Why Your Business Should Have a Product Information Management System In 2023?
The most essential component for any product-based enterprise is the product details that are shared with potential customers. The customers prefer researching the product of their interest on various channels, comparing the technical specifications before making the purchase.
This makes it very important for all product-based companies to provide true and accurate details. The product information management (PIM) system plays a crucial role in updating and managing all the product-related details with all the important members involved.
What is a PIM System?
The product information management (PIM) system enables collecting, compiling, updating, deleting, organizing, and managing all the product-related details at one centralized location. This makes it easier for sharing all the product details efficiently across the different channels and reaching the different teams involved in the product supply chain management.
It allows for efficient storage and transfer of the product data that is important at different stages by different teams like the manufacturing, designing, IT, eCommerce, sales, marketing, etc.
Each team can communicate with each other more accurately as it helps in sharing the updated product details and staying well connected. The different types of product details that the Product Information Management System can unify include the core product data like product name, description, title, etc. It also shared details like product attributes like cost. The product specifications like dimensions, warranty, packaging details, etc.
To explore more about product information management, read What is PIM? – An Ultimate Guide for Product Information Management Services.
Features & Capabilities of Product Information Management System
The different features that are essential and should be incorporated into the Product Information Management System used by the organization include:
1. Ease of data collection and importing
There are different sources for the collection of product details. Different sources provide the details in different formats. The different teams involved in the product development also provide the details of their development and are included in the PIM system.
The PIM system should be such that it should be able to collect the data from the different sources in a different format and compile them efficiently with uniformity. This allows the end-users to import the content without facing any technical issues or glitches.
2. Advanced product data analytics
The PIM system should allow analyzing the product data with ease. It ensured storing and optimizing the product data and enabled their customers to create personalized reports. The PIM system should have a feature with built-in functionality that allows analyzing and aggregating the product details.
The features used for product analytics should be user-friendly and the customers should be able to compare the products based on the categories and other attributes.
3. Bulk editing capabilities
As the product development progresses, more product information gets added up. Also, the product moves from one channel to multiple channels thus increasing the spread of details. Manually handling the product details and upgrading across the various channels can become tiresome and time-consuming.
PIM being centrally located makes the process of data addition, editing, deletion much easier across the different channels. This makes the task of bulk editing easier and saves lots of time, money, and effort. The organization can invest these valuable efforts in other important tasks.
4. Create and manage categories
Customers prefer comparing the product for understanding the specifications and thus it is important to allow the clients to create and manage the different categories. The PIM should have a feature that enables categorizing the product based on the attributes like the specific trial, segment list, platforms, new product launches, etc.
5. Advanced filtering options
Filters are one of the important features to look for in the PIM system. As the product catalog expands and more products get added up, it is important to find the specific product fast and accurately.
For this process, it is important to have an advanced filtering option that will seamlessly and quickly allow in finding the details the client is looking for.
6. Seamless integration with different channels
For the efficient functioning of the organization, it requires using many different software and applications. PIM system allows easy and seamless integration with these applications and making the best use of them and catering to all the needs of their customers.
Using the PIM system enables all the clients to gain the assurance that they get all the accurate product information on all the different platforms.
7. Viewing data over channels
There are different channels used for the sales and marketing of the product. Each channel has specific requirements and provides details in different formats. For an enterprise, it is important to have the ability for viewing all the content that is posted on the different channels.
These details help in understanding the requirement and making the content available in the best manner. The PIM system should have the feature to put all these together and have a clear digital view of the overall data.
8. Channel readiness
Every channel has different requirements and it depends on its geographical location. If the enterprise has to manually provide all the details as per the individual channel then it would be time-consuming and tedious.
PIM provides all the required data to the channel based on its requirement that includes the details in the local language, costing in local currency, etc. PIM makes all the available data ready based on individual requirements.
9. Managing governance
To expand the company across the world, the enterprise needs to reach out to the different countries while keeping up with the governance and avoiding the violation of fines. PIM allows managing the local governance and provides control to the marketing team for managing the content.
10. Centralized repository
PIM provides the centralized repository of all the product information. This stored data is grouped into categories like different segments based on client requirements or seasonal offers.
Any change made in the centralized repository reflects directly on all the channels. It helps in removing duplicate data and the addition of newer details.
11. Providing access rights
For maintaining the quality and security of the data it is important to keep the check on who updates these data on the PIM system. For this, the enterprise can allot specific members who will have the access to the system.
The individual from the different teams can be given access to specific details so the accurate details are uploaded to different channels. This will reduce the change of errors and also ensure the quality of data reaching the end-users.
