The modern digitalized world is so competitive for enterprises. It makes businesses learn the importance and limitless power of handling optimized data or information. In recent years, companies around the world have started paying attention to their product data. By doing so, they gain a competitive edge over their competitors and the attention of global potential buyers.
This makes Product Information Management (PIM) an inevitable tool for enterprises to collect, enrich and distribute their product data across multiple channels. In this article, the role played by PIM in enterprises growth and strategy to be followed by enterprises in detail.
Product Information Management (PIM) for Enterprises
Product Information Management (PIM) for enterprises also known as EPIM assists companies to create proper documentation for their product properties along with the processes involved with the products for internal usage. PIM is a platform where companies can store their product data effectively and categorize.
In addition, the PIM system helps companies to distribute accurately documented product information to the sales and marketing departments to boost product sales. Modern elements of the PIM tool create a path for businesses to document their business operation properly and to manage their business process effectively. Also, PIM elements assist the marketing team to create an efficient marketing campaign.
If you want exclusive insights about product information management, don’t miss to read What is PIM? – An Ultimate Guide for Product Information Management.
Product Information Management (PIM) Market
Experts have predicted that the global market value of the PIM system will grow to US $13 billion by 2026. As of the year 2020, the global market value of the PIM tool has reached 7.7 million USD.
Since every business requires accurate and enriched product data/information to increase its productivity PIM becomes essential. Also, the PIM system plays a key role in enhancing the data experience which boosts product sales. On considering these facts, it is widely believed that the implementation of PIM systems by enterprises around the world will reach new heights in the next couple of years.
How Business Revenue Increased Because of PIM?
As we all know, the PIM system offers a centralized location for storing all product information or data in an organized manner. This helps enterprises to gain full control over their product data or information and to manipulate them according to the needs of modern-day consumers.
Data distribution is one of the main features of the PIM system that allows enterprises to share up-to-date product information among multiple systems to reach potential consumers around the world.
Modern-day consumers use multiple channels to purchase a product; mostly they prefer digitized channels for seeking their needed products. With the help of the PIM system, enterprises can attract such potential consumers by offering accurate and optimized product information through various channels like web portals, POS, mobile platforms, and so.
This kind of action offers huge support to the sales and marketing team to increase product sales. With accurate product data, marketers can do effective marketing campaigns and make sure every potential buyer is aware of the new product of the company even before the launch.
Apart from being a handy tool for improving customer experience and boosting company revenue, PIM helps enterprises to expand their distribution channels/market overseas by distributing translated product data or information in the local languages of overseas customers. With detailed and accurate product information modern-day consumers will surely get attracted and make a positive purchase decision in a quick time.
PIM is undoubtedly one of the key strategic investments that every enterprise should do for boosting its growth. Nevertheless, unlike any other investment, investing in the PIM system will never let you down.
Benefits Of PIM System To Enterprises
Having a good PIM system will create a dynamic business environment for enterprises and helps to attain a competitive edge over the competitors. Here are lists of few vital benefits an enterprise can avail of through a good PIM system.
Better & Efficient Management of Product Data
Managing product information or data will be complicated for businesses once they start witnessing growth. In such a situation, implementing a PIM system will help enterprises to manage all product data in a centralized location with full control.
Also, the PIM system allows enterprises to keep track of the data or information of all their products and make sure it delivers better product and customer experience as well.
Enhances Customer Experience
Good PIM solution will provide detailed and accurate product information to the customers, this ensures customers are getting what they are looking for. As a result, product returns and complaints against the products by the buyers get reduced significantly.
Detailed and relevant product information will reduce cart abandoning activities by the buyers. Also, it enables sales agents to serve better to the customers.
Time Efficiency Gets Improved
Enterprises need to reach their product to the market on time to get the desired attraction from the potential buyers. PIM software makes sure products reach the marketplace faster.
PIM eliminates all those constants and issues that prevail in manual data entry on updating product data or information in inventory. Also, it streamlines the business process with clean and accurate product information allowing workers to carry their work without any delay.
Reducing operational and supply chain costs are the major aspects that every enterprise is looking for. PIM system enables an automated process for managing and distributing product data across multiple channels by saving a lot of time and operational costs for enterprises.
Apart from this, a good PIM solution will eliminate the high risk of data management and prevent the loss from happening due to poor or bad product data. This will eventually increase product experience among the potential buyers and helps companies to outplay their competitors.
