Top 15 Benefits of Product Information Management (PIM) for Your Business
In this competitive era, it becomes challenging for businesses to stay ahead in the cut-throat competition. To drive efficiency to the business, companies adopt different technologies and software.
Benefits of Product Information Management is one of the highly effective solutions that allow organizations to manage their product data in a centralized platform. It helps businesses to bring products to the market along with detailed descriptions, attributes, pictures, etc.
To promote and market the products effectively, it is very essential to manage your wide range of products in a single repository. Thus, eCommerce businesses should definitely consider PIM to streamline and digitize project management activities.
If we talk about the Benefits of Product Information Management, then you can create a product catalog, manage product data, and populate product information on your sales and eCommerce channels.
Using the Product Information Management solution, brands can deliver a better customer experience, explore and penetrate new markets, unlock new sales channels, and improve customer conversions, just to name a few.
Let’s get started.
- What is Product Information Management (PIM)?
- Top 15 Benefits of Product Information Management: Why Is It Worth Investing in a PIM System?
- Who Can Avail Benefits of Product Information Management Systems in Your Organization?
- Which Industries Can Leverage Maximum Benefits of Product Information Management Solutions?
- How Credencys can help you develop a next-generation PIM solution?
- Frequently Asked Questions about Product Information Management
What is Product Information Management (PIM)?
Product Information Management (PIM) is a robust technology that allows companies of all sizes to organize product data with ease. It is an e-commerce software program for establishing a single source of accurate product content. Employ PIM to enhance product correctness and timeliness, more visibility and control over data, and enhanced customer experiences.
To understand PIM in a better way, don’t miss visiting What is PIM which gives you a comprehensive overview of Product Information Management. Also, read Product Information Management – An Exclusive Guide to get exclusive insights into the different yet essential aspects of PIM.
Product Information Management benefits any type of business, including those run by suppliers, retailers, sellers, manufacturers, and distributors. It enables you to gather and synchronize all of your marketing, sales, and product-specific technical information in one location.
Any sort of digital data may be acquired, managed, and shared through a variety of means. PIM solution is used to enhance the depth, precision, and comprehensiveness of the data of your business.
PIM system is designed to store and handle several types of data, take a look.
- Technical data of a product (Size, Color, Weight, Materials, Ingredients, and so)
- Product usage data (Product description, How to use, Where to use, Samples, and so)
- Emotional data linked with the product (Enriched product details, Product stories, Product images/videos, and so)
- Product digital assets (Product images, Catalogs, Videos, PDFs, and so)
The Product Information Management platform contains outstanding capabilities to manage the different types of product data. If you are interested to explore more about the type of data PIM manages, you must read 11 Types of Data that You Can Store in Product Information Management (PIM) Solution.
Top 15 Benefits of Product Information Management: Why Is It Worth Investing in a PIM System?
1. Shorten Time-to-Market
It’s crucial to launch new products quickly for your business. One of the best methods to shorten the time to market is through PIM systems. After you have all the necessary product information prepared, you may begin selling with only one entry.
Moreover, as its dynamic image modification tool automatically resizes or reformats photographs for any specific usage required, each image only needs to be uploaded once.
One of the best methods to accelerate your time to market is via PIM systems. It provides you with a single source of product information, enables more effective marketing procedures, and assists you in concentrating on creating the best possible story about each product.
2. Reduced Return Rate
Every company wants its products to please its clients. So, it is best if product returns do not occur. This is the area where the PIM tool excels. A consumer may make an informed choice and purchase the ideal goods when they are provided with all the necessary information about the item.
3. Better International Presence
Product data is usually stored by numerous services, much like it is for merchants and industrials. They all own a portion of it, or even worse, a clone of it.
It follows that it is evident that product information must be combined to provide a comprehensive image of the product data, which must then be disseminated both inside and outside of the organization through means such as sales catalogs, e-commerce, advertising, etc.
4. Better Brand Awareness
By ensuring that customers can identify items simply, buy them, and have a smooth purchasing experience across all channels, PIM may assist companies in raising awareness of their brands and revenue.
5. Increased Sales
PIM systems let businesses provide customers with relevant product suggestions based on prior behaviour by classifying and categorizing items. Sales representatives can use product suggestions to find upsell changes, such as extra items or add-ons that clients might want to explore with their orders.
6. Better SEO
You may scale up your content optimization for SEO using the capabilities provided by a PIM. The usage of Product Information Management software may help you produce keyword-rich content for all your website’s pages and all your social media channels.
PIM software may also assist you in improving your search engine ranks, which will enhance your sales and profit. Your SEO campaign might be helped by a PIM system that optimizes keywords for social media and page content.
