Whether you operate in a B2B or B2C world, buyers have ever increasing expectations of the customer experience and savvy competitors can quickly disrupt your market. To survive in the digital age, it is absolutely fundamental to provide an exceptional experience across all of your customer touchpoints. Demonstrating to potential customers that you are easy to do business with is a minimum requirement, and differentiating yourself by providing a particularly unique, interesting or engaging experience will help make you more competitive in your space.
In a recent industry analyst report, Create Powerful Customer Experiences With a 360-Degree View of Your Products, Gartner analysts, Simon Walker & Michael Moran describe how “organizations need to evolve from product information management to product information intelligence. In doing so, data and analytics leaders will unlock greater business value through their programs by connecting master data to product data assets in support of customer centric experiences.”
Product Information Intelligence has key Product Data Assets at its foundation:
- Highly-structured, utilitarian Product Master Data such as your core product identifiers and specifications as well as workflow and governance
- Dynamic, rich product content for multichannel marketing and commerce syndication that focuses on engaging your customers rather than driving internal IT infrastructure
- Digital assets like images, videos and documents that help to further describe your products and engage your customers
But, Product Information Intelligence goes beyond the data assets to include key performance indicators (KPIs), which are based on your transactional, observational, interactional, analytic and unstructured datapoints, such as:
- How your products are perceived in the market: price sensitivity, customer-generated content (ratings, reviews), social sentiment (likes, shares, posts, tweets, pins), customer service inquiries
- Your products’ business performance: availability, returns, inventory turns, period-over-period sales, geographical distribution of sales, revenue by product, category or brand
- The effectiveness of your product marketing strategy: sales by channel, product page views, search engine optimization (SEO), click-throughs, conversion rate
By connecting your product master data, enriched data and digital assets to analytical data both within and outside of your business, you can better observe product KPIs and then use that information to improve your marketing effectiveness and business operations. And, while this may sound like a daunting task, the right product information toolkit can make it achievable, pulling together the data that lives across your organizational silos and turning it into actionable intelligence.
Within the Magnitude Software portfolio, our products work together as a product information engine, providing you with a holistic way to manage all of the information relevant to your marketing and selling activities. We have a very strong foundation for master data assets with Magnitude MDM, Agility PIM for rich product content and Agility DAM for digital assets. We extend this into the realm of Product Information Intelligence with our Dynamic Information Warehouse (DIW) solution, which provides the infrastructure to gather, organize, analyze and deliver transaction, observation and interaction data.
A holistic way to manage all of the information relevant to your product marketing and selling activities
And, to address the issue of integrating with data from other internal and external datasets, Magnitude Simba leads the way in standards-based, data-access and analytics connectivity solutions. Simba, coupled with the powerful ETL engine embedded in Agility, provide you with the ability to connect to, manipulate and transform data for any source.
Finally, to give your users visibility to a 360-degree view of your products, the Agility Analytics toolkit lets you display key performance dashboards natively within the Agility PIM. These dashboards allow PIM data to be integrated with data from your ERP, MDM, data warehouse and any other business intelligence tools you might use, providing your business users with quick and easy access to key product KPIs.