Why You Should Have A PIM System For Your Business?
The competition in the market for the growth in the business is increasing and every enterprise needs to stay ahead. There are many similar products available on the different sales channels. Customers prefer checking the product details, specifications, images, etc. from the different channels, comparing them, and then purchasing them.
The product details provided to the customers help them in making the purchase decision. This product detail should be true, accurate, and complete. The product information management (PIM) system helps the organization in keeping their product details updated for sharing.
How Does the PIM System Benefit Your Business?
Product information management (PIM) is gaining importance as it assists in transforming the way of handling product details. It is a complete solution located centrally that allows to collect, manage, enrich, update and distribute the product data to different teams important for the product business. This PIM system is important to the different teams like the supply chain team, eCommerce, and customers.
For the growth of the business, the enterprise needs to reach out to the larger crowd by making its product available to more people through different channels. These enterprises can also expand their sales by reaching out to potential customers by making their products available globally.
For these reasons, every channel has its own set of requirements for the data in a particular format. Manually handling the data, collecting, editing as per needs will become time-consuming and tiresome. There are increased chances of inclusion of error.
Using the PIM system for handling the product details makes this process of managing data much easier. The PIM system stores the product details along with the attributes thus it can provide the details to the different channels based on the required format. The data can be easily added, edited, or deleted due to its centralized storage and it reflects across the different channels globally.
Don’t miss to read What is PIM? – An Ultimate Guide for Product Information Management Services to explore every aspect of the PIM system.
The Most Important Features & Capabilities of PIM System
Every user of the PIM system is satisfied with its excellent features and capabilities like the ease of data collection and importing, modern product data analytics features, bulk editing capabilities, creation and management of categories, advanced filtering options, and seamless integration with other systems as well as channels.
1. Integrate and connect with everything
The first-class PIM system has the nature to integrate and connect with everything. There are several things to consider while choosing the PIM system. However, the main thing is the ability of this system to integrate with the existing technology stack and information resources you like to implement.
You can get all the main benefits of implementing the PIM solution when you can easily connect your PIM to your supplier’s product data, internal ERP system data, mobile apps, online storefronts, print catalogs, and other systems.
2. User-friendly design
The PIM system must be user-friendly. You and your team have to use this system along with all authorized outside users who use it every day. The best interface is the interface that is so intuitive.
You can prefer and buy the PIM system with an intuitive interface that does not need your team to spend hours of priceless time in training.
A good PIM interface provides a clear method to manage and enrich products and give an overview regarding the status of the overall product catalog.
3. Bulk editing
Everyone who manages their business online is aware of the importance of efficiently and successfully editing the complete product information accessible on multiple distribution channels.
As compared to the traditional methods of product data editing, you can use this PIM system with the bulk editing facility. You will get exceptional benefits like no need to invest maximum time and effort into detailed editing across all the distribution platforms.
The best PIM tool lets users cumulatively edit the product data and consistently launch the product information across various platforms and channels.
4. Product content localization
The most outstanding PIM system lets users present their product content across the world with the best level of localization. This system is helping a lot to publish the product information in any preferred language and dialect of the target audience.
It has globalization tools to apply to localize based on the region of the viewer. This is worthwhile to avoid underestimating the location feature when you decide to expand your business worldwide.
5. Digital asset management
Experienced business people in our time integrate the powerful digital asset management system to all their digital media like documents, images, graphics, videos, and other forms of media content in the centralized location.
The first-class DAM software lets users create a very good digital experience for all customers by successfully integrating, managing, and consolidating any type and amount of digital assets.
6. Collaborative workflow
You can invest in and use the effective PIM system for embracing the integrated workflow management designed to orchestrate, collaborate, and automate the business process as per actions, notifications, and decisions.
The PIM system lets multiple users make and edit the product information parallel to speed up the product time-to-market.
Do you want to explore advanced features of PIM? Visit Must Have Features of Product Information Management System. It helps companies to make a wise choice while selecting the right PIM platform for their product-driven business.
Reasons Why You Should Have A PIM System for Your Business
Introducing the PIM system in the business is a growing trend as well as a necessity. The enterprise needs the PIM system if they have more than one product in the market. Here are the lists of a few important reasons for any business to introduce the PIM system:
1. Enhancement of data quality
The variety of product data like the product specification, technical details, images, audio clips, video, or any other type of digital assets, spreadsheets, etc., play an important role in providing the true product details to the potential customers and other team members. It is important to have the best and most accurate product data as false data can lead to heavy losses.
PIM solution allows enhancing the data quality by removing the errors, duplicate values, providing the best quality digital assets, etc. This quality data is very important from the eCommerce point of view. PIM allows in maintaining the uniformity and consistency of the data across all the different channels thus gaining customer confidence.
2. Alignment of various channels
The requirements of every channel differ based on their needs and location. PIM solution allows the enterprise to align the product content across these different channels. Potential customers look for consistent product details across the different channels in building brand confidence. PIM helps in enhancing this customer confidence.
