Many business people expect to succeed in their business sector and they want to enhance their way to manage their product information. They can explore various aspects of product information management software and follow the complete guidelines to use it as per their business development requirements. They get remarkable benefits from the efficient use of this software.
What is Product Information Management (PIM)?
Product Information Management (PIM) system is referred to as the software designed to manage the data surrounding the products like reviews, weight, sizes, catalogs, certifications, descriptions, catalogs, and so on across the supply chains, organizations, channels, and customers. It lets its users collect, manage, and enrich product information.
It is useful to create product catalogs and distribute product information to all channels in one place. It does not handle all product information and details moved into it as per needs. This is because the information has to be fetched from other sources in such a case.
If you want to get detailed insights about product information management, don’t miss to read What is PIM? – An Ultimate Guide for Product Information Management.
Benefits Your Business Can Get From A PIM Solution
Every user of the PIM software gets remarkable benefits in the current dynamic business environment. They manage data and get an edge over their competitors without difficulty in any aspect. They are eager to enhance various aspects of their businesses regularly and make optimistic changes in their business development activities further.
1. Better product data management
It is too difficult to keep track of the complete product information when the business grows every day. If you do not want any disorganization and poor customer experience at the end of this problem, then you can choose and use the PIM software. Reliable PIM software is designed to organize and manage product information. It is useful to share data across various channels. It helps a lot to engage in business development in successful ways.
2. Enhance customer experience
PIM solutions give every customer consistent access to relevant and detailed product information for reducing instances of shopping cart abandonment, and product-related complaints and returns. A good PIM system makes new products available to every customer faster than in any usual circumstance.
Every customer can see how much stock is available when they want to buy something. They can research what they wish and head to the checkout page to buy such a thing. They get the maximum control in this method to buy products. The product information lets the business agents serve every customer better than ever.
3. Improve time efficiency
Time is money. You can save priceless time on tasks and concentrate on important work when you properly use the PIM software. This tool reduces the manual and regular data entry work. It makes it easy for its users to seek products and update the inventory. It is easy to clean data and streamline information.
Business people who have chosen and started using this software can let their employees have more time on their hands to engage in other profitable tasks. This software reduces data management difficulties.
4. Makes certain cost-savings
Implementing an outstanding PIM system is very important to reduce operation and supply chain expenses. The overall information accuracy decreases the overall management risks and prevents the expenses of bad product data.
Many companies nowadays replace out-of-stock items prior to their customers start complaining. Dedicated product suppliers use the PIM data for auditing and enhancing their delivery methods. They use this software to outdo their competition and enhance the customer experience.
5. Offers easy integration
Effective PIM solutions are easy to integrate and better than business enterprise systems. An enterprise resource planning requires maximum customization when compared to product information management. This flexibility lets users customize the PIM for managing the complete data processes. This system reduces expenses on management and marketing all new products.
Every user of this system gets outstanding assistance and ensures a good improvement in their routine business development activities. They are willing to focus on and fulfill their business development expectations using the PIM software.
To know more benefits of PIM, you need to read What Are the Benefits of PIM (Product Information Management) Systems?
When to Implement PIM Solution?
All beginners in the business sector nowadays think about when to implement the PIM system and get exceptional benefits from the proper use of this software. There are so many suggestions about how to optimize the return on investment.
You can implement the product information management system at the right time and get an outstanding improvement in your way to optimize the return on investment.
The following details reveal when you have to choose and implement the PIM system in your business.
1. While having a large collection of products
If you have a high volume of products, then you can prefer and use the cheap and best PIM system on time. This is because an outstanding PIM system is useful a lot to organize products.
The main benefit for all users of successful PIM systems such as OnetimePIM is to organize thousands of products and give the complete product information a good and uniform structure. This system is helping a lot to enhance the ability of employees to access information in a quick way and provide it to all customers.
2. While having maximum information regarding your customers
Customer information is very important for increasing the success rate of the eCommerce business. As a business owner, you have to know about the shopping and browsing habits of your customers and target your digital marketing efforts in an efficient way.
The complete customer information can be rich in the overall data as well as time-consuming for collecting, storing, and understanding the data. You can use the PIM system to centralize and also organize the product and customer information into the best tool for the marketing department. You do not require having so many folders of spreadsheets.
