Tag Archives: product information management
If you’ve been contemplating to transform your business, making it a priority to embrace digital transformation, this year’s Informatica World 2015, in Las Vegas, has a series of B2B and B2C sessions for you. Here are some I wish to recommend:
B2B Commerce Ready Data
PartsSource Improve Customer Experience with Product Information in Medical Parts
Brian Thomas, Director of Application, PartsSource
A leading provider of medical replacement parts solutions, PartsSource will discuss how it uses Informatica PIM as the foundation for its omnichannel strategy and to support its industry-first one-stop shop online catalog for medical parts. PartsSource will explain how Informatica helped reduce the time needed to launch and update products from 120 minutes to 2 minutes using fewer employees, making it easier than ever to connect over 3,300 hospitals to thousands of OEMs and suppliers.
B2C Commerce Ready Data
Elkjop and Monsanto: PIM and MDM to Manage Product and Customer Data
Thomas Thykjer, Master Data Architect, Elkjop Nordics AS
Jim Stellern, US Commercial Data Management and BI IT Lead, Monsanto
Elkjop, the largest consumer electronics retailer in the Nordic countries, increased both its product range offering and the quality of its product information across its entire portfolio by leveraging the strong embedded Data Quality tools found in the Informatica PIM. Elkjop will also discuss how they reduced their yearly development costs and operating costs.
Monsanto developed a strategy to address customer data quality issues, clearly articulated the business value of implementing the strategy, and successfully implemented the solution leveraging Informatica MDM and a new data governance program.
Omnichannel Ready: What’s New in PIM 8?
Latest Features, Demo and Roadmap
Stefan Reinhardt, Senior Product Manager PIM, R&D DEU PIM, Informatica
Ben Rund, Sr. Director Product Marketing, Information Quality Solutions, Informatica
Are you commerce ready? Can you say the same about your data? Are you focused on the betterment of your supply chain, marketing, ecommerce, merchandising and category management This session, aimed at those wanting to sell more products faster.
Learn what’s new with PIM 8:
- Kits and bundles for superior cross-selling
- High data volumes architecture
- Role- and task-based web interfaces for increased efficiency on product content collaboration
- Business user dashboard
- 1WorldSync data pool syndication for compliant CPG data
- Product Data as a Service (DaaS) for price intelligence and content benchmarking.
We will be covering all those new features during the session through in a live demo.
Furthermore, we will also cover the PIM roadmap, showcasing how PIM is evolving and gaining MDM like features, by fueling product data apps for different use cases and industries, leveraging the Intelligent Data Platform.
User Group Session for Omnichannel
Are you looking to talk to the experts? Don’t miss out on our user group sessions where you will be able to discuss and work directly with the R&D and product management experts. They will be there to answer your questions as well as hear your thoughts and feedback. It’s your opportunity to be heard and get an answer to your question, don’t miss out!
37 Sessions to Master the Digital Transformation
An overall of 37 sessions, focused on different Master Data Management and Information Governance, key disciplines and the foundation of successfully mastering digital transformation, will be held on the 12th and 13th of May.
In his recent article: “The catalog is dead – long live the catalog,” Informatica’s Ben Rund spoke about how printed catalogs are positioned as a piece of the omnichannel puzzle and are a valuable touch point on the connected customer’s informed purchase journey. The overall response was far greater than what we could have hoped for; we would like to thank all those that participated. Seeing how much interest this topic generated, we decided to investigate further, in order to find out which factors can help in making print publishing successful.
5 key Factors for Successful Print Publishing Projects
Today’s digital world impacts every facet of our lives. Deloitte recently reported that approximately 50% of purchases are influenced by our digital environment. Often, companies have no idea how much savings can be generated through the production of printed catalogues that leverage pre-existing data sources. The research at www.pim-roi.com talks of several such examples. After looking back at many successful projects, Michael and his team realized the potential to generate substantial savings when the focus is to
optimize “time to market.” (If, of course, business teams operate asynchronously!)
