How Product Information Management (PIM) System Helps Companies to Achieve Their Goals?
For any product-based industry, the product details are very important for each team involved in the product supply chain management. Different teams provide and use different data related to the product. Customers check and rely on the product details like technical specifications, images, videos, reviews, etc. for comparison with other products in the market and purchasing.
This product information plays a crucial role in business development and the Product information management (PIM) system is the best tool helping in organizing all the essential details.
- What is the Product Information Management (PIM) System?
- What Makes PIM Unique & How it can Help Companies?
- Key Features & Core Functions of a Product Information Management (PIM) system
- Capabilities of a Product Information Management PIM System
- Why Do Businesses/Companies Need a PIM System?
- Benefits of using a Product Information Management (PIM) System
- Bottom Line
What is the Product Information Management (PIM) System?
Digitalization has provided different opportunities for customers for shopping. Customers like to review the product information for better understanding before making the final purchase. The PIM system allows the organization to collect the different product-related data from the different sources, combine, integrate, update and distribute to all the teams that use this important information.
The different details managed by the PIM software include the product description, technical specification, pricing details, digital asset details like images, audio clips, videos, etc. PIM allows centralized storage of the data. It enables quick updating and syncing of the details across the different channels thus making the task fast and easy.
Do you want to learn about PIM in detail, don’t miss to read What is PIM? – An Ultimate Guide for Product Information Management Services.
What Makes PIM Unique & How it can Help Companies?
The product information management (PIM) system is a part of the main domain of Master data management (MDM). This MDM enables the organization in creating a master copy of all the product details. The different software used in any organization includes enterprise resource planning (ERPs), product lifecycle management (PLMs), Supply chain management systems (SCMs), spreadsheets, etc. All these software does not offer the features of extensibility and scalability as required for managing, governing, or enriching the product information.
The PIM system can easily integrate with any of the software used by the organization with the help of flexible RESTful APIs. This API-based connectivity makes PIM user-friendly software.
The main aim of using the PIM system is that it helps in centralizing, synchronizing, and integrating the product information with different components of commerce technology. This includes the order management system (OMS), third-party software, eCommerce software, etc. All these allow the different departments within the organization to efficiently exchange data.
PIM allows managing the product details at a centralized location and maintaining high-quality data. The marketing team can target the campaigns based on the needs of the customer and reach the different marketplaces effortlessly to support the global and local marketing needs.
Key Features & Core Functions of a Product Information Management (PIM) system
1. Ease of data collection
The product data plays a very crucial role. The product data is available from various sources as provided by the different departments. The organization needs to collect all the important product data and manage it efficiently.
The PIM solution helps in collecting all the data together from various sources and uniformly compiling the data. PIM is helpful to the eCommerce shop owners using multiple devices and operating the multiple product-related departments.
The customers reach out to the product information from different sources to understand its description and specifications. PIM ensures that there are few or no technical issues, snags, or glitches faced by the customers while accessing the data.
The faster the data reaches the customers, the quicker is the access to the data by the customers. This helps the organization in staying ahead in the competition.
2. Advanced product data analytics features
PIM provides the ability to the organization in analyzing the data like a pro. It helps in storing and optimizing the data at a single centralized location. Using these customers can create personalized reports and identify the areas that need improvement. PIM allows in aggregating the product data from the purchases made, page views, and cart information.
The different modules will enable the users to compare the product performance, categories, import new data, and monitor the entire product funnel.
3. Bulk editing capabilities
PIM system allows the organization to make any changes, addition, or deletion in the product information for updating the product details. Manually making these changes across the different channels will be a time-consuming and tedious process. Making use of the PIM software enables making the edits across multiple channels simultaneously leading to saving time and effort.
4. Creating and managing categories
For a better shopping or data managing purpose, categorizing the data makes it more easy and convenient. This helps in managing the data and products based on the different traits, posting data across different channels, multiple segment lists, etc. It enables the client in automating repetitive tasks and creating customized data and categories. It allows in personalizing the URLs, importing, managing, and exporting the data.
5. Advanced filtering options
This new and improved PIM software allows the enterprise to focus on the filtering of the product data. As the number of products for the enterprise increases, it helps the company in efficiently categorizing the product catalogs, expansion, and growth across multiple channels and shopping platforms.
This allows the customers to find the right type of product that meets the specific criteria. The advanced filtering options enable the customers in seamless search options in this growing pool of products. The different filtering capabilities should include the attributes and options for saving the filter options for future use.
6. Seamless integration with different systems and channels
PIM software provides a very good level for integrating all the available data and providing it to all the members. It allows for integration with the different systems and shopping platforms to complete all the demands and needs of the customers. This provides the opportunity for customers to access all the data available product data relevant to the eCommerce store.
By providing all these accurate data, the clients gain assurance and confidence in the product and company. This allows the customer to shop across different channels.
To learn about the critical features of a reliable PIM system, visit Must-Have Features of Product Information Management System.
