PIM - What Kind Of Companies Gained Advantage From PIM Solution?
Digitalization has changed the shopping experience for the enterprise as well as for the customers. The product details are considered very important by the customers in the selection process for the product. The enterprise needs to make the product details like description, images, naming conventions, pricing, etc. that are shared with the different users.
All these details are essential for eCommerce marketing of the product across various channels. The product information management system helps the enterprise in managing product details.
Why Is PIM Solution Considered An Important Tool?
Product information plays a crucial role in the management of product detail. The business might lag if they face different issues like incorrect or outdated product details, lacking shopping experience, lack of interactivity, delayed delivery, etc. The product information management PIM software is very helpful for the enterprise in dealing with these issues.
It is important to understand what is PIM software? And How does PIM software work? PIM software works centrally by collection, organization, storage, management, and sharing of product details across different channels for effective eCommerce marketing.
It helps with effortless sharing of details with partners, colleagues, employees, customers, etc. It also plays an important role in providing high-quality product data useful for manufacturers, distributors, and retailers.
To explore PIM in detail, you must read What is PIM? – An Ultimate Guide for Product Information Management Services.
Advantages Of PIM Solution
For the growth and development of the business, the enterprise needs to adopt PIM software in its organizing system. Product information is vital for eCommerce business and reaching out to the larger crowd through different channels globally.
The different advantages of using the PIM software include:
1. Saves time and money
Time and money are very important for the growth of business and implementing PIM software in the enterprise will help the organization in managing the product details efficiently. It saves the time, money, and effort required for keeping the details updated.
Making changes in the centrally located PIM software updates the data with immediate effect. The enterprise can utilize this saved time and money in other important tasks that need attention.
2. Improved customer experience
The customers prefer selecting the product for purchase by comparing it with other products in the market based on its description, specification, costing, etc. Implementing PIM software ensures that the accurate, true and updated product details reach the potential users across the different eCommerce marketing channels.
PIM organizes the product details using attributes that make it easier and quicker for accessing the required product information. This helps in improving the customer experience and gaining their trust.
3. Decrease time-to-market
The time taken by the product to reach the market is crucial and the longer the time takes, the enterprise can tend to lose money. The competitors get a chance to launch their product faster, reducing the launch impact. Implementation of PIM software makes the product details easily available to all the teams involved in the product development.
Keeping these teams well-coordinated fastens the process of the product reaching the market. This includes the various teams involved like manufacturing, design, sales, marketing, distribution, etc. This drastically impacts the time taken for launching the product thus decreasing the time-to-market by increasing the speed-to-market.
4. Promote data consistency
The product data is collected from different sources and in different formats. The product details that reach the different channels must have the details as per the selected attributes.
The requirements of each channel are different and the data mentioned on each channel should be consistent. The PIM system helps in compiling the data efficiently and makes it available on various channels in a standardized format.
5. Leads to business growth
The different ways to boost the business are by improving the sales of the product, including more products to the sales line, reaching out to a larger crowd through several channels, etc. Implementing a PIM system helps in fulfilling all these ways by managing the product details accurately.
PIM makes the process of launching new products faster and more efficient. The utilization of more time in data management can lead to slower business growth. PIM fastens this time-to-market thus allowing time for focussing on customer retention and faster growth of the business.
6. Attain international standards
For reaching out to customers across the globe, it needs to meet certain product standards, technical classifications, and regulatory requirements. This process of attaining standards is time-consuming and tedious. Implementing PIM makes this process easier by providing all the requirements for attaining the standards in user-friendly ways.
7. Improved integration
For growing the business, the enterprise can launch newer products or reach out to more potential customers through different channels. PIM system helps in efficient integration for adding the newer products on the system and also integrating different channels for displaying their product details.
8. An easier search of product
PIM provides the details based on the different attributes that allow in the classification of the data. This makes it easy to search the product based on the attributes related to the product specifications. This makes the product easily searchable amongst the competitive products.
If you are interested in discovering the benefits of implementing tailored product information management, then read What Are the Benefits of PIM Systems?
Companies That Gains Full Values Through PIM Solution
PIM system allows in handling the various details regarding the product and is stored centrally. These product details are related to its application, publication, online stores, websites, portals, etc. The PIM system doesn’t need to work for all types of companies or business enterprises.
Every enterprise needs to understand if this PIM system is useful for their business. The organization needs to check if PIM will benefit them before implementing it into their organizational system.
1. Companies not benefited by the PIM system
The companies that are not suited to use the PIM system include the companies that are involved in the manufacturing of products that are unique and have no other manufacturer. Using the PIM system will not be of many benefits in this case.
