Along with Peter Sheldon in our eBusiness and Channel Strategy role, we just released the Forrester's Wave on Product Information Management. I'm really exited about this report for two reasons:
- Clients now have a report that helps them make more informed choices about selecting a PIM solutions. PIM is not always a well understood master data solution option for Enterprise Architects. Questions arise about, do I need PIM or MDM or do both? Aren't PIM and Product MDM the same? How does this fit in my architecture? This report takes away the confusion, answers these questions. It gives insight into how vendors satisfy PIM demands, differentiate from MDM and operate in hybrid scenarios.
- The first Forrester Wave collaboration across the Business Technology and Marketing and Strategy groups. In the age of the customer, tighter collaboration between business decision makers and technology management professionals is critical. This wave addresses both perspectives providing the business requirements for marketing and product professionals while also addressing the technical questions that are important when selecting tools. Yes, business and technology management can work together, be on the same page, and produce great results!
No one can deny the role digital and ecommerce has played as an organization's strategic capability. As such, organizations are increasingly looking at how to best manage product data and find the best way to bring products to market quickly and effectively through omni-channels. Without PIM, the ability to do this across a diverse channel ecosystem and ever more complex product catalogs is an impossible task – organizations that don't adopt PIM will lose their competitive edge.
PIM makes managing the product master efficient in two ways: 1) It puts ownership and control of product information into the hands of subject matter experts in the business and 2) It consolidates product data with content (copy, video, audio, images) and the mechanisms to integrate with marketing delivery channels – a business solution for merchandising. Organizations using PIM solutions report cutting the time to market for new products and product updates from weeks to hours. It allows retailers, suppliers, and manufacturers to exchange product information and improve the ability to sell products in complex supply chains. PIM also ensures that the quality of the information is maintained as part of a marketing or product manager's general business practices. In data management terms, PIM is a data governance application for the business. In business terms, PIM is a merchandising business solution.
Here is the link to the Forrester Wave: Product Information Management; Q2 2014. I encourage you to not only take a peak, but read over a cup of Joe. Enjoy!