Can You Keep Track of MDM and PIM Vendors?

If you have the job to shortlist a range of MDM and/or PIM vendors to help you getting a grip on product master data (MDM) and detailed product features (PIM), or have the job to assist a client in doing so, you may have a hard time.

As mentioned in the post Disruptive Forces in MDM Land now Gartner (the analyst firm) only mentions the 11 most expensive MDM vendors. This leaves very little room for taking into account the differences in product specific offerings, geographic presence, industry focus and other parameters.

As a consequence, PIM and Product MDM Consultant Nadim Georges WARDÉ, who runs his business from Geneva in Switzerland, is keeping track of the vendors in his own comprehensive list and have kindly provided the list to be shared here on the blog:

Nadim Warde List

You can access the full spreadsheet here.

The list also has a small section on professional service vendors, vendors that have achieved substantial funding and finally a list of vendors supporting product serialization exchange within the pharma industry – a topic covered on this blog in the post Spectre vs James Bond and the Unique Product Identifier.

 

The Product Data Domain and the 2017 Gartner Data Quality Magic Quadrant

data-quality-magic-quadrant-2017The Gartner Magic Quadrant for Data Quality Tools 2017 is out. One place to get it for free is at the Informatica site.

As data quality for product data is high on my agenda right now, I did a search for the word product in the report. There are 123 occurrences of the word product, but the far majority is about the data quality tool as a product with a strategy and a roadmap.

The right context saying about the product domain is, as I could distil it based on word mentioning, as follows:

Product data is part of multidomain

Gartner says that the product domain is a part of multidomain support, being packaged capabilities for specific data subject areas, such as customer, product, asset and location.

Some vendors were given thumbs up for including product data in the offering. These were:

  • BackOffice Associates has this strength: Multidomain support across a wide range of use cases: BackOffice Associates’ data quality tools provide good support for all data domains, with particular depth in the product data domain.
  • Information Builders has this strength: Multidomain support and diverse use cases: Deployments by Information Builders’ reference customers indicate a diversity of usage scenarios and data domains, such as customer, product and financial data.
  • SAS (Institute, not the airline) has this strength: Strong knowledge base for the contact and product data domains.

One should of course be aware, that other vendors also may have support for product data, but this is overshadowed by other strengths.

Effect on positioning

Multidomain brings vendors to the top right. Gartner’s metrics means that leaders address all industries, geographies, data domains and use cases. Their products support multidomain and alternative deployment options such as SaaS.

Product data focus can make a vendor a challenger. Gartner tells that challengers may not have the same breadth of offering as Leaders, and/or in some areas they may not demonstrate as much thought-leadership and innovation. For example, they may focus on a limited number of data domains (customer, product and location data, for example). This also means, that missing product data focus keeps vendors away from the top right positioning, which seems to be hitting Pitney Bowes and Experian Data Quality.

Product data will become more important, but is currently behind other domains

Gartner emphasizes that data and analytics leaders including Chief Data Officers and CIOs must, to achieve CEOs’ business priorities, ensure that the quality of their data about customers, employees, products, suppliers and assets is “fit for purpose” and trusted by users.

Organizations are increasingly curating external data to enrich and augment their internal data. Finally, they are expanding their data quality domains from traditional party domains (such as customer and organization data) to other domains (such as product, location and financial data).

According to Gartner, data quality initiatives address a wide variety of data domains. However, party data (for existing customers, prospective customers, citizens or patients, for example) remains the No. 1 priority: 80% of reference customers considered it the top priority among their three most important domains. Transactional data came second highest, with 45% of reference customers naming it among their top three. Financial/quantitative data was third, with 39% of reference customers naming it. The figure for product data was 34%.

In my view, the 34% figure is because not all organizations have high numbers of product data and have major business pains related to product data. But those who have are looking at data quality tool and service vendors for suitable solutions.

Sell more. Reduce costs.

Business outcome is the end goal of any data management activity may that be data governance, data quality management, Master Data Management (MDM) and Product Information Management (PIM).

Business outcome comes from selling more and reducing costs.

At Product Data Lake we have a simple scheme for achieving business outcome through selling more goods and reducing costs of sharing product information between trading partners in business ecosystems:

Sell more Reduce costs

Interested? Get in touch:

Neutron Star Collision and Data Quality

The scientific news of the day is the observed collision of two neutron stars resulting in gravitational waves, an extremely bright flash – and gold.

The connection between gravitational waves and Master Data Management (MDM) was celebrated here on the blog when those waves were detected for the first time as told in the post Gravitational Waves in the MDM World.

The ties to Product Information Management (PIM) was examined in the post Gravitational Collapse in the PIM Space.

Now we have seen a bright flash resembling what happens when two trading partners collide, as in makes business together encompassing sharing master data and product information. Seen from my telescope this improves data quality and thereby business outcome (gold, you know) as explained in the post Data Quality and Business Outcome.

Neutron Star Collide

Data Quality and Business Outcome

take-2The connection between MDM (Master Data Management) and business outcome was discussed on this blog in the previous post called MDM, Reltio, Gartner and Business Outcome.

Now, MDM and Data Quality are closely connected disciplines. So, it was interesting to read today’s post on the Experian Data Quality UK blog, where James Marrable states this: Want to improve performance? Improve your data.