PIM is useful for the larger organization that involves several processes. If the organization includes very few steps or processes that need optimization, then the PIM system does not add more value.
The companies involved in the single process that does not involve many different steps can handle the data efficiently without the need of implementing the PIM system. In these cases, the cost of using the PIM system will be more as compared to the rewards gained.
Companies that are involved in the services and do not involve any manufacture and sales of any product do not require the PIM system.
2. Companies benefited from the PIM system
Several companies have benefited from implementing the PIM system into their organization. These companies include:
Company with complex products and several variants
Any company has several products on its list and has a complex structure. Handling all the data for these several products can become consuming, and tedious. There are increased chances of incorporating the errors while handling increased data. PIM will help in the easy handling of the data.
Product with several product data
The product has several product description information details, complex data relationships, metadata, etc. Handling these data can be made easier with PIM.
Reach out to a larger crowd
Companies that are planning to reach out to several potential customers across the globe. PIM implementation makes it easier to add the features for providing the details in the required local language in a cost-effective way. PIM makes it easier to perform the activities like generating catalogs, pricelists, etc.
Publish data on various sales and marketing channels
PIM helps in strengthening the business in the eCommerce market. Companies aiming to make the growth in the eCommerce market should implement PIM in their business.
If the company needs to include the data from the different sources including suppliers that are resource-demanding. This data is available in different formats and has inconsistent quality. PIM will be useful for the organization for handling these data and then compiling it in a uniform format and improving its quality.
How To Choose The Right PIM Platform?
Different features are available in the Product information management system that the enterprise should look for while selecting the PIM system. The different points that need to be considered while choosing the right type of PIM system include:
1. Cross-platform integration
While selecting the PIM system, the enterprise should consider the different software used in their organization for different functions. The PIM system should be able to work with cross-platform product information software like DAM, MDM, PXM, etc. The selected PIM should be able to work efficiently with the existing software used in the organization.
2. Integration with ERP system
The relationship between the ERP and the PIM system is complex and both should work together in unison for getting the best results.
While selecting the PIM system, the following questions should be answered by the PIM system that includes:
- Should the starting of the product life-cycle be in EPR or PIM?
- Can ERP data like inventory and pricing details be reflected in the PIM
- Should ERP data be generated in the PIM or any other application like OMS?
- Can the PIM data be maintained in the ERP system without opening the PIM system?
3. Steps involved in the PIM system
The selected PIM system should be able to perform the different steps for efficient management of the product data. These include:
- It should be able to collect efficient data from the various data sources in different formats like images, folders, spreadsheets, etc.
- The PIM system should be able to validate the data and make it more reliable to reduce errors, duplicate data, etc.
- The PIM system should be able to improve and enrich the data quality. It should be able to make the details available in various formats and languages as required by the different channels for sales and marketing.
- PIM should be able to optimize the data and share it efficiently with the different teams involved like the sales, distributors, customers, collaborators, etc.
4. PIM user type
The selection of the PIM software depends on the users that will be using the PIM software. This depends on the type of business and the different users involved like:
5. Users based on the type of business
There are different teams involved in the different types of business that will have the access to the PIM software for providing and using the product-related details. These include retailers, manufacturers, developers, etc. These users will require the product details that are essential for their efficient functioning.
6. Users with the business
Different users within the business need to have access to the product details. These include the users like the buyers and merchandisers. These collect the data from various channels and provide the details to the sales channels.
The various technological teams within the organization also access the centralized data and help in streamlining the different processes making the functioning easy and faster.
7. Data distribution and sourcing
PIM should be able to provide the data efficiently to the different sites like websites, emails, in-store displays, mobile applications, social media, etc. These different channels may require the data in different formats and the PIM should be able to provide the details as per the requirement. It should be able to incorporate the product details in different formats like images, files, spreadsheets, graphics, etc.
8. Data complexity
As the complexity of the data available increases, the need for using the PIM system increases. The PIM system selected should be able to handle the complex data efficiently. The enterprise can consider the following queries while selecting the best PIM system that includes:
- Number of attributes available for the product data,
- Do the products have variants?
- Are these products configurable?
Many basic to advanced product information management platforms are available in the market. Read Top 11 Product Information Management (PIM) Platforms to Consider to get exclusive insights into top PIM platforms along with their features and benefits.
An enterprise needs to implement the product information management system for the growth and development of their business. PIM also helps in incorporating the different software that is necessary for efficient functioning like Data asset management (DAM), Master data management (MDM), Enterprise resource planning (ERP) system, Product Experience Management (PXM), etc. The PIM system helps in selecting the right solution for boosting the eCommerce business.