A PIM system can assist you in integrating material for SEO if you have previously developed content for brand packaging or advertising that would work well for your SEO strategy.
7. Improved Conversion Rate
By ensuring that potential consumers easily locate the goods they are seeking and have all the information they want to make a purchase choice; PIM may assist in enhancing conversion rates. By improving omnichannel power and offering tailored experiences, PIM may help businesses increase sales and conversion rates.
8. Faster preparation of Product Catalogs
PIM software takes the place of time-consuming tasks like looking up product data and requesting continuous content clearance. Your ability to concentrate on product narrative for each of your goods, markets, channels, and consumer touchpoints is therefore enhanced.
In addition to bringing your goods to market more quickly, this will also result in more compelling product messaging and thorough product data.
Enhancing the integrity and consistency of product data across all channels, eliminating inaccuracies from the product information, and expediting the onboarding process for suppliers and data providers.
Using a PIM system may benefit your business in several ways, including reducing the time it takes for your items to reach the market, saving time, and boosting productivity.
Want to leverage the Benefits of Product Information Management (PIM) software for your business growth?
Don’t delay opting for a suitable PIM solution for your business to avail of Product Information Management Business Benefits.
PIM works as the magic tool for all businesses and leads toward success in the virtual market. This helps your business grow in the way you dream in today’s digital era.
9. Enhanced Business Efficiency and Productivity
When you manage product information through obsolete methods, you need to update each detail manually. It takes too much time to pull the information from different sources and district the data on multiple channels. And, you need to do this almost every time when you want to add, edit, and remove any product data.
Using the PIM system, you can invest this time in more productive tasks. It collects product information from different sources and manages the data in a single place, in a consolidated and holistic view.
When you edit the data in PIM, the system distributes the updated information across your channels, platforms, and outlets.
10. Improved Customer Experience
Product Information Management System enables customers to relevant information and consistent access to the details. It reduces the number of product complaints and returns as well as decreases shopping cart abandonment.
With the PIM, you can make the product available to the market faster than using the old-fashioned methods. Buyers can also be aware of the available stock before they make a purchase. Moreover, the information helps sales executives to serve the customer better.
Buyers can research what they want and head to the checkout process to buy it. Thus, PIM gives more control to the customers rather than having a sales executive push them to purchase.
11. Cost Saving
The selection of the right PIM solution enables you with significant cost savings by reducing overhead expenses. The PIM system is not only connected to your company. You can connect your suppliers, vendors, and distributors with the system. It keeps updating every stockholder which reduces your operational and supply chain costs.
As a PIM solution promises to populate accurate information, you can leverage reduced management risk in a cost-effective way. The advanced PIM system also allows for auditing and improving product delivery using modern methodologies.
It helps in identifying the damaged items available in the stock so that the supplier can remove it from the stock. Eventually, PIM boosts user experience by saving costs to help you gain a competitive edge.
12. Better Product Data Management
It is very obvious that as your business grows, you will expand your product range. Using a random eCommerce solution, there are chances you face issues with product information loss, data disorganization, and information mix-up. This directly impacts negatively on your customer experience.
Using a Robust PIM system, you can manage your product in a better way. It allows to manage products in a more structured way to avoid the situation of data loss. Besides managing the product data, the Product Information Management system allows you to share the data across multiple channels effortlessly.
13. Improved Data Quality
Product data quality helps you in driving conversions. The better the data quality, the more customers would like to interact with your products and make buying decisions. Using a robust PIM system, you can manage the data quality that helps you to drive one on one interaction with customers on the distribution channels.
Along with product data and media quality checks, if you create an intuitive user interface, then you can improve and maintain a high level of data quality. PIM systems allow you to create a perfect dataset with increased data quality to buy adding product content from varied channels and sources.
14. Easy Integration
A PIM solution with a holistic API-driven approach and flexible architecture can be easily integrated with your existing enterprise systems such as ERP, CRM, ESB, BI, etc., or any third-party applications.
To accomplish all the tasks of product management, it is essential for the PIM system to communicate with other software and applications seamlessly.
15. Superior Data Management
Many organizations are still using obsolete methods to manage product data. They use Excel and PDF files to organize and maintain product data. Thus, the data is scattered in different files across the organization and it will be difficult to locate and maintain it when needed.
With this method, organizations can have a disorganized product database that leads them to provide inaccurate information in an inefficient manner.
Instead, using a PIM, companies can manage all their product data in a centralized database in a well-organized manner. It also allows companies to distribute and share the data across all available channels and deliver the right information at the right time.
Who Can Avail Benefits of Product Information Management Systems in Your Organization?
1. Benefits of Product Information Management for C-Level Executives
In an organization, C-level executives are keen on addressing the challenges and problems a business will face in achieving its goal and vision in the future rather than focusing on day-to-day business operations.
