s excellent insight, Nick. To summarize:
- Product data management enables informed decision-making and drives business success.
- Digital product passports ensure compliance and reinforce responsible business practices.
- Inter-enterprise MDM fosters standardization and improves collaboration across organizations.
- Infoverity provides end-to-end data management support, from strategy to execution.
Did I miss anything, Nick?
Nick Prowitz 13:10:
That was a great summary, Jocelyn! The only thing I’d add is that standardized, clean data enables businesses to enhance customer experiences, drive revenue, and operate more efficiently.
Jocelyn 14:38:
Absolutely! Thank you so much for joining us, Nick. We appreciate your insights and hope to have you back soon!
Nick Prowitz 14:57:
Thanks for having me!
Jocelyn 15:01:
For over a decade, Infoverity has been a trusted leader in enterprise data management consulting. Our experts are located worldwide, with headquarters in Columbus, Ohio, and Valencia, Spain.
To learn more about how we can help you, visit infoverity.com. We’ve also included additional contact details in the show notes.