For this new blog entry, we interviewed Michael Giesen, IT Consultancy and Project Management at Laudert to get his thoughts and opinion on the key factors behind the success of print publishing projects. We asked Michael to share his experience and thoughts on the leading factors in running successful print publishing projects. Furthermore, Michael also provides insight on which steps to prioritize and which pitfalls to avoid at all costs, in order to ensure the best results.
1. Publication Analysis
How are objects in print (like products) structured today? What about individual topics and design of creative pages? How is the placement of tables, headings, prices and images organized nowadays? Are there standards? If so, what can be standardized and how? To get an overall picture, you have to thoroughly examine these points. You must do so for all the content elements involved in the layout, ensuring that, in the future, they can be used for Dynamic Publishing. It is conceivable that individual elements, such as titles or pages used in subject areas, could be excluded and reused in separate projects. Gaining the ability to automate catalog creation potentially requires to compromise in certain areas. We shall discuss this later. In the future, product information will probably be presented with very little need to apply changes, 4 instead of 24 table types, for example. Great, now we are on the right path!
2. Data Source Analysis
Where is the data used in today’s printed material being sourced from? If possible or needed, are there several data sources that require to be combined? How is pricing handled? What about product attributes or the structure of product description tables in the case of an individual item? Is all the marketing content and subsequent variations included as well? What about numerous product images or multiple languages? What about seasonally adjusted texts that pull from external sources?
This case requires a very detailed analysis, leading us to the following question:
What is the role and the value of storing product information using a standardized method in print publishing?
The benefits of utilizing such processes should be clear by now: The more standards are in place, the greater the amount of time you will save and the greater your ability to generate positive ROI. Companies that currently operate with complex systems supporting well-structured data are already ahead in the game. Furthermore, yielding positive results doesn’t necessarily require them to start from scratch and rebuild from the ground up. As a matter of fact, companies that have already invested in database systems (E.g. MSSQL) can leverage their existing infrastructures.
3. Process Analysis
In this section of our analysis, we will be getting right down to the details: What does the production process look like, from the initial layout phase to the final release process? Who is responsible for the “how? Who maintains the linear progression? Who has the responsibilities and release rights? Lastly, where are the bottlenecks? Are there safeguards mechanisms in place? Once all these roles and processes have been put in place and have received the right resources we can advance to the next step of our analysis. You are ready to tackle the next key factor: Implementation.
Here you should be adventurous, creative and open minded, seeing that compromise might be needed. If your existing data sources do not meet the requirements, a solution must be found! A certain technical creative pragmatism may facilitate the short and medium planning (see point 2). You must extract and prepare your data sources for printed medium, such as a catalog, for example. The priint:suite of WERK II has proven itself as a robust all-round solution for Database Publishing and Web2Print. All-inclusive PIM solutions, such as Informatica PIM, already has a standard interface to priint:suite available. Depending on the specific requirements, an important decision must then be made: Is there a need for an InDesign Server? Simply put, it enables the fully automatic production of large-volume objects and offers accurate data preview. While slightly less featured, the use of WERK II PDF renderers offers similar functionalities but at a significantly more affordable price.
Based on the software and interfaces selected, an optimized process which supports your system can be developed and be structured to be fully automated if needed.
For individual groups of goods, templates can be defined, placeholders and page layouts developed. Production can start!
5. Selecting an Implementation Partner
In order to facilitate a smooth transition from day one, the support of a partner to carry out the implementation should be considered from the beginning. Since not only technology, but more importantly practical expertise provides maximum process efficiency, it is recommended that you inquire about a potential partner’s references. Getting insight from existing customers will provide you with feedback about their experience and successes. Any potential partner will be pleased to put you in touch with their existing customers.
What are Your Key Factors for Successful Print Publishing?
