Product information management (PIM) refers to a group of processes wont to evaluate, recognize, store, oversee, and appropriate item information or data.PIM encourages the focal administration and support of the whole kind of crude information, item content, or any related data for at least one results of an association or framework.
Top 10 Benefits of Product Information Management (PIM)
1. It Saves You Time and Money
Saving time is one of the fundamental reasons that organizations receive an item data the board framework. In simple terms, a system like One Time PIM will streamline the product data management by keeping it in one place. If you make an update to a product or add a new product, it will automatically update the website, datasheets, and anything else that you’ve integrated. This saves hundreds of man-hours making tiny changes to products.
So, how does this save you money? Firstly, you don’t have to pay expensive staff to make product amendments. At the point when you have an entangled product offering, this can be a gigantic channel on assets. However, it can be difficult to calculate if a staff member or a PIM system would cheaper – so, it’s important to understand the other benefits.
2. Improves Customer Experience
Customer experience is essential to a business’s success. Satisfied customers equal repeat business and recommendations. It doesn’t matter whether you’re a B2C or B2B company, it’s important to provide customers with the information they need when they need it. PIM frameworks make it a lot snappier and simpler to get to data. That means, when there is a customer on the other side of the phone, your staff can find the information they need and pass it on almost immediately.
80% of people will stop doing business with a company because of poor customer experience. If you’re running an e-commerce business, a PIM system will dramatically improve the customer’s online experience. Instant access to relevant and detailed information is key to a customer’s buying decision.
3. Increases Speed to Market
At the point when your organization has another item, getting it to advertise quick is significant. Every minute that the product is sat on the proverbial shelf, you are losing money. Not only that, but you are giving your competitors a chance to get their products to market first, reducing the impact of your product launch. PIM frameworks are one of the best methods of speeding up to advertise. Once you have all the product information ready, it only needs to be inputted once and you are ready to start selling.
This streamlined speed to market also means that you can take advantage of windows of opportunities in the marketplace. In almost every business, these windows will open up and only last for a very short time-frame, so it’s essential that you can launch products and services quickly.
4. Promotes Consistent Quality
Consistency is crucial to a business’s reputation – whether it means being consistent in your customer service, your offer, or your management style. One of the principle advantages of embracing a PIM framework is that you can control the consistency of your item data. High-quality product data is always standardized before it’s presented to customers. If you work with complicated products, you might find that the product data can arrive at your desk in many different forms. A PIM system will take those different forms and allow you to standardize them.
54% of online shoppers will abandon a purchase if they can’t find what they’re looking for. This statement perfectly sums up the importance of consistent product information. Customers aren’t going to give you any leeway. They’re pretty ruthless in their decision to leave a website or physical store. You must provide the correct information, in the right place, without any delays. Or, you could be losing a lot of money.
5. Equips Your Business for Growth
There are numerous approaches to grow a business: improve deals of solitary items, add items to your line, procure different organizations that are in accordance with your image, and so forth. To effectively execute any of these techniques, you need a productive data the executive’s structure set up. For example, if you decide to add a new product to an already established line, you will need to adapt all of your marketing materials – website, datasheets, brochures, etc. With a PIM framework, this procedure is brisk and steady.
In most cases, businesses start as a one- or two-person operation. So, when the opportunity arises to grow the businesses, it’s important not to waste time on data input and quality control. Your focus needs to be on customer acquisition, customer retention, and product development. A PIM system allows you to keep focused on growing the business, without any distractions.
6. Simplifies Classification to international standards like ETIM
When you’re working with technical products, you are required to meet product standards and classifications. In the internet age, this process is becoming more complicated and can take up a lot of valuable time. Whether you are a manufacturer, wholesaler, or both, you need to be able to handle classifications and standards in a user-friendly way. Otherwise, you could end up confused and, in the worst-case scenario, land yourself in legal trouble.
7. Improves Integration
As software becomes an increasingly important part of running a business, efficient integration is crucial. When you introduce a new piece of software, you will need to integrate it with all of your current software and data. PIM frameworks are intended to make this procedure straightforward and are regularly structured explicitly in view of this. Besides, PIM frameworks are regularly simpler to coordinate than business endeavor frameworks.
8. Makes Searching for Product Information Easier
Nearly everybody is your business will require simple access to item data, particularly your business group. Of course, you will have already trained your sales team about the products, but it’s important that they can answer technical questions without hesitation. A PIM framework will guarantee that all the most recent item data is in one spot and is effectively accessible. This will make all of your staff better informed and better equipped to sell the product.
9. Ownership & Transparency
When product data is managed and enriched during a fragmented way, this often leads to a scarcity of ownership and transparency. Who does what and who is responsible for the product data? A PIM system offers diverse workflow tools to take ownership, streamline interdepartmental collaboration, and increase transparency. It also offers a strong search tool that employees can use to access relevant and comprehensive information about product recalls, internal audits, and periodic reports, among other things.
10. Minimizing custom applications
Adding all data-related processes to a PIM system allows you to scale back the number of custom applications. Take ERP as an example. ERP applications were introduced within the early nineties and therefore the PIM system, partly thanks to the increase in Omni channels, has increased in popularity in recent years. As a result, many product data processes are built around ERP over the years, despite the very fact that ERP wasn’t designed for this purpose. This often results in an awesome amount of customization, which limits business management and business agility. The result: a scarcity of innovation and an inability to quickly answer market developments. Staying on this path means more ERP customization, more management activities, and minimum business agility.