12. Coordination between the users
Following the Pimcore requirements, the different teams within the organization are informed about the recent updates so they have improved coordination and cooperation. This allows the different teams to work in unison.
13. Organization of product description workflow
The process of addition of the data is made easier by using the workflow feature in the PIM system. This makes the process more reliable, manageable, and transparent. Automation of the processes helps in the enrichment of the product details.
It allows the different teams within the organization to plan their tasks efficiently while managing the time and the valuable resources.
14. Control data editing
The PIM should have a feature for controlling the data edit. It should provide the details like the data backup and the version details for the changes that have occurred in the system. This helps in tracing back the change and also allows the user to use the recently updated data.
15. Manage product catalog
A product catalog can be designed based on the requirement as one catalog per product or all the products mentioned in the single catalog. PIM system allows in managing the catalog as per the requirements by efficient data transformation in different formats.
PIM can incorporate details from the various inputs like the datasheet, price lists, electronic catalog, etc.
16. Storage of additional data
All the details related to the product are not shared with all the users across the different channels. This additional data needs to be stored on the centralized system but not shared with all the teams. The PIM system should provide an additional storage facility for storing the crucial details related to the product.
Visit Must Have Features of Product Information Management System to explore advanced PIM features.
Why Should Your Business Have a PIM System?
Every business should implement the Product Information Management System in their enterprise as it is very helpful for their growth and development. The various product information management benefits gained by the organization include:
1. Increase sales and reduce returns
For any product brand, it is important that the customers feel a sense of confidence in the product. When the organization uses or implements the Product Information Management System, it ensures that the true and accurate product details are provided to the end-users.
The customers can check the product details provided on the various channels like the product description, technical specifications, digital assets like images, videos, graphics, etc. this helps in building trust in the product and encouraging them to make the purchase.
This helps in increasing the sale of the product and also reduces the chances of product returns.
2. Improved technology for providing personalization
Making use of advanced technology like voice assistants, augmented reality, chatbots, artificial intelligence, etc, has changed the current scenario for the digital commerce business.
These technologies make a positive impact on the customers and allow for the personalization of the product for their users. This also simplifies the process of sales and marketing.
3. Boost team productivity
For the improved working of any organization, all the teams within the organization must work in unison. PIM automates the manual task so the different teams can perform their jobs for creating the desired product.
4. Increase product assortment
Following the product information management process for managing the product details across the different channels allow in saving time, money, and effort. These valuable resources can be used for the development of newer product ranges and expanding the brands.
The Product Information Management System allows the teams to spend less time on the manual work and focus on developing the newer products. PIM also allows in reducing the time-to-market thus more products can be efficiently launched.
5. Enable omnichannel marketing
For increasing the business, the enterprise needs to provide their product details on the various channels for attracting more potential customers. Every platform and channel have their rules and quality standards for product details.
Product Information Management System provides the capability for accelerating product sales by accelerating omnichannel efforts.
6. Faster expansion to the newer markets
PIM helps in product enrichment and has replaced the older time-consuming process with chances of errors to using the highly automated, structured, and faster process for the optimized process.
The different teams can work together in collaboration for speeding up the translation, review, and approval process for expansion into new territories and regions.
7. Enhanced product content
Implementing the Product Information Management System in the business helps the organization in improving the quality of the product information. The enhancement of the product content includes providing high-quality images, product tours, videos, graphic details, comparison charts, etc.
These details help in improving the content by showcasing the product through the different angles, providing a brand story, and giving detailed information regarding the product that will encourage the potential customers to make the purchase.
8. Increase revenue
For reaching out to newer customers or larger crowds, it is important to showcase the product to the customers with improved graphics. The product information related to the product description, images, and customer reviews will help in providing accurate information regarding the product that will help the product to stand out in the competitive market.
This improved trust in the product will help in attracting more customers leading to increased sales and revenue generation.
9. Improved collaboration
Implementing the use of the Product Information Management System in the organization will make it easier for the business to interact with their clients, end-users, and other parties for better collaborative work and thus can help in the growth and expansion of the business. Making use of the Product Information Management System, the organization can share the essential details with their clients with ease.
To explore more benefits, don’t miss to read What Are the Benefits of PIM (Product Information Management) Systems?
Using the product information management (PIM) system in the organization is gaining importance in this competitive world. It allows efficient management of the product details to provide updated information to the various teams across the different channels.
It offers vast benefits to the organization by creating a customer-centric experience for the growth and development of the business. A robust Product Information Management System provides a 360-degree view of the product and enables improving product insight and process automation.