I would like to know what your thoughts are on this topic. Has anyone tried PDF renderers other than WERK II, such as Codeware’s XActuell? Furthermore, if there are any other factors you think are important in managing successful print publishing, feel free to mention them in the comments here. I’d be happy to discuss here or on twitter at @nicholasgoupil.
The Informed Purchase Journey
The way we shop has changed. It’s hard to keep up with customer demands in a single channel, much less many. Selling products today has changed and always will. The video below shows how today’s customer takes The Informed Purchase Journey:
“Customers expect a seamless experience that makes it easy for them to engage at every touchpoint on their “decision journey. Informatica PIM is key component on transformation from a product centric view to a consumer experience driven marketing with more efficiency.” – Heather Hanson – Global Head of Marketing Technology at Electrolux
Selling products today is:
- Shopper-controlled. It’s never been easier for consumers to compare products and prices. This has eroded old customer loyalty and means you have to earn every sale.
- Global. If you’re selling your products in different regions, you’re facing complex localization and supply chain coordination.
- Fast. Product lifecycles are short. Time-to-market is critical (and gets tougher the more channels you’re selling through).
- SKU-heavy. Endless-aisle assortments are great for margins. That’s a huge opportunity, but product data overload due to the large number of SKUs and their attributes adds up to a huge admin burden.
- Data driven. Product data alone is more than a handful to deal with. But you also need to know as much about your customers as you know about your products. And the explosion of channels and touch points doesn’t make it any easier to connect the dots.
Conversion Power – From Deal Breaker To Deal Maker
For years, a customer’s purchase journey was something of “An Unexpected Journey.” Lack of insight into the journey was a struggle for retailers and brands. The journey is fraught with more questions about product than ever before, even for fast moving consumer goods.
Today, the consumer behaviors and the role of product information have changed since the advent of substantial bandwidths and social buying. To do so, lets examine the way shoppers buy today.
- Due to Google shoppers use 10.4 sources in average (zero moment of truth ZMOT google research)
- 133% higher conversion rate shown by mobile shoppers who view customer content like reviews.
- Digital devices’ influence 50% of in-store purchase behavior by end of 2014 (Deloitte’s Digital Divide)
How Informatica PIM 7.1 turns information from deal breaker to deal maker
PIM 7.1 comes with new data quality dashboards, helping users like category managers, marketing texters, managers or ecommerce specialists to do the right things. The quality dashboards point users to the things they have to do next in order to get the data right, out and ready for sales.
Eliminate Shelf Lag: The Early Product Closes the Sale
For vendors, this effectively means time-to-market: the availability of a product plus the time it takes to collect all relevant product information so you can display it to the customer (product introduction time).
The biggest threat is not the competition – it’s your own time-consuming, internal processes. We call this Shelf Lag, and it’s a big inhibitor of retailer profits. Here’s why:
- You can’t sell what you can’t display.
- Be ready to spin up new channels
- Watch your margins.
How Informatica PIM 7.1 speeds up product introduction and customer experience
“By 2017… customer experience is what buyers are going to use to make purchase decisions.” (Source: Gartner’s Hype Cycle for E-Commerce, 2013) PIM 7.1 comes with new editable channel previews. This helps business users like marketing, translators, merchandisers or product managers to envistion how the product looks at the cutomer facing webshop, catalog or other touchpoint. Getting products live online within seconds, we is key because the customer always wants it now. For eCommerce product data Informatica PIM is certified for IBM WebSphere Commerce to get products ready for ecommerce within seconds.
The editable channel previews helps professionals in product management, merchandizing, marketing and ecommerce to envision their products as customers are facing it. The way of “what you see is what you get (WYSIWYG)” product data management improves customer shopping experience with best and authentic information. With the new eCommerce integration, Informatica speeds up the time to market in eBusiness. The new standard (certified by IBM WebSphere Commerce enables a live update of eShops with real time integration.
The growing need for fast and s ecure collaboration across globally acting enterprises is addressed by the Business Process Management tool of Informatica, which can now be used for PIM customers.
