The most important factor of the product life-cycle is product data. Have you ever faced a situation when you are pressurized to launch a new product but can’t do so because of a lack of proper product data? If yes, then no one would understand the benefit of product data more than you.
You need product data at every stage, for the growth of your business and to sustain in cut-throat competition; you should have consistent data on which you can rely. For incremental sales and to add lifetime value to customers, you need product data.
What is Product Data?
Definition of product data is like trying to explain the taste of water; everyone has a different one. There is no precise way in which you can describe the product data. In simpler terms, we can say that Product data is the information of a product that is put forward in a structured way and a usable format.
The information can be of anything; the date of creation of a product, its feedback/reviews, the similar products, the manufacturer of the product, the supplier of the product, and every small detail of the product that may attract customers to buy the product from you.
What is Product Data Management (PDM)?
Product Data Management is also popular as Product Information Management (PIM). It is the technique that is used to store product data and all product process-related information in one central system. The information of the product may include product parts information, manufacturing instructions of the product, product requirements, and any additional notes related to the product.
To meet the business-specific need, PDM is such a single central platform that is accessible to all the departments of business organizations. PDM can integrate with other applications within an organization. It is a central platform so it reduces the risk of data loss and is a strong tool for secure data management.
For your multiple business data, you might be constantly kept on worrying about secure data management, configuration management, and product process enablement. The PDM is an all-in-one solution for your all worries. The central platform secures product data in a structured way so that it could be easily accessible to users.
What’s included in the product data?
As earlier stated, product data is so vast and PDM covers the ocean of product in itself. The common attributes of product data are;
1. Title and Image
Without an accurate title, how would you distinguish your products? The accurate title for the product and image is included in product data. The image of the product is the first impression of the product on customers, so the clear visible image of the product is also stored in the product data. A product with a unique image needs a unique title to catch the attention of customers, so a title according to the image is counted in product data.
2. Category of Product
Product data includes product categories so that PDM can create a product catalog based on similar products. When you have divided products into a particular category then the formation of catalogs becomes much easier. You must need product categories when you need to deal with multiple suppliers or manufacturers.
3. Type of Product
Product data includes the type of product so that the consumers can filter out the products based on their preferences. You need accurate product types to divide the products into groups. When groups are made; consumers can simply go into the specific group of products to find their relevant products. The comfort of the customer is your duty and it will eventually help you.
4. Product Description
The type of product, the category of product, the title, and the image of products all are useless unless you have a specific product description. Product information includes product specifications. The specification includes every small detail related to the product that customers may require at the time of their purchase decision. To get ultimate profit, provide the ultimate product description.
Why Product Data is Important?
The importance of the effective management of product data is often underestimated by business owners and retailers. As a result, many businesses underperform due to incorrect or improper product data.
Here are the two important ones that tell you why product data is important.
Better Customer Experience
The ultimate goal of any business is to earn more and more profit. Now, let’s face it the milestone of maximum profit is only possible with a ladder of customers. You must give a better experience to your customers otherwise they are going to jump over other business platforms. The customer’s liberty will lead you to loss.
For a better customer experience, you must need product data. The accurate product data will attract customers to make a purchase decision from your business. There will be minimal or no product returns. You can save much time and effort with product data. The loyal customers will be loyal and product data will convert potential customers into loyal customers.
You need multiple resources to gather your data and to store it on various platforms. What if you are not able to access the product data when needed? That would create a challenge, you never want to face. With accurate product data stored in one single platform, you can optimize your product data.
The Benefits of Managing Your Product Data Effectively
In the present era, particularly, it’s the data that seems to be the most important resource for any organization. It refers to the collection, storage, protection, and proper organizing of data. It’d be a hassle to lose any important data or if it takes longer than usual to collect and manage them in a proper way. Above all, with the significant proliferation in their amount, there shall be no reduction in the growth rate as well.
1. Improves Customer Experience
It’s all about the reputation of the brand. And this can only be improved with the betterment of customer experience which, in turn, requires a closer look at the customers’ preferences. It’d be bad if a customer gets to know that their size is unavailable. The demands for several products vary from one store to the other. The proper information regarding the same would help to meet everyone’s needs.
