Products and services are the foundation of every organization, regardless of its industry or size. In a black-swan event, demand for a product may spike or dip, so in these situations, it is of the essence that products get the attention they deserve as they are marketed, sold, serviced, and enhanced with innovations. In challenging times, a “customer-first” mentality tends to take hold. This is not unreasonable, but in a rush to satisfy customers, business leaders too often forget that the product experience is key to satisfying customers and buyers.
PXM and the applications and technology that enable it are designed to help organizations provide the best possible product information to their processes, departments, and partners. To accomplish this, software must support multiple business roles, including product managers and marketers, operations and manufacturing teams, suppliers, and those in the supply chain. It must enable manufacturers, for example, to share product information with distributors and direct retailers or digital commerce providers. The software used for PXM should meet the direct needs of consumers and customers who interact with information within other applications or platforms or directly where product catalogs are shared from websites to marketplaces. Our Ventana Research Benchmark Research finds that most organizations (62%) deem product experiences to be very important.
The market report on the PXM Value Index is the distillation of over a year of market and product research efforts by Ventana Research. It is an assessment of how well vendors’ offerings will address buyers’ requirements for PXM software. The index is structured to replicate an RFI/RFP process by incorporating all criteria needed to evaluate, select, utilize, and maintain technology and relationships with vendors.
“The importance of products to every organization, and the efficiency of managing them along with the product experience, is essential to meeting customer needs, but the ineffectiveness of technology in use is impacting business results," said Mark Smith, CEO and chief research officer at Ventana Research. “The PXM value index provides every organization the opportunity to assess the technology and vendors they use today and what is required for them to operate in the future.”
The PXM Value Index finds Informatica first with Akeneo in second place and Salsify in third. Companies that place in the top three in any category earn the designation Value Index Leader. Informatica and Akeneo have done so in Overall, Product, and Customer Experience, and in all seven of the categories; inriver in Customer Experience and four categories; Salsify in Overall, Product Experience and in two categories; and Syndigo in one category. All are Value Index Leaders
The Value Index, through the thorough analysis of product and customer experience, has categorized vendors into four classifications: Exemplary, Innovative, Assurance, and Merit. This Value Index representation classifies vendors’ weighted performance in Product Experience and Customer Experience. The vendors awarded Exemplary are Akeneo, Informatica, inriver, Salsify, and Stibo Systems. The vendors awarded Innovative are Pimcore, Syndigo, and Viamedici. The vendors awarded Assurance are Bluestone PIM, Contentserv, and Perfion. The vendors awarded Merit are IBM, insightsoftware, Oracle, Precisely, and Sales Layer.
Unlike many IT analyst firms that rank vendors from an IT-only perspective or consider futures or vision over what is available in the products today, Ventana Research has designed the Value Index to provide a balanced perspective of vendors and products rooted in an understanding of business drivers and needs. This approach not only reduces cost and time but also minimizes the risk of making a decision that is bad for the business. Using the Value Index will enable your organization to use PXM to achieve the levels of organizational efficiency and effectiveness needed for engaging digital experiences to meet your buyer, consumer, customer, and partner needs.
The Product Experience Management Value Index is neither sponsored nor influenced by technology vendors. It is conducted solely in pursuit of Ventana Research's mission to provide value to businesses and IT through advisory services, benchmark assessments, and workshops. Ventana Research's goal is to help guide organizations to optimal efficiency in their use of technology investments for business and IT. To learn more and to read the market report of the 2023 Product Experience Management Value Index, please click here.
About Ventana Research
Ventana Research is the most authoritative and respected market research and technology advisory services firm. We provide insight and expert guidance on mainstream and disruptive technologies through a unique set of research-based offerings including benchmark research and technology evaluation assessments, education workshops, and our research and advisory services, Ventana On-Demand. Our unparalleled understanding of the role of technology in optimizing business processes and performance and our best practices guidance are rooted in our rigorous research-based benchmarking of people, processes, information, and technology across business and IT functions in every industry. This benchmark research, plus our market coverage and in-depth knowledge of hundreds of technology providers, means we can deliver education and expertise to our clients to increase the value they derive from technology investments while reducing time, cost, and risk.
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