A product-based industry needs to provide a lot of product-related information for supporting its sale across the different eCommerce channels. A potential digital buyer examines the product online through the various details provided like the product description, technical specifications, images, graphics, etc. that help them to visualize the product before making their purchase.
It is essential to share accurate and true product details with the customers for gaining their confidence and boosting the business. It is a challenge for the product-based industry to keep the data updated and thus important to understand what is PIM.
What is PIM?
The product-based industry implements the use of the product information management (PIM) tool for the collection, management, and distribution of all the necessary product information from a centralized location with the potential end-users. Product information management system aims to the protection of product information and improves the quality of the product data that is made available for sharing internally and externally with the systems, partners, collaborators, and customers.
The shopping trend has changed tremendously and potential buyers inspect the products based on their specifications, descriptions, images, videos, cost, etc. PIM system helps the organization in handling the product details in various formats like graphics, documents, spreadsheets, etc. The data collection process using the PIM system is fast and effective as it reduces the chances of incorporation of errors and reduces data duplication.
What makes a great Product information management ?
There are several benefits gained by the organization by implementing the PIM system for efficient management of product information. These capabilities and features of the PIM system that are beneficial include:
Centralized and media-neutral data management: For reaching an increased number of potential customers, the organization uses several platforms. Every platform has its specific structural requirement for product information. PIM system allows for management of the product information and storing the details at a centralized location. It allows for enriching the data for publishing across the different channels as per their requirements.
Quality control: The PIM system should have the capability of improving and automating data quality. The safeguards of an effective PIM system should include the validation rules for attributes and workflow, control over versions, data quality reports, etc. A robust PIM system allows role-based access to the different individuals for updating the information thus maintaining the data quality and security.
Localization ready: Different channels across the globe require the data in their local language and currency. PIM system has the capability of efficiently translating the product information into several languages and helps the business in global expansion and staying ahead in the competitive business.
Workflow and publishing automation: Managing and publishing several products at a time is a tedious and time-consuming process without automation. Workflow management allows the users in controlling the workflow for ensuring the quality of data before publishing.
Intuitive and user-friendly interface: The PIM system should be easy to understand and use. It should have intuitive navigation and the least user resistance.
Integration: The organization implements several applications and systems for the simplification of several operations and processes within the organization. The PIM system should be able to easily integrate with these applications and import the information for easy handling of the data.
Modular: PIM software has different modules based on the features, capabilities, and many users and costs depending on the components selected.
How PIM Saves Time & Changes Your Life?
There are several ways in which implementation of the PIM systems helps in saving time and changing the functioning of the organization, these include:
Reduced use of spreadsheets: For an organization having many products on market, updating the data in the spreadsheet can be time-consuming and lead to the incorporation of errors. Product information management eases this task by performing this task accurately and entering the larger data in lesser time with no errors.
Automation: Product information management allows for automation of the process while data collection and management. This helps in reducing human intervention and errors. Automation of various processes leads to faster completion of tasks.
Optimize marketing: Product information management enables centralized storing of product data. It implements the use of effective attributes for defining the product thus leading to optimized product search across the different channels through search engines. Optimizing the marketing strategy allows the management to take the right marketing decisions at the right time thus reducing risks and increasing sales.
Reaching milestones: Product information management system allows the business in tracking the progress toward reaching the milestones in the business. It helps in keeping the track of the team's performance and productivity. It allows for identifying the lacking points or hurdles in achieving the milestone and rectifying those timely. Implementation of PIM will help in optimizing the process.
Reduced errors: Product information management allows for the collection of data from different sources and keeps the data updated and accurate thus reducing the chance of incorrect information sharing. It also provides accurate details regarding the product purchase procedure, shipment, and delivery details thus customers can enjoy complete satisfaction. PIM system allows easy integration with the other application within the organization thus importing accurate details from across the systems.
Growth: Product information management enables enhanced communication and coordination between the different teams within the organization. This allows it keeps all the teams at par thus fastening the pace of growth.
Enhance customer experience: PIM acts as a single reliable source of product information and is easily accessible across different marketing channels. Product information management can solve any data inconsistencies by immediately correcting any issues and thus providing the best customer experience. The customers are provided with accurate and true product details that help them in the visualization of the product and building trust in the product and the brand.
Expand business: Product information management enables an automated, faster, and accurate publishing of product content with the selling channels. Product information management is connected with different eCommerce platforms thus enabling localizing the product details as per the channel requirements. Implementing PIM allows an easy and time-efficient expansion of the business. Product information management can effectively translate the product information into the local language and currency thus helping in business expansion.
How To Select The Right PIM Solution?
Picking the right PIM tool will be overwhelming for your company. However, it isn’t as easy to pick the right PIM; you need to be aware of several factors. This section elaborates you how to pick the right PIM tool for your company, take a look.
Here are some sets of questions you need to find answers to select the right PIM solution.
- Who Going To Use The PIM Tool?
For selecting a PIM tool, figuring out who will be using the tool in your company would be the first and foremost step. This helps you to identify the features you need to look at. Here is the set of points you need to be aware of while spotting the right tool based on PIM users of your company.
Total number of users allowed by Product information management tool to use.
Types of users who can access the Product information management tool.
Required user’s skill sets to use the PIM tool.
- What Data Management Functionalities You Required?
The data management functionalities of a PIM tool determine what you can expect from the tool. Here are the lists of aspects that you need to focus on for selecting a PIM tool.
Data Onboarding: Having centralized data onboarding PIM software will ease the operation of identifying data formats, data compliance, and creating standard data templates.
Data Quality Control: It determines how you are handling the data and what quality control system is offered by the PIM solution.
Digital Asset Management (DAM): The DAM system provided by the PIM solution helps businesses to the maintenance of rich media.
Integrations: It determines the interaction ability of the PIM system and how it connects with third-party applications and databases.
- What Data Distribution Challenges Do You Face?
Data distribution is one of the main disseminate of every existing PIM solution in the market. However, the challenges would get differ according to the business operations of enterprises.
Here are the lists of most common data distribution challenges an enterprise can face, look for how your PIM solution can handle it effectively.
Downstream Integrations
Multi-language Support
Printing Digital Assets
Automated Data Distribution
- How are You Supposed to Maintain PIM Solution?
After analyzing all the aspects of the PIM solution before selection, finally you need to look over the maintenance and scalability issues. In general, PIM maintenance involves bug fixing, support service and system upgrades. Consider the amount you need to pay for those.
However, when it comes to scalability you need to consider the hassles you may face in future when your company starts growing. Almost every PIM solution offers a scalability option, but the details and pricing make it huge difference.
Conclusion
Implementation of the PIM system makes it easier for the organization in managing the product information and making it available at a centralized location. It enables keeping the data updated, and organized and sharing the product details with various teams involved within and outside the organization like the manufacturers, supply and distribution, management, consumers, partners, collaborators, etc.
PIM allows for efficient handling of the larger amount of product details across the different channels. It is beneficial for staying ahead in the business competition.
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