2. Cost-Efficient Business
Data Management can help you avoid the time spent on the previously done works. This can be made possible by the proper data storage and ensuring that none of the members have to conduct research and analyze the same work again. This, in turn, makes any business more cost-efficient. Plus, it also ensures accuracy in the product data and keeping them, all updated with time.
3. Reduces Security Risks
There’s a vast history where several companies have fallen prey to major attacks just because of the lack of strong data management. So, it’s important to manage the data properly so that there’s no leakage of necessary information of any of the users.
4. Reduces Data Loss
Data loss is one of the major concerns for any organization. The need for a proper data management plan that is easy to assimilate by each employee is the need of the hour. Moreover, certain measures can be taken to back up the credentials at a place and retrieve them for future use, even if the main source is facing any issue.
5. Improved Collaboration
The absence of data management would be more of a blunder in the work environment. Especially, it becomes a misery to connect with the internal departments as well as external sources. When the authority for managing data is in the hands of various administrators, it’s eventually going to hamper the development of any organization. The worst of all happens when each employee sees the other as a hindrance. However, with product data management, it’s easy to work towards one objective at a time.
To inculcate maximum productivity, data management is a necessity as it makes it easy to perceive the information and avoid additional costs as well. There’s no specific time to examine the data management in your company. It is something that needs immediate consideration or else, it can either lead to data loss or leakage of information. Plus, the related repercussions are going to be more expensive. So, it’s better to take quick action to prevent destruction in the foreseeable future.
Top 8 PDM Software 2021 – Review
1. PDXpert PLM Software
The software is simple to use, flexible and it improves the accessibility of product data. It has multi-user access and will keep you free from searching texts. The software also increases the workflow of the organization. The features of the software assist you in product identification till the product designs.
The charges of the software start from 17 USD per user per month. It has a free trial version. The software is the best suit for simple product lifecycle management companies.
2. Sales Layer
For coping up with the market trends, this software is the best solution. It has agile solutions for the implementation of market trends. It resolves the complexity of mixed product data and provides simpler product data that is easy to interpret.
With this software, you can easily provide product information to your manufacturers, retailers, and distributors. This software is a must need, for those businesses that have large product data.
3. SolidWorks Enterprise PDM
This is cloud-based software built for businesses to manage product data, product design, and product progress. With this software, the sharing of product information is easier than ever before. The software monitors progress and makes automated workflows.
This software offers a free trial version and is the best fit for all sizes of businesses that seek automated workflow. This software can also track the tasks and manage the timeline.
You can have your product data to a whole another level with this software. The software has unlimited users, who can collaborate to manage images and visuals of products. Your product data and media are in safer hands with this software. You can set and define your roles with access to permission.
For providing a high-quality experience to your customers, you must need this software. Per feature, the pricing of this software starts from 300 USD.
This powerful software will give you accessibility to manage product data while integrating with existing systems. You can consolidate, and manage product data easily with this software. Publishing accurate product data is easier with this software. For driving more sales, you need this software.
This software is best for wholesalers, manufacturers, and leading brands who have to manage multiple product information across multi-channels.
It is an award-winning software for data integration, data distribution, and data optimization. This software helps brands and retailers to enrich product information. Those enterprises who seek to improve their product content and product feed should not wait for long and must implement this software.
This cloud-based software has impacted many brands and businesses. The software is cloud-based so that you can have product information across the globe.
You can have higher product information and higher value of the product with this software. The software automatically generates designs for manufacturers so that they can easily carry out their further task of product creation. This software collaborates with other software in the product development process.
You can make the faster decision of products with this software’s product data. With this software, you can have better designs of products and can source the product information easily.
It is product feed management software for online agencies. It has an all-in-one feature of product optimization, product listing, and can generate dynamic text ads. Product listing and order connection are also possible with this software. With this software, you can take international expertise from anywhere.
The pricing starts at 39 USD per feature per month. This software is the best fit for online agencies. The software provides knowledge support to its users.
To optimize data, to give better customer experience, to sustain in cut-throat competition, and to generate the ultimate goal of- maximum profit; you need high-quality product data. Every software for managing product data is as unique as the product data itself. No matter which software you choose, you will never run out of high-quality structured data.