Easy To Integrate
Easy integration is one of the prime benefits of a PIM system. PIM solution enables the system to integrate; this flexibility feature allows enterprises to merge all systems and to manage all product data in a single location. This ensures enterprises cut costs on data management and marketing teams to perform seamless marketing campaigns by accessing all those up-to-date data of all products.
Product information management strategy for enterprises in 2021
Digitalization has allowed the public access to enormous products, services, and data available at the click of a button. People can search for the products of their choice from a pool of varieties. These customers get attracted by the images and information provided for the product on the various channels.
Product Information Management (PIM) helps enterprises in collecting data, managing data, and sharing it in multiple channels. This system allows efficient management of the data with ease of updating the product details across different channels.
Principles for product information management strategies
As the number of products and customers keeps increasing, it is very important to strategize product information management. This helps in efficient communication of accurate product information and consistent brand message through the various channels.
The strategy of the PIM depends on different factors like quality of product data, optimizing cost, time, defining the right metrics, operational efficiency, time to market, etc. Keeping track of all these details helps the organization in keeping a track of heading towards the right direction.
The different principles are vital for designing the product information management strategies include:
Assess the product data
It is important to consider the quality as well as the quantity of data provided to the users. Poor data can have a long-lasting negative impact on business performance. This can affect the sales chart and weaken the competitiveness.
It is important to quantify the data quality by identifying and solving the underlying issues. The different factors that need consideration include product master data, digital assets, and rich product content.
It is important to identify the data having the most significant impact on the syndication channels. Identifying the gaps and working on them to improve the data will help to strengthen the data.
Design a holistic and robust PIM
The selection of the proper vision and strategy is the foundation of product information management. Keeping the strategy simple and practical is important for gaining the desired outcomes. Clear vision allows the organization to have high quality, integrity, and product data availability across different channels.
Balanced PIM software selection
PIM software plays a crucial role in selecting the PIM strategy. It should have the capabilities to align the available data while handling the vision and support. Most of the software can deliver a wide range of products and can address a wider set of buyers and requirements.
As the competition is increasing, the product should not be just available in the store or on the website but should also be available across the various channels. This omnichannel allows the public all across the globe to reach the product of their required specification.
The different channels should provide all the required information effortlessly to their customers. They should be able to understand the needs of their customers, be able to gauge the customer feedback for the products, allow them to compare their products, etc.
Improved open-source systems
Increasing competition in the market needs the organization to present its product in the desired format to all its customers across the different channels. The use of the open-source system resolves pain points like adaptability, flexibility, and customizability. The system selection should allow the organization to grow its business. This will help in rapid scale-up and system updates as required by the market needs.
Improved use of the cloud system
The PIM system maintains the information for the products in a centralized location for easy access. Maintaining such information requires a lot of storage space. Nowadays the cloud system is gaining popularity for its scalability.
The top cloud service providers available in the market include Amazon Web Services, Azure, Google Cloud, etc. These platforms provide space for providing all the required product information over different channels.
Deploying the PIM software over the cloud allows the organization to gain the benefits provided by the cloud.
Integration of products
The product information should be able to integrate with the available, existing, and new systems without making any major changes. The customers should be able to access the product information from any different system without any difficulty. The organization or enterprise should enrich the product information and publish it on multiple channels for customers’ access.
The PIM system provides personalization or segmentation of the products based on the details available. The segmentation of products based on the behavioral traits in a real-time manner will help in delivering the best and accurate information to the right targeted customer segment.
The PIM system should be robust to allow automated rule-based actions. This will allow in generating customer-specific segments, personalized requirements, etc. to deliver a seamless transaction experience.
The organization should select the PIM system that will allow them in managing and delivering tailored digital data based on the unique interest of their target audiences.
Digital asset management
The PIM system provides varied information related to the product. These details include the specifications in form of text data along with the images, videos, etc. The PIM system should also provide crucial details regarding the product’s technical specification, warranty, etc.
This data asset management is a very important and challenging task and adds value to the integrated product information. A robust PIM allows relating their digital assets with adequate product information.
360-degree view of the product
The adequate PIM system allows the enterprise to display all the essential details of the product in a 360-degree view. This holistic view of the product helps in collecting and generating rich product content. The B2B view allows information exchange related to product data essential for the supply chain or purchasing process.
For a product-based industry, it is essential to provide accurate product information to the customers and all the members involved in the product sales cycle. Updated management technologies used in the PIM system streamlines the product information. The use of adequate product information strategies helps the organization in adapting and evolving in the competitive business.