In his section around improving data James, among other things, suggests asking this question: “Do you have other data sources you can bring in to support the data you have?”

This is a key question to me and in my eyes a very important mean to make your data bring business outcome. Applying second party and third party data can increase the potential value of your first party data in these ways:

  • Utilizing third party data to compile complete, accurate and timely party data assets needed for understanding and connecting with customers.
  • Receive second party data to compile complete, accurate and timely product information.
  • Having a holistic view of internal and external data needed for decision making.

Hereby you will sell more, reduce costs and mitigate risks.

Merchants vs Manufacturers in the Information Age

Merchants sells the goods produced by manufacturers. In that game merchants and manufacturers are basically allies. Then of course the merchant’s profit may depend on the margin he can get between the manufacturers price to him and the merchant’s price to his customer. In that game, merchants and manufacturers are kind of enemies.

When it comes to providing product information to the end customers, merchants and manufacturers are allies too. The more complete product information placed in front of the end customer, the better. This is increasingly important today with more and more goods sold in self-service scenarios as in ecommerce.

standoffBut again, there seems to be an enemy angle here too. Who should have the burden of lifting product information as the manufacturers have it to the way it is presented at the point-of-sales provided by the merchant? Often this seems to be stalled in a standoff as described in the post Passive vs Active Product Information Exchange.

At Product Data Lake we offer merchants and manufacturers an honorable way out of this standoff:

Mantra for Retailers: Streamline Product Information to Delight Customers

In his third guest blog post here on this blog Rajneesh Kumar of Pimcore examines how this in-house PIM solution facilitates the way sales teams, online marketers, logistics departments and other units can work in perfect unison.

pimcore3

Managing retail is a complex business. It starts with keeping all the attributes of your product information consistent across all platforms. That’s because your customers are everywhere today. They check out your products online and in store. They express themselves on chat boxes, send emails asking straight questions, buy using desktops/tablets/mobiles, call customer care and use all the devices at their disposal interchangeably in doing so.

Ergo, your product information should better be accurate, high-quality, comprehensive, consistent and up-to-the-minute at all times, across all platforms. As your business expands, number of products increase, the chances of botching up only get higher.

In this sea of complexity, one of the key differentiators in your growth story can be the PIM solution you implement. Pimcore’s PIM can be an answer to your retail needs, here’s why:

Retailers’ Needs Answered with Ease:

In today’s changing consumer dynamics, where 72% of businesses have named improving customer experience as their top priority, a robust product information management system is vital for retailers.

It’s no secret that retailers are grappling with the ever-changing product information requirements. They know it very well their customers are deluged with choices. If they don’t give their customers a consistent experience across all digital touch-points irrespective of the time, date, location, phase in the customer life cycle, they stand to lose. With Pimcore’s PIM, integrating different systems, breaking down silos and managing data efficiently can put you on a trajectory of growth.

A PIM Solution that’s Simple yet Mature:

At the core, it’s all about managing the details about your products, like SKUs, specifications, core product data, digital assets, content, omni-channel data, metrics, and the works. And Pimcore does it like no other PIM software.

Be it the drag and drop approach, quick and easy data entry and management or a context sensitive navigation, it’s a breeze to maintain data assets on Pimcore. Its unrivaled interface too, makes it simple to manage data from multiple domains within one consolidated platform. Besides, Pimcore can be a great fit with CMS, DAM, and Commerce, which can immensely curb your time-to-market.

Unmatched Data Integration, Management and Delivery:

As a retailer, your business’s success will always hinge on your ability to integrate, manage and deliver properly. Pimcore’s data integration is unique in every sense. It has the capacity to integrate into just about any IT environment. This is due to its API driven approach and “connect anything” architecture, so whether it’s Oracle, SAP, Navision or anything else, you can look forward to a seamless integration.

Having rich product information in a flexible and agile data model, which is user-friendly, consistently organized, aggregated, classified, and ready for translation is one the biggest virtues of Pimcore.

Retailers can expect a lasting information infrastructure support, which will secure them for the future and ensure data integrity.

Pimcore Helps in Carving Impeccable Customer Journeys:

In retail, user’s perspective reigns supreme. Every possible trajectory of a customer’s journey must be thought through distinctly and mapped out. Everything that a customer is capable of doing, the touch-points they might engage through, all their possible actions, the way they see it must be taken into account. And Pimcore’s PIM can be of excellent help in doing this. It will act as a powerful link between your data and your customers in every step of their journey. It can subtly guide them, which will eventually lead them towards decision making.

Wrapping Up:

Customer centricity may be the driving force in today’s retail environment, but that doesn’t take away the importance of other stakeholders such as suppliers, sales teams, online marketers, logistics departments and other units. It’s pertinent that they all work in perfect unison, minus any silos, in order to contribute towards creating a great customer journey. Pimcore’s PIM can give you a leading edge in making it happen.

Rajneesh KumarA digital marketer and growth hacker, Rajneesh Kumar is currently marketing manager at Pimcore Global Services (PGS), an award-winning consolidated open source platform for product information management (PIM), web content management (CMS), digital asset management (DAM) and e-commerce. He is well versed with web analytic tools, paid media marketing and has hands on experience on seo techniques, organic promotion and content marketing.