Intelligent insights: How relevant is our offering to your customers?
This is the age of annoyance and information overload. Each day, the average person has to handle more than 7,000 pieces of information. Only 25% of Americans say there are brand loyal. That means brands and retailers have to earn every new sale in a transparent world. In this context information needs to be relevant to the recipient.
- Where do the data come from? How can product information auto-cleansed and characterizing into a taxonomy?
- Is the supplier performance hitting our standards?
- How can we mitigate risks like hidden costs and work with trusted suppliers only?
- How can we and build customer segmentations for marketing?
- How to build product personalization and predict the next logical buy of the customer?
It is all about The Right product. To the Right Person. In the Right Way. Learn more about the vision of the Intelligent Data Plaform.
Informatica PIM Builds the Basis of Real Time Commerce Information
All these innovations speed up the new product introduction and collaboration massively. As buyers today are always online and connected, PIM helps our customer to serve the informed purchase journey, with the right information in at the right touch point and in real time.
- Real-time commerce (certification with IBM WebSphere Commerce), which eliminates shelf lag
- Editable channel preview which help to envision how customers view the product
- Data quality dashboards for improved conversion power, which means selling more with better information
- Business Process Management for better collaboration throughout the enterprise
- Accelerator for global data synchronization (GDSN like GS1 for food and CPG) – which helps to improve quality of data and fulfill legal requirements
All this makes merchandizers more productive and increases average spend per customer.
Did you know the 2014 Brasil World Cup is actually the World Cup of Data? In addition to the visible matches played on the pitch, eShops will be in a simultaneous struggle to win real-time online merchandise customers.
Let me explain. Jogi Löw, the manager of the German team, is known for his stylish attire. At every major event, each European Cup and World Cup, he wears newly designed shirts and suits. As a result, when television audiences see each new article of clothing, there is a corresponding increase in related online retail activity. When Löw began this tradition, people didn’t know that his outfits were made by Strenesse. As a result, people searched using the keywords “Jogi Löw Shirt.” This drove traffic to the eShop with the best search engine optimization, giving them more conversions and more revenue.
If a manager’s attire drives online retail sales, imagine how much demand there is for the jerseys worn by the most visible World Cup athletes? Many of the these players have huge social media followings. Consider the size of the social media followings of Ronaldo, Kakà, Neymar, Ronaldinho and Wayne Rooney:
There is huge demand for these player’s jerseys. This demand will only increase as the games progress. Once the winner is decided, Google searches will rise for phrases like “World Cup Winner Jersey 2014 of xxx”. Some refer to this as the super long tail. And research does show that search queries with 3 or more words have better conversion rates than queries with only 1 or 2 words.
Who can predict the winners?
What happens if a fairly unknown player scores the last goal in over time? How will that event impact social media activity and search engine volumes? Who will be able to leverage this activity to sell the relevant merchandising products fast enough? The eShop with the best data will have the quickest response. And the eShop with the quickest response will get the traffic and the revenue.
The world cup is a battle. The early bird closes the sale. It’s time to play the World Cup of Data.
Guest interview with Jorij Abraham: author of the first book about PIM and founder of E-commerce Foundation
Jorij Abraham is the founder of the E-commerce Foundation, a non-profit organization dedicated to helping organizations and industries improve their e-commerce activities. He advises companies on e-commerce strategy, Omnichannel development and product information management. He also works as Director Research & Advise for Ecommerce Europe.
He’s written a fine book about PIM but don’t expect a technical book at all! This is what marketing teams, merchandisers, product category teams, digital strategist, should be reading.
Like him or not, when he talks you’d better listen!
Michele: Let’s start with a view on the PIM market. Where are we globally?
Jorij: We are just starting. Most retailers still do not realize how important product information is to sell digital. In some countries the expectation is that in 2020 30 – 50% of all consumer goods are bought online. PIM no longer is an option. It is essential to be successful now and in the upcoming years.
