Product Data Lake is the new solution to sharing product information between trading partners (Product Data Syndication). While we see many viable in-house solutions to Product Information Management (PIM), there is a need for a solution to exchange product information through the supply chain from manufacturers over distributors to merchants.
Completeness of product information is a huge issue for self-service sales approaches as seen in ecommerce. 81 % of e-shoppers will leave a webshop with lacking product information. The root cause of missing product information is often an ineffective cross company data supply chain, where exchange of product data is based on sending spreadsheets back and forth via email.
However, due to the volume of product data, the velocity required to get data through and the variety of product data needed today, this solution is in no way adequate. Having a not working environment for cross company product data exchange is hindering true digital transformation at many organizations within trade.
As a Product Information Management professional, service provider or as a vendor company in this space, you can help your clients in being successful with product information completeness by becoming a Product Data Lake ambassador.
The first forward looking professionals, service providers and vendors in the Product Information Management realm have already joined. We would love to see you as our next ambassador.