28. July 2023

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Leveraging Product Information Management (PIM) for Revenue Growth: Insights from Forrester and Viamedici

In a recent presentation, Chuck Gahun from Forrester and Al Bissmeyer from Viamedici, a leading PIM vendor, provided an in-depth exploration of Product Information Management (PIM) and its transformative impact on businesses. Based on Forrester’s research and Viamedici’s practical experience, the discussion highlighted PIM’s critical role in serving product information across multiple digital channels, adapting to changing business models, leveraging AI for efficiency, and providing a superior self-service experience to buyers.

In an era of digital transformation, Product Information Management (PIM) has become a cornerstone for businesses seeking to drive revenue. A recent presentation by Al Bissmeyer from Viamedici, and Chuck Gahun from Forrester, provided an in-depth exploration of PIM, its transformative impact on businesses, and its intersection with other key technologies.

Chuck Gahun, a technology executive and digital business leader at Forrester, shared key findings from a recent report on PIM. The report highlighted the explosion of digital channels, necessitating the syndication of product information across these platforms.

With 92% of US online adults using five or six connected channels, PIM solutions have become instrumental in serving product information to customers across these digital channels and even print publications. By developing advanced analytics at product and category levels, businesses can gain insights into product performance, enabling better product placement and enhanced customer experiences.

Al Bissmeyer from Viamedici, a leading PIM vendor, provided practical examples from their clients and insights into their own products. Viamedici’s PIM solutions are designed to future-proof businesses with extensible data models and comprehensive change management plans. This ensures that the PIM solution can adapt to changing business needs and models, a critical feature in today’s fast-paced business environment.

Artificial Intelligence (AI) has also found its place in PIM solutions. Gahun’s report indicated that AI can significantly reduce time to market and increase efficiencies by supporting the ingestion and enrichment of product information. Large language models are growing in adoption. PIM vendors like Viamedici use AI to replace suppliers’ onboarding, format product information by tagging and classifying it accurately, and syndicate and map their product information to more digital channels.

The presentation also highlighted the intersection of PIM and Configure, Price, Quote (CPQ) solutions. Viamedici’s integrated CPQ and PIM solutions empower both internal sales experts and end consumers. They allow users to configure the products they want, ensuring a fast and responsive system that can deliver the configured products quickly. This improves the buyer experience and enhances program agility, offer deployment, and price effectiveness.

The speakers also emphasized the importance of providing a superior self-service experience to buyers. In the current digital age, B2B buyers spend more time than ever researching online before speaking with sales reps. Therefore, it’s critical to allow buyers to manage and engage themselves in the digital experience, giving them the option to configure and price their offer independently. This empowers buyers, enhances their experience, and can lead to increased customer loyalty and revenue growth.

 The session concluded with a Q&A segment, where the speakers answered questions about the market segmentation of PIM vendors, the key steps successful companies take when implementing a global PIM solution, and the impact of AI on job roles. This interactive segment provided valuable insights and allowed the speakers to address specific concerns and queries from the audience.

Click here to access the full recording of the session.

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