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.
Product Information Management (PIM) 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 its detailed descriptions, attributes, pictures, etc.
To promote and market the products effectively, it is very essential to manage your wide range of products at a single repository. Thus, eCommerce businesses should definitely consider PIM to streamline and digitize the project management activities.
If we talk about the capabilities of the PIM solution, 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, improve customer conversions, just to name a few.
Let’s explore the more benefits of PIM that is even with a detailed explanation.
Top 7 Benefits of PIM (Product Information Management)
1. Enhanced Business Efficiency and Productivity
When you manage the 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 the product information from the 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.
2. Improved Customer Experience
Product Information Management System enables the customers with relevant information and consistent access to the details. It reduces the number of product complaints and returns as well as decrease 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.
3. Cost Saving
The selection of a right PIM solution enables you with a significant cost saving by reducing the overhead expenses. The PIM system is not only connected with your company. You can connect your suppliers, vendors, and distributors with the system. It keeps updating every stockholder that 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 the cost to help you gain a competitive edge.
4. 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 the 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.
5. 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.
6. 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.
7. 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 it to provide inaccurate information in an inefficient manner.
Instead, using a PIM, companies can manage all your 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.
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 framework, 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 of 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 with the flexibility to address the frequently changing market needs.
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 for custom PIM solution development to meet your specific business needs.