M.: What was the main inspiration behind the book? It is definitely the first book about PIM but I am sure the motivation runs a bit deeper than that.
J.: The fact that there is very little in depth information available about the subject triggered me to write the book. However, I got a lot of help from experts from Unic and the different software vendors and was very happy with all the great research Heiler had already done in the area.
M.: Who should be reading your book?
J.: I wrote the book for a broad audience; managers, employees responsible for product information management, marketers, merchandisers, and even students! There are chapters covering the basics and how a PIM can help a company on a strategic, tactical and operational level. Few later chapters are devoted to helping product information officers implement a PIM system and choose the right PIM solution.
M.: I see that in your book you cover a good number of big PIM vendors. What is the future for those who target mid-market businesses?
J.: If you look at the overall market I think we will see a large shake out in the industry. We will have very big players like Amazon, Ebay, Walmart and lots of niche players. The medium sized business will have a difficult time to survive. All will be in need for a PIM system however.
M.: What’s your take on the different PIM vendors out there? I personally see different flavours of PIM such as those more commerce friendly, as opposed to those more ERP friendly, or just minimalist PIM solutions.
J.: In the book I discuss several solutions. Some are for companies starting with PIM others are top of the line. Especially for larger firms with lots of product information to manage I recommend to make a larger investment. Low-end PIM solutions are a good choice if you expect your needs will remain simple. However if you know that within two or three years you will have 100.000 products, in multiple languages with lots of attributes, do not start with a simple solution. Within 1.5 years you will have to migrate again and the costs of migration are not worth the licence costs saved.
J.: There are many strategic, tactical and operational benefits. Managers have difficulties understanding the ROI because it is indirect. PIM can improve traffic to your site, increase conversion ratio, and reduce returns.
M.: Would it be easier to promote PIM in combination to a WCMS platform? More generally, is there a case to promote PIM as part of a greater strategic thrust?
J.: I personally prefer systems which are great at doing what they are meant to do. However it very much depends on the needs of the company. Combining a PIM with a WCMS are mixing two solutions with very different goals. Hybris is an example of a complete solutions. If you want to buy everything at once, it is a good choice. However what I like very much about the Heiler/Informatica solution is that is great at doing what is says it does. Especially the user friendliness of the system is a big plus. Why? Because if a PIM fails it usually is because of the low user adaptation.
M.: What would you suggest to Australian retailers who are clearly reluctant to adopt PIM primarily because of limited local references (at least on large scale)?
J.: Retail in Australia is going the same way as everywhere else. Digital commerce will be a fact of life and a PIM is essential to be successful online. Look at the proof in the Asia, Europe and the USA. PIM is here to stay.
M.: Is PIM now what ERP was in the 90s and CRM at the beginning of the millennium? In other words, will it ever become a commodity?
J.: I think so. But we are really at the start of PIM. CRM is anno 2014 not yet really a part of most IT architectures. So we have a long way to go…
M.: Let’s talk about the influence exerted by analyst firms such as Gartner, Forrester, and Ventana. What’s your view on this? Are they moving the market? They put a lot of effort in trying to differentiate themselves. For example, see how Gartner MDM Quadrant for Products combine MDM and PIM players.
J.:I think the research agencies in general do not get PIM yet to the full extent. It is still a niche market and they are combining solutions which in my view is not helping the business and IT user. I have seen companies buy an MDM solution expecting to support their PIM processes. MDM is very different from PIM although its goals overlap. I often see that PIM has much more end-users, requires faster publication processes. There are only a few solutions in the market which really combine MDM and PIM in a sensible way.
M.: Looking at your book, I noticed that you spend a great deal of effort in unearthing what I’d call ‘PIM core concepts”. However, while the core concepts are stable, being a technology-enabled discipline PIM will undergo ongoing enhancements. What is your view on this?