3. While having used multiple marketing and sales channels
Your company may face a large and developing product portfolio. You have to be conscious about how to manage so many sales and marketing channels. Your company made a good improvement to the product line and you must change the relevant information in each description, datasheet, and brochure.
If you sell products via an eCommerce platform, then you can do it in a simple way. However, you require an effective PIM system and when you sell products via multiple online marketplaces and multiple catalogs, and brick-and-mortar shops.
Any change to the product information makes a huge workload. A successful PIM system streamlines such a process by acting as a good information source for every channel in the marketing and sales categories.
4. While having your product line with several product relationships
Any business with the maximum product range has to know the product relationships. This is a good method to develop sales further. Business people with the best-selling product can use the PIM system as a method to springboard products that are not selling. You can use this method in an eCommerce business and succeed in your business niche within a short period.
It is too difficult to keep track of such product relationships which can be complex in a large and ever-changing product range. You can make use of the best PIM system and implement product relationships into the product information structure. The first-class PIM system provides your marketing team with a good method to create campaigns.
5. While having a dynamic product range
A dynamic product range is anything that changes regularly and is being developed. You can consider consumer electronic products in particular mobile phones, laptops, video games, TVs.
Manufacturers of these products update and develop their products on a regular basis. They require successful methods to keep the product information updated. The first-class PIM system provides marketing and sales teams with instant information and informs new and existing customers on time.
6. While having multiple suppliers
Outsourcing is a good method to keep expenses down and enhance the quality of products and services. It can be very complex for managing multiple suppliers. You have to understand the complete challenges associated with outsourcing to several suppliers like invoicing and payment, tracking deliverables, communication, and risk management.
A successful PIM can be used as a good project management system for enhancing the management of the suppliers without complexity in any aspect.
7. While having multiple sources for product data
A Product Information Management system is a centralized location for any product data in your business. Your company may have so many sources of product data. You can prefer and use the PIM system which streamlines so many areas of the businesses and saves both money and time.
If your customer requires a particular piece of information regarding a product, then the sales team wastes time by looking for the most up-to-date information. You may think about what happens when there is no centralized database. Your customer will be dissatisfied and the sales team does not have time to focus on various methods to sell products.
8. While your products get returned a lot
Many industries nowadays have to successfully deal with a large collection of returned products. For example, customers of the businesses in the clothing sector usually buy several sizes and send back such clothes that do not fit.
You have to process the huge number of returns and put them back on the shelf to sell again. You can use the PIM system and get an easy method to manage the return. This is because the management of return is easier with a successful product information management system which can be inputted automatically into the system and added to the stock level further.
9. While your product reaches multiple markets with several languages
A versatile product information system is designed to handle product ranges in various languages. This can be helpful when you do not have suppliers in several languages or sell products in several countries. Your products’ information has to be stored in multiple languages and you must ensure that your customers and new visitors to your business access such information in any situation. You will get 100% satisfaction from the proper use of the most successful product information system as planned.
PIM Solution Options for Your Business
The three main types of product information management software are as follows.
- Software as a service
- Open source PIMs
- Custom-built PIMs
All these PIM software types provide various degrees of usability and functionality. Qualified merchants carefully consider their business needs while choosing the right type of software. They explore and keep up-to-date with the custom and open source options designed to provide maximum control. However, these systems are difficult to manage and costly.
1. Software as a service
All users of the Software as a Service product information management system get more than expected benefits.
They are eager to focus on and make certain how to efficiently use every aspect of the PIM software. They take note of product attributes, data import and export, omnichannel publishing, product relationships, multiple versioning, and external integrations.
2. Open source PIMs
An effective open source PIM system supports its users to access the source code of the platform and gives them the ability to make any alterations and personalization they need. Developers need strong technical proficiency to make changes.
However, some open source PIM systems support users to get complementary functions like data asset management and customer experience management along with product information management. Some examples of popular open-source product information management solutions are Pimcore, AtroPIM, Akeneo, Ergonode, and OpenPIM.
3. Custom-built PIMs
Custom-built product information management software is an intensive option in terms of time and resources. You can develop your software and get complete flexibility. However, you have to endure development and maintenance. People who are interested in the custom PIM can focus on how to build different aspects of the product information management system as per needs.
A product information management system is designed to increase productivity and efficiency as expected by smart business people. Every user of the effective PIM system can enhance the product content quality and increase the return on investment from the efficiency gains and cost savings.