How A PIM System Brings Dramatic Changes To Your Business?
Different types of businesses have different criteria and requirements that help in the spread and growth of the business. In a product-based company, the product details like description, technical specifications, digital information like images, graphics, videos, etc., costing, and many such product-specific details play a crucial role.
These details are important as the potential buyers look out for the products comparing them across the different channels. Any product-based company needs to keep these details accurate and updated.
What is the PIM System?
The Product Information Management (PIM) system has become essential for the product-based industry. For its better application, it is necessary to understand what is PIM and why it is essential? This PIM system helps the organization for collection of product details, validation, management, and publishing the product details essential for eCommerce business and successfully reaching the market.
PIM system is a centralized solution for the product details for importing, collection, validation, organization, management, publishing, and storage of data. Details can be accessed by the different teams within the organization like sales, marketing, design, finances, IT, development, etc. The PIM solution also helps to share the data effectively and securely with other parties like collaborators, distributors, customers, retailers, etc.
If you are excited to deepen your knowledge about Product Information Management, don’t miss to read What is PIM? – An Ultimate Guide for Product Information Management Services.
What Benefits Offered By PIM Solution?
The use of product information management (PIM) systems is growing rapidly as they have to face the challenge of ever-increasing competition in the market. The different product attributes, details, specifications, costing details, etc. are important for bringing the product to the market. The different benefits gained by implementing the PIM solution in the organization include:
Superior data management
The management of the product data is very important in a product-based company. Many companies use the traditional method of manually handling all the product-related data. This method is a tiresome and time-consuming process. It also incorporates the chances of including errors and data duplication.
With the change in time, a vast variety of product data is available in different formats like files, images, descriptions, spreadsheets, graphics, etc. Handling these details manually is difficult.
PIM system allows automation for the handling of all the product-related details in different formats with ease. It also ensures that there are no errors included and no duplicate data. It centrally stores the data and organizes it for providing data uniformity and consistency. This PIM system allows for saving time, money, and effort.
The organization includes a complex but flexible architecture for its functioning with the holistic API approach. PIM system allows for easy integration of various business enterprise systems like CRM, ERP, ESB, DAM, MDM, BI, external party applications, etc.
This system working together helps in completing all the required tasks essential for product management. PIM allows integrating more channels for expanding the reach of the product. For an enterprise having more products, it also allows integrating the various products easily into their system.
Efficient data delivery
Every channel used for the eCommerce sales and marketing of the product requires the product details in a different format. The PIM system allows for seamless delivery of the information through the different channels for improved customer experiences. It provides all the details that are essential to the customers while making their selection for the product purchase.
There are various steps involved in the process of product development. PIM system helps in sharing the product development-related details from all the teams involved in the product life cycle. Each team provides updated and real-time data for each of the steps involved in the product development in the PIM system.
This system enables the different teams to communicate efficiently with each other on the progress of development thus fastening the process of product development. It also improves the performance of the different teams within the organization.
For the sales of the product, the customers should be able to access the accurate product details like specification, description, etc. This allows the potential buyer to check and visualize the product and make their selection.
PIM ensures that accurate and quality product data is provided to their customers. This makes sure that the customers are satisfied with the product based on the details provided and this reduces the product returns or cart abandonment.
To get better insights into the advanced benefits offered by reliable product information management, visit What Are the Benefits of PIM (Product Information Management) Systems?
In What Other Ways PIM Can Be Used?
There are different systems used in the organization that is useful for different functioning. These systems are not PIM systems but have other functions that are similar to PIM.
The enterprise resource planning (ERP) system is used for managing the different business-related activities for handling the different processes involved in the organization. It involves the data required for analytics and business intelligence.
It automated the processes that lead to reduced operational costs. It includes all the data not only related to the product as in the case of PIM. It provides remote access to the data from the centralized location. It has flexibility for adding or removing the various modules for adjusting the scalability.
Don’t miss reading A Brief on Enterprise Resource Planning (ERP) and How It Can Be Enhanced by PIM System to get insights into how PIM system and ERP software works in sync to help you manage essential business data effectively.
Customer relationship management (CRM) system allows in controlling the customer management. As PIM includes the customer data related to the product, the CRM helps in maximizing the customer details relevant to the customer experience.
Inventory management system
This system helps in managing the inventory within the organization. It includes all the data stored digitally related to the different materials like the raw material, supplies, components, finished product, warehousing, etc.
The Digital Asset Management (DAM) system includes all the details regarding all the digital assets of the organization. This software enables storage, organization, and managing of all these details available in different formats like images, videos, files, spreadsheets, etc. It allows in workflow creations and enables asset tagging by metadata.
Read An Ultimate Guide to Digital Asset Management (DAM) to explore every aspect of DAM with exclusive details.
Catalog management system
This system differs from the PIM as it is used for data enrichment for publication purposes only. It allows editing in the product description, images, and attributes essential for publishing data in the form of a digital or printed catalog.