J.: This is a tough question. In fact, few chapters in my book may go out of date soon. For example, PIM providers are popping up and it’s hard to keep up. On a more important note, I also see the following trends:
a) The cloud is going to have a fundamental impact on PIM solutions. It will hard to sell an on-premise solution to companies that are very much focused on their core business and outsourcing everything else (e.g. Retailers)
b) I see companies working much more intensively to collect and disseminate accurate product information. This is costly and operational inefficient if it is undertaken in isolation. In fact, there’s room to improve the overall supply chain by integrating product information across different parties, e.g. suppliers, manufactures, and retailers.
c) Finally, I see the emergence of the social as another key development in the PIM space. Just think about the contribute that consumers are providing when they shop online and share their experience on the social platforms or provide a product recommendation and/or ranking. This is product information and PIMs need to incorporate that in the overall product enrichment.
M.: Thank you Jorij. This has been a fantastic opportunity for me and my readers to learn more about you and the great work you are doing.
J.: It is great that you are putting so much effort in sharing information about product information management. Only in such a way companies can start to understand the value of PIM and increase both sales as well as reduce costs.
“Start your master data management (MDM) journey knowing how it will deliver a tangible business outcome. Will it help your business generate revenue or cut costs? Focus on the business value you plan to deliver with MDM and revisit it often,” advises Michael Delgado, Information Management Director at Citrix during his presentation at MDM Day, the InformaticaWorld 2014 pre-conference program. MDM Day focused on driving value from business-critical information and attracted 500 people.
In Ravi Shankar’s recent MDM Day preview blog, Part 2: All MDM, All Day at Pre-Conference Day at InformaticaWorld, he highlights the amazing line up of master data management (MDM) and product information management (PIM) customers speakers, Informatica experts as well as our talented partner sponsors.
Here are my MDM Day fun facts and key takeaways:
- Did you know that every 2 seconds an aircraft with GE engine technology is taking off somewhere in the world?
GE Aviation’s Chief Enterprise Architect, Ginny Walker, presented “Operationalizing Critical Business Processes: GE Aviation’s MDM Story.” GE Aviation is a $22 billion company and a leading provider of jet engines, systems and services. Ginny shared the company’s multi-year journey to improve installed-base asset data management. She explained how the combination of data, analytics, and connectivity results in productivity improvements such as reducing up to 2% of the annual fuel bill and reducing delays. The keys to GE Aviation’s analytical MDM success were: 1) tying MDM to business metrics, 2) starting with a narrow scope, and 3) data stewards. Ginny believes that MDM is an enabler for the Industrial Internet and Big Data because it empowers companies to get insights from multiple sources of data.
- Did you know that EMC has made a $17 billion investment in acquisitions and is integrating more than 70 technology companies?
EMC’s Barbara Latulippe, aka “The Data Diva,” is the Senior Director of Enterprise Information Management (EIM). EMC is a $21.7 billion company that has grown through acquisition and has 60,000 employees worldwide. In her presentation, “Formula for Success: EMC MDM Best Practices,” Barbara warns that if you don’t have a data governance program in place, you’re going to have a hard time getting an MDM initiative off the ground. She stressed the importance of building a data governance council and involving the business as early as possible to agree on key definitions such as “customer.” Barbara and her team focused on the financial impact of higher quality data to build a business case for operational MDM. She asked her business counterparts, “Imagine if you could onboard a customer in 3 minutes instead of 15 minutes?”
- Did you know that Citrix is enabling the mobile workforce by uniting apps, data and services on any device over any network and cloud?
Citrix’s Information Management Director, Michael Delgado, presented “Citrix MDM Case Study: From Partner 360 to Customer 360.” Citrix is a $2.9 billion Cloud software company that embarked on a multi-domain MDM and data governance journey for channel partner, hierarchy and customer data. Because 90% of the company’s product bookings are fulfilled by channel partners, Citrix started their MDM journey to better understand their total channel partner relationship to make it easier to do business with Citrix and boost revenue. Once they were successful with partner data, they turned to customer data. They wanted to boost customer experience by understanding the total customer relationship across products lines and regions. Armed with this information, Citrix employees can engage customers in one product renewal process for all products. MDM also helps Citrix’s sales team with white space analysis to identify opportunities to sell more user licenses in existing customer accounts.
