The need to be effective in the marketing, selling, manufacturing, distributing, and sourcing products requires more consistent and higher quality product information. This is where product information management (PIM) has great potential, and as I have attested is the responsibility of business to lead the process and technology improvements. Of course for PIM to be efficient IT needs to support business leadership to improve PIM and ensure access and integration of data and applications. One of the technology providers that help in this mission is Agility Multichannel, a software supplier that I have been tracking for many years and rated the highest level as a Hot Vendor in our 2012 Ventana Research Value Index for Product Information Management. In the scope of PIM its product has the ability to handle a broad range of channels of interaction for product information, from traditional print and electronic layout to email, portal, mobile and commerce interfaces across the life cycle of product information.
Topics: Big Data, Sales, Operational Performance Management (OPM), Commerce, Customer Performance Management (CPM), Information Applications (IA), Information Management (IM), Product Information Management, Sales Performance Management (SPM), Supply Chain, Supply Chain Performance Management (SCPM)
To maximize the potential of their investments, businesses must manage product information, yet for many businesses product information is scattered and duplicated in many systems, which leads to duplication of effort, incorrect information about product descriptions and prices and improper tracking of products, all of which increase costs and waste time. At the same time, for marketing products and streamlining their distribution through sales channels, making product information accessible to consumers through smartphones and tablets is essential.
Topics: Big Data, Master Data Management, Sales, Operational Performance Management (OPM), CIO, Information Management, Business Performance Management (BPM), Commerce, Customer Performance Management (CPM), Information Management (IM), Product Information Management, Sales Performance Management (SPM), Supply Chain Performance Management (SCPM)
The rapid evolution of business on the Internet has dramatically changed many organizations’ strategies for growth and profitability, especially those in the retail sector. I have written about the importance of analytics overall and in retail, but many companies are maturing slowly in using them to analyze electronic business and commerce. Data derived from analytics can enable them to manage the cycle from electronic merchandising and promotions to assessing interactions with sales categories and products and then to details of customer behavior and revenue. While there have been advancements in analytics of Web traffic, more is needed to be done to operate the Internet channel of retailing like those of “bricks and mortar.” As I have written about the evolution of Web sites to business sites (See: “Destroy the Website and Build Your Business on the Internet“), organizations need to invest in this business not just with people and processes but with the information and technology required to be successful. Our recent benchmark research into business intelligence found slight maturity and inadequate use of analytics to support retail. The research specifically discovered that the overuse of spreadsheets and lack of analytic capabilities are holding back organizations from maturing: Only 15 percent of retailers are at the highest Innovative level of maturity according to our Ventana Research Maturity Model.