Capabilities of a Product Information Management PIM System
The different capabilities of the PIM system include:
Flexible data structure
The different teams in the product supply chain management may require different product details. The PIM software allows defining the different product attributes for each team or group separately.
These attributes include the dimensions, color, weight, etc. that are common for some of the groups while some attributes are specific to the specific teams based on their requirements. PIM allows having this flexibility across the product attributes while easing the work.
Improved data quality
For retaining the original customers and attracting the new ones, the best and the accurate product details must be provided to them. The different members of the supply chain management also required accurate and quality data. PIM allows in maintaining the quality of the data.
It ensures that the data provided is complete against all the measured specific requirements of the product group. It ensures that the accurate data is updated on time. PIM allows in maintaining the consistency of the data that enables proper categorizing of the details.
The main challenge for maintaining the product information. It includes the collection, storage, and exposure of the valuable relationship between the different products. This includes providing the details of the available accessories and spare parts of the products.
It also includes suggesting the different options as a replacement or similar products when not in stock, providing the cross-sell options to the customers, etc.
Inclusion of digital assets and references
The customers prefer and insist on having a glance at the graphic details of the product. Thus it is important to provide the digital asset details for the products like the images, audio clips, videos, datasheets, line drawings, installation guides, brochures, safety handling sheets, certificates, etc.
All these data occupy a lot of space but also have enhanced importance. PIM software allows for efficient handling of all these digital assets.
If you are planning to implement a tailored PIM solution for your business, you should read Product Information Management: The Ultimate Buyer’s Guide.
Why Do Businesses/Companies Need a PIM System?
Due to digitalization and the growing competition in the market, every organization must stay ahead in the business by making use of the PIM software. Every organization needs to comply with the Pimcore requirements to keep its product information accurate and updated. The different teams that need the PIM system include:
Marketing and Sales team
These teams must manufacture, manage and sell the products by using effective marketing at different touchpoints at omnichannel sales.
The suppliers use the PIM system for adding and updating the details regarding the product requirements, costing, inventory updates, etc.
This department is responsible for keeping the stock details and providing these details to the other teams. They collect the product details like the costing, quality criteria, contact details, etc.
Research and development team
The designing and the research and development team uses this PIM software to store the technical details, specifications, technical drawings, etc. that play an important role in the product development process.
This department of customer care looks into the different aspects like customer complaints, customer reviews, frequently asked questions, special customer requests, etc. They need to provide enhanced product-based information to the customers to improve their shopping experience and thus improve sales.
Making use of the PIM software, the customers can add the details like the product reviews, their shopping experience, product experience, upload or share the photos or videos of their experience with the product. This helps to build the other customers’ confidence in the product thus attracting them towards the business.
Apart from the different teams within the organization, the different types of organizations that should make use of this PIM software include:
The organization has complex product information
There are certain types of products that have more varieties or specifications that play a crucial role for the customers while making the purchase selection. This type of business should make use of this PIM system as it will help in handling all this complex and vast product information with ease.
If the organization has a complex structure and has various sub-companies under the main organization and each has its number of products. In this case, there are lots of products included under the parent organization umbrella. The PIM system makes it easier for handling all these different products under a single brand or umbrella with ease.
To unveil more reasons for considering the PIM system for your business, go through the Product Information Management (PIM) System: What is it? Why PIM Solution Is Important for Business?
Benefits of using a Product Information Management (PIM) System
The different product information management benefits gained by using the adequate software include:
- It helps in reducing the errors and redundancies while collecting and compiling the data.
- It allows in creating rich and consistent product content that is optimized for the sales and marketing of the product across the different channels.
- It enables eliminating the process of manual data entering and updating.
- It reduces the time-to-market factor thus allowing the product to reach the market at a faster rate.
- PIM provides accurate and consistent data to the customers thus improving sales.
- It helps in expanding the product offering sustainably.
- This leads to reduced overhead and wasted resources
- It allows for quicker importing and sorting of supplier data.
- It improves customer satisfaction and loyalty.
To explore more benefits of product information management implementation, please visit What Are the Benefits of PIM (Product Information Management) Systems?
Making the use of the PIM software helps in benefitting the different teams like:
It benefits the sales team by providing up-to-date and accurate product information and material details on the go and at any time. Ecommerce managers: These managers require constantly updated data to improve the user experience and in better handling of the conversion rates.
These teams need to handle a lot of data to create and modify the campaigns across the different channels for enhancing sales.
PIM provides updated and accurate details to the customers that help to build the customer confidence in the product, Due to this they can easily rely on the brand’s quality and make their purchases.
For any company to succeed in the current eCommerce market, the organization needs to have a robust PIM system to meet its client’s needs and expectations.
Using the product information management process enables the organization in saving time by avoiding manual work. This gives more time and energy to the organization focusing on the crucial work. PIM enables the organization in overcoming the competition and expanding their business to stay ahead.