- Did you know Quintiles helped develop or commercialize all of the top 5 best-selling drugs on the market?
Quintiles’ Director of the Infosario Data Factory, John Poonnen, presented “Using Multi-domain MDM to Gain Information Insights:How Quintiles Efficiently Manages Complex Clinical Trials.” Quintiles is the world’s largest provider of biopharmaceutical development and commercial outsourcing services with more than 27,000 employees. John explained how the company leverages a tailored, multi-domain MDM platform to gain a holistic view of business-critical entities such as investigators, research facilities, clinical studies, study sites and subjects to cut costs, improve quality, improve productivity and to meet regulatory and patient needs. “Although information needs to flow throughout the process – it tends to get stuck in different silos and must be manually manipulated to get meaningful insights,” said John. He believes master data is foundational — combining it with other data, capabilities and expertise makes it transformational.
While I couldn’t attend the PIM customer presentations below, I heard they were excellent. I look forward to watching the videos:
- Crestline/ Geiger: Dale Denham, CIO presented, “How Product Information in eCommerce improved Geiger’s Ability to Promote and Sell Promotional Products.”
- Murdoch’s Ranch and Home Supply: Director of Marketing, Kitch Walker presented, “Driving Omnichannel Customer Engagement – PIM Best Practices.”
I also had the opportunity to speak with some of our knowledgeable and experienced MDM Day partner sponsors. Go to Twitter and search for #MDM and #DataQuality to see their advice on what it takes to successfully kick-off and implement an MDM program.
There are more thought-provoking MDM and PIM customer presentations taking place this week at InformaticaWorld 2014. To join or follow the conversation, use #INFA14 #MDM or #INFA14 #PIM.
Over the past few years, we have assisted an increasing shift in customer behavior. Pervasive internet connectivity – along with the exponential adoption of mobile devices – has enabled shoppers to research and purchase products of all kinds, anytime and anywhere, using a combination of touch points they find most convenient. This is not a passing fad.
Consumers expect rich data and images to make purchase choices; business users require access to analytical data in order to make mission-critical decisions. These demands for information are driving a need for improved product data availability and accuracy. And this is changing the way businesses go to market.
A staggering number of stores and manufacturers are reforming their models to response to this challenge. The direct-to-consumer (DTC) model, while not new, is rapidly becoming the center stage to address these challenges. The optimal DTC model will vary depending on specific and contextual business objectives. However, there are many strategic benefits to going direct, but the main objectives include growing sales, gaining control over pricing, strengthening the brand, getting closer to consumers, and testing out new products and markets.
It is my contention that while the DTC model is gaining the deserved attention, much remains to be done. In fact, among many challenges that DTC poses, the processes and activities associated with sourcing product information, enriching product data to drive sales and lower returns, and managing product assortments across all channels loom large. More precisely, the challenges that need to be overcome are better exemplified by these points:
- Products have several variations to support different segments, markets, and campaigns.
- Product components, ingredients, care information, environmental impact data and other facets of importance to the customer.
- People are visual. As a result, easy website navigation is essential. Eye-catching images that highlight your products or services (perhaps as they’re being performed or displayed as intended) is an effective way to visually communicate information to your customers and make it easier for them to evaluate options. If information and pictures are readily accessible, customers are more likely to engage.
- Ratings, reviews and social data, stored within the product’s record rather than in separate systems.
- Purchasing and sales measurements, for example, sales in-store, return rates, sales velocity, product views online, as well as viewing and purchasing correlations are often held across several systems. However, this information is increasingly needed for search and recommendation.