Improving a company’s ROI would be one of the primary goal C level executives in all organizations; having a good PIM solution will be helpful in many ways to improve ROI.
Here are the lists of a few more key benefits C-level executives can get by using a PIM system.
- Saves a lot of time by deploying automated data collecting and managing processes.
- Provides complete and accurate product inventory details.
- PIM solution plays a key role in reducing the data errors in product information and the cost associated with it.
- The customer retention rate will increase significantly with the PIM system.
2. Benefits of Product Information Management for eCommerce Team
In today’s digital era, the eCommerce industry is faced with more challenges than others. E-Commerce managers are seeking innovative ideas to gain a competitive edge in the evolving market. With the presence of a good PIM solution, e-commerce managers can avail of notable benefits.
Take a look over some of the key benefits the eCommerce team can get by using a PIM system.
- Provides the ability to handle a large volume of product information in all available sales channels consistently.
- PIM solution delivers a better product experience to all customers by using an omnichannel strategy.
- PIM brings more co-operations between the eCommerce team and suppliers.
- PIM helps brands to launch their new products with reduced time-to-market.
3. Benefits of Product Information Management for the IT Team
Digital transformation has converted IT managers into business partners for all businesses. They are the key players for all types of businesses to shine in today’s virtual market. With the presence of a good PIM solution, IT managers can easily optimize the entire business model.
Here are the lists of a few more key benefits the IT team can leverage from the PIM system.
- The IT team can enjoy risk-free and lower costs by trying new disruptive technology.
- PIM solution allows the IT team to utilize and manage only a few IT systems.
- PIM solution ensures IT teams handle scalable systems that pave the way for business growth.
- IT teams can easily integrate with various business tools/systems like ERP, CMS, and other popular eCommerce platforms.
- PIM solution allows the IT team to exchange information in fully automated processes.
4. Benefits of PIM for Marketing & Sales Teams
Without effective promotions, even the best products would fail to reach potential customers. Having a proper data management system like PIM that offers a centralized data repository would help digital marketing managers to deliver efficient and effective marketing campaigns.
Here are a few more key benefits the marketing team can get by using a PIM system.
- Brings more efficient collaboration among internal and external systems.
- PIM solution comes with ready-to-use integrations with the existing all-top eCommerce platform.
- PIM helps to improve the product experience level in all the available sales channels.
- Marketers find it easy to access all the digital assets of the products with the help of built-in DAM in the PIM solution.
- Marketers can get handy help with the built-in PIM smart marketing tools and establish brands in the fast-growing marketplace.
5. Benefits of PIM for Suppliers
These days’ businesses find it hard to engage with the right suppliers for their products. To overcome this and gain a competitive edge, suppliers can utilize the effective data management platform PIM. This helps businesses to identify the right suppliers by narrowing down the search of suppliers based on the goods and services they handle.
Here are the lists of a few more key benefits suppliers can get by using a PIM system.
- Suppliers are able to provide transparent information about the products they handle.
- PIM solution helps to reduce the time-consuming procurement processes of picking the right supplier by providing accurate and quality information.
- PIM solution allows suppliers to carry out schedule publishing and versioning of the product data.
Visit Product Information Management for Supply Chain Empowers Suppliers to get a better understanding of how PIM helps suppliers in managing the supply chain operations seamlessly.
6. Benefits of PIM for Distributors
Distributors are facing a plethora of challenges in understanding customer behaviors and predicting the eCommerce impact in the market. Distributors play a key role in maintaining the link between consumers and brands. In simple words, distributors know everything about the needs and demands of the consumers.
With the presence of a good PIM system, distributors can be able to establish more trust and prioritize values to create a domino effect on retail business.
Here are the lists of a few more key benefits distributors can get by using a PIM system.
- PIM solution plays a major role in reducing the product’s time-to-market.
- Aggregating product content from various systems becomes easier with the PIM system.
- The PIM system is the easiest way to enrich the product content.
- PIM helps a lot in creating straightforward catalog creation.
Being a distributor, if you are eager to explore more about how a PIM helps distributors transform their digital space, don’t miss reading Why is the PIM solution Important for Distributors in the Evolving eCommerce Space?
Which Industries Can Leverage Maximum Benefits of Product Information Management Solutions?
PIM solution benefits all the industries which are linked with the supply chain department. Businesses that are engaged with supply chain values can make their life much easier with an efficient product information management system.
Here are industrial verticals which leverage the maximum benefits of an integrated product information management system, take a look.
When it comes to the retail industry, almost everything happens in real-time. So retail business owners must offer instant and more personalized shopping experiences to their potential customers to retain and improve the sales rate.
