We are happy to share some insights about Innovit MDM drawn from our latest Value Index research, which assesses how well vendors’ offerings meet buyers’ requirements.
We published the Ventana Research Value Index: Product Information Management, the distillation of a year of market and product research efforts. To assess functionality, one of the components of Capability, we applied the Ventana Research Value Index methodology and blueprint, which links the personas and processes for PIM to an organization’s requirements.
In all of our Value Indexes, we utilize a structured research methodology that includes evaluation categories designed to reflect real-world criteria incorporated in a request for proposal and vendor selection process for PIM software. We evaluated Innovit MDM and 15 other vendors in seven categories, five relevant to the product (Adaptability, Capability, Manageability, Reliability and Usability) and two related to the vendor (Vendor Validation and Total Cost of Ownership and Return on Investment). To arrive at the Value Index rating for a given vendor, we weighted each category to reflect its relative importance in an RFP process, with the weightings based on our expertise and research.
Innovit, a dedicated provider for master data management, has been steadily advancing its technology to meet the global requirements for PIM and MDM and its specialty in the healthcare industry. It was categorized as a Vendor with Merit and ranked 15th overall in the Value Index. Innovit performed its best in Capability.
The vendor ranking in a highly competitive market should not discourage its product offering for organizations seeking an MDM-centric approach to PIM. Innovit’s product is exclusively focused on the technology and components that are required for master data management and syndication across an organization’s network of customers and suppliers. Its specialty of dedicated focus in MDM is appreciated by many global organizations, but the vendor should examine where it can further its whole product and the experience of its efforts.
Innovit could improve in Reliability and Adaptability, its two lowest-performing categories, with more depth in its processing, performance and scalability, and focusing on how it can meet a growing need for integration of PIM across applications and processes. It could also provide more depth in TCO/ROI, providing the information required not just to build a business case, but to perform the benefit and cost analysis for a payback. This information should also be more easily found on its website.
This assessment was based on Innovit MDM’s product information management applications available at end of April of 2021— release 5.9.2. Since the release of the Value Index, Innovit has entered into beta-testing for its 6.0 release, its next-generation microservices and serverless version that will enable more efficient cloud operations and digital experience of its products. Innovit also continues to invest in its healthcare specialization, supporting the regulations and for data syndication including: GDSN, GUDID, EUDAMED, China NMPA, South Korea IMDIS and for supporting medical product manufacturers.
The role of PIM for every organization is to ensure the most accurate and engaging product information that supports customer, enterprise and product lifecycle requirements. Providing effective product information is the foundation to providing an engaging digital experience that meets the needs of marketing, commerce and the digital shelf. Organizations should make PIM and product experiences a priority for continuous process improvement, and perform an assessment of existing process and technological approaches, adopt best practices and ensure the effectiveness of product information being utilized for revenue, operations and supply chain processes.
This research-based index is the most comprehensive assessment of the value of product information management software in the industry. Technology buyers can learn more about how to use our Value Index by clicking here and included vendors that wish to learn more can click here. Read the report here.