The importance of product data and its use, combined with the increased demands on business as a result of inefficient, non-scaling approaches to data management, provide an imperative to considering a PIM to ‘power’ cross-channel retail. Once established, PIM users repeatedly report higher ROI. It is likely that we’ll see PIM systems rank alongside CRM, ERP, CMS, order management and merchandising systems as the pillars of cross-channel retailing at scale.
For all these reasons, choosing the right PIM strategy (and partner) is now a key decision. Get this decision wrong and it could become an expensive mistake.
Guest Post by Dale Denham, CIO at Geiger
The CFO and CEO want “Big Data”. However, everyone needs actionable data, including the CFO and CEO.
The problem lies in the little data. The little data is all the data that is floating all around your company unorganized including your duplicate customer records, your unmatched product numbers, and so on.
At Crestline, we have more data coming in today than ever before. We are utilizing this data in exciting ways to better serve our customers. Yet we still have room to improve in efficiency, data quality, and better understand the story behind the data.
Recently we implemented Informatica Product Information Management (PIM) which has been a huge success for our ability to deliver new products quickly to our customers through our web site and our print catalog. In the first 3 months of 2014 using our new PIM, we’ve exceeded the total products added and updated through all of 2013! We’ll be sharing our story at Informatica world May 12th in Las Vegas along with giving out some great giveaways from our fantastic selection of promotional products.
Beyond sharing our Informatica PIM success story, I’m most excited about the data governance track as we, like most people, can do a better job with our overall data governance. Having a chance to engage with and hear success stories on data governance from expert practitioners will help deliver more value to our organization.
It will also be fun to hear legendary Ray Kurzweil paint a mind-boggling portrait of the future of humanity, but the real value is in the breakout sessions and networking. Join me and hundreds of others as we descend on Las Vegas to get more from our data and use data to support our strategic initiatives. If you do come, be sure to join me at my session “Best Practices for Product Information Management in E-Commerce” to get some great tips as well as perhaps a very cool promotional product.
- To learn more about the conference and keynotes, click here.
- To register for Informatica World, click here.
Views expressed are those of the author and do not necessarily represent those of Geiger.
Every company wants to see a “time to market improvement.” The wisest companies know this is only possible once you’ve mastered your internal data. One such company is Saint-Gobain, a Netherlands-based distributor of building materials. Saint-Gobain has accelerated and enhanced their customer’s multichannel experience using Informatica Product Information Management (PIM). Using Informatica PIM, Saint-Gobain has unleashed the potential of their information in the following ways:
- Ecommerce product introduction: Before using Informatica PIM, it took about one week to update a product to the website – now it is done within a few minutes.
- Everywhere commerce: The mobile app helps construction workers, on-site, to learn the details and stock availability of nearly 100,000 products and parts.
- Cross-selling: In addition to selling roof tiles, Saint-Gobain is also offering additional materials and tools as an up-sell.
- Retail stores: In addition to direct distribution, St. Gobain also sells through retailers. These specialty retailers need to create individual customer quotes which contain potential cross-sell and up-sell items. With Informatica PIM the retailers can create these custom quotes more effectively.
In the video below, Ron Kessels, Saint-Gobain’s Deputy Director of E-Business, talks about how they bring products to market more quickly while creating more opportunities for up-selling building supplies.
If you’d like to learn how your retail business can bring products to market more quickly, consider attending the Informatica World 2014 RETAIL PATH. This collection of sessions will show how to create unique customer experiences with relevant information, analytics, and relationships between data and people. In addition, the pre-conference MDM Day offers a track on “Omnichannel Commerce and Supplier Optimization”.
“Opportunity for the large community to share experiences, lessons learnt, and help those that are starting the MDM journey get on the right track.”
Next month, Informatica will host its third MDM Day conference. Our past two events in Las Vegas and London have been huge successes thanks to the active participation of our customers, partners, and colleagues. The conference is structured to provide opportunities for you to share your ideas, provide guidance to our product management team, and learn from other customers’ MDM and PIM journeys.
When: February 12th, 8:30 AM – 5:00 PM
Where: Westin Times Square
How: Register Here