To provide a more personalized shopping experience, you need to ensure of having high-quality data. Data plays a key role in creating a hook between retailers and customers. How retail businesses manage their product information is what determines their business success.
Having a well-optimized data management structure like PIM will be helpful in many ways. Particularly on consolidating the data from various data sources of an organization and managing them in a single & centralized platform. Considering PIM for Retail, retailers can access accurate and up-to-date data for reaching their audience at the right time.
Achieving greater agility and granularity in the supply chain process is what the distribution industry is looking for in today’s digital consumerism. Moreover, digital transformation helps businesses to make their products available in all channels at any time from anywhere.
This makes businesses strengthen their digital capabilities to meet the demands and expectations of modern customers.
Having a good data management platform PIM solution will help businesses to build omnichannel engagement and to create highly efficient supply chain values. Also, businesses involved in distribution activities need to have a good PIM solution to capitalize on digital trends to amplify their business revenue.
Implementing PIM for distribution business, distributors can seamlessly achieve an integrated supply chain strategy in product SKUs, ensures all products along with accurate information are available for buyers in all existing channels, reduces time-to-market of new products, combines all the new point-of-sales, and so on.
In today’s digital world, almost all manufacturing operations are digital-driven. This increases the expectation in the manufacturing process enormously.
PIM for manufacturing streamlines digitally driven manufacturing operations in the manufacturing industry and reduce the product’s time-to-market significantly with the help of highly efficient and smarter data management.
Having a good PIM solution will play a major role in reshaping the manufacturing industry. The smarter data management solution, product information management benefits manufacturers to consolidate all the available product data which are scattered across the organization into a single centralized platform. This drives manufacturing companies to achieve enhanced operational excellence.
Digitalizing the products information, services, and manufacturing process will pave a path towards dynamic shaping of building innovative products, adapting to the evolving marketing condition, and exceeding the rising customer expectation.
The success of digital transformation truly relies on how an organization effectively organizes, harmonizes, and uses its product data effectively across all the available channels.
For achieving better operational excellence, process automation and deliver a seamless digital experience to the customers. This can be easily achieved by manufacturing industries by deploying a good PIM solution.
4. Consumer Packaged Goods (CPG)
The Consumer Packaged Goods (CPG) industries are facing hard times in redefining their growth strategies when the market goes into uncertain times and market churn. To overcome those strains, CPG industries need to equip themselves with cutting-edge technologies to provide a seamless customer experience by mastering their product data.
By having a PIM solution, the CPG industry can easily achieve the needed transformation through intelligent data-driven orchestration. The benefits of PIM system enable an organization to have actionable insightful data at its fingertips.
This enables businesses involved in CPG to deliver enhanced personalized experiences through product innovation and by effective handling of fluctuating demands.
CPG companies can easily drive more customer engagement on multiple markets through the single global view of product syndication provided by the PIM solution. This paves the path for CPGs companies to achieve efficient and sustainable growth.
How Credencys can help you develop a next-generation PIM solution?
Credencys has developed and delivered robust business solutions for different industry verticals using advanced technologies. To enable companies with end-to-end solutions, Credencys has partnered with Pimcore.
Pimcore is an open-source platform that allows to develop PIM, DAM, MDM, CMS, eCommerce frameworks, and customer data management. We can develop a custom Product Information Management system as per your specific business needs by offering a complete range of Pimcore development services.
Leverage our hands-on experience in developing PIM systems that help collect data from different channels and distribute the updated information on multiple touchpoints as well as manage your massive product information at a centralized platform.
Frequently Asked Questions about Product Information Management
Why do you need a PIM?
Using a robust PIM system, you can improve the data quality as well as govern the data usage and access significantly. The solutions are scalable enough so you can expand your product portfolio as your business grows. Moreover, PIM enables you the flexibility to address the frequently changing market needs. Read What is a PIM and Why Do You Need a PIM? to get more reasons for considering Product Information Management for your business.
What does a PIM do?
PIM is the abbreviation of Product Information Management. It’s a process to manage product-related data, content, and other material that is very essential to market and sell your products. PIM also assures you about the data quality so that you can use product information for multichannel distribution and internal use.
Why Product information is important?
Product Information Management (PIM) systems work as a centralized repository of your product data and content. It also helps in managing the product content seamlessly to every customer touchpoint and sales channel.
How much does a PIM cost?
Pimcore PIM is available for free. Pimcore is an open-source platform so your software licensing fee for PIM will be zero. All you need to spend is custom PIM solution development to meet your specific business needs. If you want to get better clarity on the cost of developing a Product Information Management solution, don’t miss reading PIM Solution- How Much Does it Cost?