best practices for implementing a product information management (pim) system

WEBINAR Best Practices for Implementing a Product Information Management (PIM) System Co-sponsored by:

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Vik Gundoju - StrikeTru Vik is an experienced technology and operations management professional and a Partner at StrikeTru. His interests include Product Information Management Strategy, Enterprise Information and Data Architecture, Master Data Management and Content Management solutions.

Speakers

Michael Urbonas – Nuxeo Michael Urbonas, Director of Product Marketing, is responsible for Nuxeo’s product messaging and positioning, including creating content and tools that convey the unique functionality and business value of the Nuxeo Platform. Mike believes strongly in the power of enterprise information and analytics to foster business transformation.

www.striketru.com |

Co-Branded Partner Webinar Best Practices for Implementing a Product Information Management (PIM) System

4 2016 | Strictly Confidential

www.striketru.com | 5

Executive Summary

•  Consumer preferences changing dramatically

•  Increasingly comfortable researching and buying online

•  High quality product content speeds a consumer’s path to purchase

•  Bad content harms the brand, raises costs, and leads to lost sales

•  Legacy systems and content processes involve high cost and complexity in sharing great content with customers and partners

•  PIM tools transform legacy operations, & deliver quality content consistently

•  Successful PIM solutions focus on collecting & managing content and assets from multiple sources, and distributing it efficiently to customers and partners


Consumer preferences changing dramatically

Millennials:

§ Will be 50% of the workforce by 2020

§ Are picky about how they’re marketed to

•  Want interaction, and highly relevant advertising only – on their devices!

•  Internet & social media: critical tools for research and buying

Source: The American Furniture Industry: An ABTV Industry Watch Report, October 2014


Increased comfort online: Content matters

•  69% of US internet users shop online regularly1

•  Across product categories, channels, and devices

•  Want easy access to high quality, consistent content

•  Content greatly influences buying decision2

• 71% rely on titles, descriptions, digital assets, etc.2

• 82% consult phones when shopping in a store3

• 33% bought from a different brand based on content received on demand3

1 Online retail sales to top $480 billion by 2019, Forrester, April 2015 2 Polishing Up Your Products — Why PIM Really Matters, Forrester, Nov 2014 3 Winning Omni-Channel Shoppers in Their Micro-Moments, Google, Oct 2015


Great content drives traffic and sales

•  Strong digital presence ensures shoppers find and consider you • Over 50% begin research on digital channels vs 7% at physical stores1

•  eCommerce and digital marketing tools perform great with rich content

•  Content rich product pages drive higher traffic and conversion • Better titles and descriptions led to 50%-70% more ad impressions2

• High quality content feed to Google led to an 8.1% conversion lift at Speakman3

•  Also impacts AOVs, stickiness, profitability, return, abandonment rates

1 Polishing Up Your Products — Why PIM Really Matters, Forrester, Nov 2014 2 Google Internal Data 2015 - experimental data for product ads over multi-month period 3 Salsify Case Study, Dec 2015


Barriers to publishing great content


Lost sales, higher costs, brand inconsistency

20-25peopleand8differentsystemsinvolvedinservicingaretailerrequestforproduct

data

30-50%of=mespentcompiling&publishingproductdataisredundant&

wasted

Takesus5=meslongerthanpeerstorolloutproducts Sameproductbranded5differentways

acrossourprintandwebchannels

Lostsalesbecausewelet3rdpar=esdefineourpresenceonAmazon

1A.T.Kearney,GMA,AMR Quotes:Riversand&StrikeTruEngagements

3.5%ofsaleslost/yearduetosupplychain

informa=onalinefficiencies1

30%ofdatainproductcatalogs

isbad1

25minutes/item/yearspentmanuallycleansingbaddata1

4weeksonaveragetointroducenewproducts1


Invest in PIM for better content and process


The value of PIM

OtherBenefits

BeOerRepor=ngFewerReturnsandReconcilia=onsFewerCallstoCallCentersMoreSellingTime

StrongDigitalPresenceHigherSalesLowerOpera8ngCosts

HighQuality,ConsistentContentFasterProductReleasesMoreSellingChannelsFewerSystems&Resources


Top PIM Use Cases By Industry

Manufacturer

Distributor

■  Efficient content creation and distribution ■  Digital asset & collateral management ■  Distributor portal (to share data and assets) ■  Individual retailer requirement management ■  Web & Print publishing ■  Integrations: ERP, PLM, WMS, WCM, Industry Data Warehouses, Content

Syndication platforms, eCommerce & Digital Marketing platforms, Regulatory authorities (e.g. FDA submission for medical device firms)

Retailer

■  Efficient content aggregation, cleansing, enrichment, and distribution ■  Digital asset & collateral management ■  Product relationship management (cross/up sell, kits, bundles, etc.) ■  Supplier portal (to source supplier product data and assets) ■  Omni-channel commerce support (cross channel consistency) ■  Drop ship, eCom & digital initiatives, reseller & social media enablement ■  Integrations: ERP, WMS, BI, POS, eCommerce & Digital Marketing platforms ■  Product line expansion

■  Similar to Retailer use cases ■  Customer service improvements ■  Print Publishing


Top PIM Use Cases By Business Function

Marketing

Buyer / Product Manager

■  Add marketing copy, SEO metadata, translations ■  Add digital assets, and collateral, and link them to products ■  Approve automatically generated titles and descriptions ■  Automate content and asset distribution to all channels ■  Setup product relationships (e.g. cross/up sells) ■  Setup custom catalogs, automate web & print publishing ■  Collaborate with 3rd parties (agencies, translators, etc.) on PIM platform

■  Pre-launch product setup ■  Product IDs, pricing, descriptions, categories, reference materials ■  Other attribute values, product relationships (cross/upsells)

Finance ■  Drive pricing strategies & competitive analysis via better reporting ■  Retire legacy or in-house product data systems ■  Avoid prohibitive costs and delays by not building a PIM in-house

IT ■  Simplify product data flow by integrating multiple systems ■  Enable digital and other initiatives by rolling out scalable PIM solutions

Governance ■  Develop data structures for content management ■  Set content policies and rules, help transform content processes


Key Enterprise PIM Features

Data Management

■  Product variants, categories, attributes, relationships ■  Reference data, channel specific content, localized content ■  Datatype, LOV, and other validations ■  Search, saved search, bulk edit, and quick export ■  Auto content generation (Titles, Descriptions, URLs, etc.)

