The Strategic Factors for PIM (Viamedici) Q&A

The reality today is that enterprise software is purchased via subscription and operates in public or private cloud computing environments instead of in an organization’s data centers. Now that business applications across marketing, customer service, commerce, sales, ERP and finance all operate from the cloud, it can be difficult to maintain consistent product information across distinct vendor cloud environments.

Organizations should unify their product information with a mastered set of information that is synchronized across the buying and selling channels and that is supported by all departments that interact with it. To provide accessibility to the product information across geographic locations and product processes, it is best to centralize and manage product data pools using a cloud computing approach and dedicated PIM software that can operate in a hybrid manner. Use of data pools is critical as our market research found that data governance initiatives are a key driver in almost one-half (46%) of organizations to change the way that they manage product information. This establishes a product information network that can support any application that needs the data in a more seamless manner today or in the future.

As manufacturers provide configurable products for purchase through distributors and retail channels, the flexibility to support these dynamic requirements is essential to ensure the best possible digital buying or customer experience. Our market research finds that improving customer experience is a top benefit for dedicated PIM in almost two-thirds (61%) of organizations. Historically, many PIM software providers have only supported a catalogue of products with a variable set of information, including descriptions, photos, video and any other information. Unfortunately this approach is ineffective at the dynamic rendering of a product as it is being configured with options, and does not meet the digital requirements of commerce-focused buyer applications. Modern PIM systems can operate in an interactive and real-time manner to update products as they are custom configured by the buyer. This gives organizations the opportunity to provide buying tools that streamline the shopping experience and improve engagement to help revenue optimization.

It is a necessity for product information to be consistent across business applications used by the various sales channels and departments of the organization. For most organizations, the struggle is to provide consistent product information to the commerce and revenue channels, operations, service and supply chain, and accounting and financial processes. This challenge is further complicated in global organizations that have multi-tier ERP systems based on operating divisions and distinct applications governing product information for operations and accounting purposes. Our market research finds that only a small percentage (16%) trust their business processes and use of product data completely. To operate effectively, organizations should incorporate a PIM system that can operate across applications at any tier of a corporate structure. This will allow for streamlined accounting and operations processes related to its products.

It is true that technology plays a pivotal role for PIM, and it is not possible to ensure consistency across any channel and department without it. The challenge for most organizations is to ensure that their initiative to do so is designed to make incremental improvements in a continuous manner that can deliver the benefits of such an investment. To ensure that technology is not too cumbersome in its adoption, configuration and deployment, it is essential to consider a time-to-value approach that examines the ability for the tools to become operational for the organization and also the ability to have incremental improvements made for broader usage. And our market research finds that gaining a competitive advantage is a top benefit for dedicated PIM for more than one-half (58%) of organizations. Examine the use of PIM with time-to-value in mind and consider the level of consulting and customization required for an enterprise deployment.

The future of PIM includes more digital innovation that will make it easier to manage and provide better product experiences for those outside the organization and those inside who are contributing to and using the information. PIM has transitioned to the cloud computing environment where it can be used globally and interconnect to any application more easily than ever before, while also becoming part of the workflow of activities and business processes across the organization. Next, the adoption of artificial intelligence and machine learning (AI/ML) is making it possible to continuously analyze and process product information to determine where gaps existing in the review and improvement or where conflicts exist.

The need to offer better product experiences requires that product information be accessed through any method, including through conversational computing and voice-based virtual agents and systems, and via methods that can provide a way to visualize the product in the location or type of usage desired. All of these use cases require that PIM systems are more adaptable and can interface with other systems that need to access and process the product information today and into the future.