Visit How to Update Product Catalogs with a PIM Automatically? to get insights into how the Product Information Management system streamlines your eCommerce catalog management processes.
The Master Data Management (MDM) system is involved in managing the structure of the organization’s internal data system. It keeps track of all the details related to the different processes, systems, accesses, operations, etc. involved in the different departments within the organization.
It helps in enhancing data uniformity, quality, and consistency and prevents data inaccuracy and duplication. It enables the organization in getting compliant with the different laws and policies related to the data and in preventing penalties and security breaches.
The right implementation of MDM is essential to gain immense success. Visit All You Need to Know About Master Data Management (MDM) to get exposure to the essential steps & roadmap to leverage strategic MDM.
The product experience management system allows in gathering all the information related to the product content from the design to the customer engagement and the reasons prompting them to make the purchase decision.
It provides tailored content for targeting the different customers by providing various product enrichment strategies. It also allows for optimization and automation of the process using artificial intelligence and machine learning.
If you want to explore the PxM with exclusive insights, then don’t forget to read What Is Product Experience Management (PxM)? Explore Everything About PxM.
All these above-mentioned systems can be used in the organization as standalone components and can also be easily integrated with the PIM system for enhancing efficiency and better functioning.
Role of PIM in Content Management
For staying ahead in the competition in the market, it is essential to reach the customers through the different eCommerce channels. Increasing the number of touchpoints and channels allows the chances that the customers search and reach the right website for the product of their choice. The product content-related initiatives allow customers to make their purchases including findability, experience, and information.
The customers should have the access to true and accurate product details as any incomplete, bland, inaccurate details can make the customer have unrealistic expectations. This can affect the brand’s reputation. To maintain customer trust in the product and the brand, it is essential to maintain the quality of the product content.
Maintaining the quality of the product details or data is essential for businesses. PIM system ensures that the product details are updated and the real-time data reaches the end-users. The different reasons for PIM playing an important role in content management include:
- Enormous data related to the product information
- Outdated or obsolete product information
- Cluttering of product asset information
- Presence of inconsistent and low-quality data across different channels
- Obsolete systems and manual processes
- Slower delivery of product content to the various channels
Role of PIM in Customer Behavioural
With the change in the shopping trend and digitalization, the customers prefer shopping by comparing the product of their choice across the different channels. They compare the product based on the different attributes like the product description, specification, costing, images or videos details, etc. These attributes help in better comparison between the different channels and make the product selection.
Customers have the access to search for the product of their choice through different devices like laptops, mobile, etc. They have access to the customer reviews to get the details about the product and this helps make the purchase.
Implementing the PIM system in the organization helps in the customization of their product details. The organization can incorporate major or minor customization based on the requirement. It allows for integration with various plugins for having an advanced user experience.
It provides a personalized facility. PIM can be integrated with the digital experience platform to provide a flexible and extendable feature for personalization. It uses the customer data platform to provide real-time or AI-powered personalization to the customers to provide a better shopping experience. This increases the chance of customers shopping frequently with the brand due to better services and improved confidence.
Why Is PIM Implementation So Great For Your Business?
Centralized data management
A PIM solution is a centralized system that stores the data in one place and provides access to the different members to provide the details. This centralized data sharing helps in keeping all the teams well-coordinated leading to improved performance.
It allows for data customization with categories and hierarchies for better data management. It is compatible with organizing the structures and non-structured product content.
Data quality control
A PIM system can provide controlled access to the different members based on their position or role-based rights to maintain the security of the data and reduce the confusion of many people who add the data that might create duplicate data entry.
It implements the validation rules for the various attributes, workflows, version controls, etc. to safeguard the data and enhance its quality.
Reaching out to the crown in different locations needs to have local management capabilities. PIM solution helps in efficiently translating the product content details based on the local market requirements.
This allows in reducing the repeat translations, costs, etc. This makes the data available to the customers in the local language and cost. This PIM ensures expanding to the global market and provides leverage over the competition.
Workflow and publication automation
PIM allows managing the workflow to control the quality of data required before publishing. This is essential when the organization has thousands of products and the process may become overwhelming and time-consuming if not automated.
It allows in delivering updated, real-time, and accurate product information to all users across different channels like printed and digital catalogs, eCommerce sites, marketplaces, mobile applications, retailers, etc.
PIM system is robust and easy to use, It does not require extensive efforts or training for understanding and handling the system.
PIM system allows for easy integration with the other systems that are essential for the proper functioning of the different processes within the organization. It can easily be integrated with systems like ERP, DAM, CRM, etc.
If you are planning to implement a Product Information Management system, then must read Do’s and Don’ts to consider while Product Information Management Implementation to the effective PIM implementation.
In this competitive business world, an enterprise needs to use different techniques to boost its business. The different methods used for enhancing the business can include launching new products to attract people or launching their products across several eCommerce channels across the globe to reach out to potential buyers.
PIM implementation will introduce automation of processes, improved functioning, faster products-to-market that leads to enhancement in business.