Integrations, Portals

■  Flexible integration capabilities – file & services based ■  Full/delta exports, multiple formats – CSV, XLS, XML, etc. ■  Connectors to Industry Data Pools and Digital Platforms ■  Support for Supplier Portal, Distributor Portal

Workflow, Security

■  Robust workflow capabilities with notifications ■  Single and bulk workflow approvals/rejections ■  Security by data elements and by feature – e.g. at category,

attribute, bulk edit, import, export levels.

Print, Translation

■  Print catalog automation ■  Web based catalog setup in PIM, creative design in InDesign ■  Translation automation, translation memory

Digital Asset Management

■  Images, videos, URLs, ■  Asset on-boarding, transformation, and delivery to channels ■  Linking to products


Best Practices for Implementing a PIM System

Develop a PIM Strategy 1

Implement PIM Solution

3

■  Develop a vision and strategy for PIM ■  Secure executive sponsorship ■  Align Business and IT

Develop Implementation

Roadmap 2

■  Assess product content management needs ■  Identify implementation scope and roadmap ■  Implement in phases – select a high impact channel for Phase 1

■  Pick a flexible platform that supports industry best practices ■  Pick an experienced & capable partner that can make you successful ■  Assign the right resources, ensure they’re available for the project ■  Implement Phase 1. Build on it & deliver overall solution in chunks ■  Manage change pro-actively


Thank You

Vikram (Vik) Gundoju

[email protected]

StrikeTru

832-303-3257

www.striketru.com

Key Functionality for Product Information Management Adding content to your applications Michael Urbonas Director of Product Marketing

The three key purposes of PIM

Ensure the quality and integrity of product data

Allow business users to manage and orchestrate product data with its associated content (copy, images, video, audio)

Act as a hub between content management, eCommerce, digital asset management and ERP systems

The three key purposes of PIM

Ensure the quality and integrity of product data

Allow business users to manage and orchestrate product data with its associated content (copy, images, video, audio)

Act as a hub between content management, eCommerce, digital asset management and ERP systems

- Michele Goetz and Peter Sheldon, Forrester Research, 06/05/2014

Key Functionality

Next-gen content repository

Not just “files”… Intelligent, rich content objects:

SimpleFile.pdf

Next-gen content repository Not just “files”… Intelligent, rich content objects:

SimpleFile.pdf

Creation date 2016-05-02 Modification date 2016-05-03 Created by Rachel Contributors Sarah, Carmen Lifecycle state Valid Product ID 7200 Product Desc Raspberry Iced Tea File: Access Controls …

SimpleFile.pdf

Next-gen content repository Not just “files”… Intelligent, rich content objects:

SimpleFile.pdf

Creation date 2016-05-02 Modification date 2016-05-03 Created by Rachel Contributors Sarah, Carmen Lifecycle state Valid Product ID 7200 Product Desc Raspberry Iced Tea File: Access Controls …

Next-gen content repository

Creation date 2016-05-02 Modification date 2016-05-03 Created by Rachel Contributors Sarah, Carmen Lifecycle state Valid Product ID 7200 Product Desc Raspberry Iced Tea File Version 0.1 Access Controls …

Schema-flexible content model

Define and manage complex metadata structures

Built-in lifecycle service

Highly scalable vertically and horizontally

Workflow & Content automation

Visual workflow designer (Nuxeo Studio)

Apply custom business logic

Dynamic validation steps

Workflow escalation rules

Advanced Query Engine

Powered by Elasticsearch for excellent search query performance and massive scalability

Full text search and search capabilities available for advanced applications

Built-in visual analysis toolkit using Elasticsearch aggregations

Web Application UIs/Publishing

Custom application UIs, based on role, group, etc.

•  Limits user content access and user actions

Centrally control and publish select content to… •  Remote Nuxeo applications •  File systems •  HTTP servers •  Web portals (etc.)

Flexible REST API Fully dynamic – for the same flexibility and extensibility of Nuxeo Platform itself

Fully composable - enabling developers to specify the assembly of API calls in desired combinations and level of granularity as required

Focus on how - not just what

- Theresa Regli, Real Story Group blog, 4/18/2016

“Enterprise integration charts are often amorphous, ill-defined, and say nothing about how such integrations will actually happen…”

Focus on how - not just what “Enterprise integration charts are often amorphous, ill-defined, and say nothing about how such integrations will actually happen…”

“[What’s holding organizations back] …is ill-defined integrations, that were set up without proper consideration of the how rather than just the what.”

- Theresa Regli, Real Story Group blog, 4/18/2016

Vik Gundoju Partner StrikeTru [email protected] www.striketru.com

Thank You!

Michael Urbonas Director, Product Marketing Nuxeo [email protected] www.nuxeo.com

For more information: www.nuxeo.com/pim

best practices for implementing a product information management (pim) system

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