3. Improved customer experience
For the growth of the business, it is important to provide customer satisfaction and loyalty. Maintaining this confidence is very important so that the customer returns for more business.
PIM manages all the product-related details essential for the sales thus allowing in reaching the customer at a faster time. It also allows keeping track of the inventory thus providing better service to the customers. PIM corrects the error immediately centrally thus not allowing the errors affecting the business growth and customer trust.
4. Enhanced Search
The customers while searching for the product on the different channels prefer searching based on the different details or specifications. PIM system allows classification or categorization of the product that makes it easy for the customers to select or search for the product efficiently across the different channels.
PIM makes use of consistent attributes that allow in classifying the product details into different categories. PIM provides a user-friendly view thus the potential customer can view the product details easily from any of the devices like mobile, laptop, tablet. etc. without affecting the quality of data and view.
5. Expansion and growth
For the growth of the business, it is important to attract new customers while retaining the older ones. PIM allows in providing accurate and true details to the customers and their reviews thus building confidence in the brand.
The product information management process eases incorporating the new products onboard through PIM thus extending the business portfolio across the different channels. PIM allows in providing the product details to customers across the globe by providing the details in their local language and eCommerce in the local currency.
6. Keep informed
PIM allows in aggregating the product details, sales metrics, website analytics, inventory details, etc. These details help the enterprise in making smarter decisions and reducing the time to market for the various products.
PIM allows in generating dynamic reports, assessing the completeness of the content, identification, and correction of the missing or wrong product information.
7. Boost performance
For any organization, to have growth and development, the most important thing is having the best coordination within the different teams in the organization. Installing the PIM system provides updated details to all the teams thus improving the communication between the teams. PIM also allows in streamlining the various activities involved in the market launch activities.
Using PIM the enterprise can define which team can access what section of the product data thus maintaining the quality of the data. The PIM system allows the business to save time, money, and effort by doing the manual work of data handling. The organization can use these efforts effectively at the right place for boosting the overall performance of the business.
Interested in exploring more benefits of considering a Product Information Management system for your business? Read What Are the Benefits of PIM (Product Information Management) Systems?
Types of Companies Achieving Great Values Using PIM Solution
Well, the upcoming section will guide you to learn the types of companies achieving great business values by using the PIM system. If you manage to identify your company in that, then quickly implement a PIM solution and start achieving positive ROI on your business.
Companies Using Multiple Channels
In general, companies involved in eCommerce activities will utilize a multichannel mode of reaching the target audience. In such types of companies, the PIM solution will be highly beneficial. PIM solution will strengthen and streamline your business operation.
Companies Trying To Reach Global Market
Apart from benefits, a PIM solution is inevitable for companies looking to standardize their business in the global market. Because a company faces a lot of challenges in the global market, localization of products is many things for grabbing the attention of audiences from various markets.
PIM helps companies to localize their products and also their product content according to the cultural values of individual markets.
Companies Looking To Achieve Target Growth
PIM solution is a handy tool for companies looking to achieve growth through optimization and high activity. The PIM system helps business leaders to optimize their products and enhance productivity, which plays a huge role in achieving high ROI.
Companies Having Complex Product Information
Often companies manufacturing a range of products suffer a lot due to the complexity of maintaining product information. In such a case, introducing a PIM system will get rid of all the complexities of product information and store content product meta-data or product attributes.
Read 11 Types of Data that You Can Store in Product Information Management (PIM) Solution to get insights into which types of product data you can store and manage in a PIM solution.
Companies Looking to Enrich Their Product Data
Managing and enriching the stored product data is not an easy job, especially if companies have a wide range of products. Having a PIM system will ease the data enrichment hassles and allow the support team to process & handle the product information more efficiently. This helps companies to deliver better assistance for resource-demanding tasks.
Having a PIM system is like an investment for your business growth. At the same time, you need to understand that the PIM solution will not be handy for certain companies. Here are the lists of factors that companies need to consider.
- Companies that are manufacturing only a few products or unique products don’t need to invest in PIM solutions, because PIM solutions will not drive notable benefits to them.
- Companies that are running with a low number of employees/workers for manufacturing their products can ignore investing in PIM. Because for small operations, investing in PIM will exceed their rewards.
Be sure to identify your company category from the above-listed factors and take a wise decision on PIM investment.
If you are willing to understand how a Product Information Management system helps companies to drive better value to your business, PIM System – How are Companies Achieving Values? is a must-read post for you.
Having multiple products in the market makes the handling of vast data difficult thus PIM comes in handy for this.
PIM also helps in getting the maximum customer-related data thus improving their product for increased sales. Handling data manually on the different sales channels is made easy by the introduction of the PIM system. In short, making use of the PIM system allows for efficient coordination between the different teams with the organization.