Last Updated on August 13, 2023 by asifa
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Today, businesses are finding ways to manage huge amounts of product data digitally. One of the most convenient methods is the use of PIM software, which has many business benefits.
Product Information Management (PIM) is the practice of managing the product information needed to sell and promote products through distribution channels. A PIM solution is software that helps companies manage, optimize and activate this product information.
PIM, as a strategy, increases cost-effectiveness, provides growth opportunities and flexibility, creating a single source of reliable product information in the company.
If your company deals with a few products, you might not need PIM to start off with. Nevertheless, if you have plans to expand your business onto the Internet, PIM software for product information storage can be very helpful.
Which companies require a PIM solution?
When PIM was first introduced, it was only available to large corporations. Now most organizations including small and medium-sized businesses can access the efficiencies offered by such systems. A well-chosen PIM system is a necessary solution if your company works with a lot of products.
Suppliers, retailers, manufacturers, distributors and brands use PIM solutions to keep their products up-to-date in all sales and e-commerce channels. They are also very helpful in monitoring product performance.
Depending on the problem you face, PIM can offer you appropriate solutions. The purpose of a product information management solution is to serve as a universal place to collect, control and enrich information about your product, as well as to create a product catalog and disseminate it through electronic commerce and sales.
PIM solutions are widely used by online traders, marketers, and e-commerce and product managers who want to simplify their product information management with an appropriate tool.
How PIM can help
Do you sell products through several channels with a seemingly endless amount of information to track? Do you sell a wide range of products? Do you wish to enhance the communication amongst employees and across all sectors of your business? Then it is time to implement the PIM software and take advantage of the many business benefits.
Saving time and money
The use of product information management software enables staff members to streamline product data management by keeping it in one place so they can quickly access the information they need to accomplish their tasks. In these programs, searching and updating is a simple process.
If you upgrade your product or add a new product, it will automatically update your website, data tables and everything else you have integrated. It saves hundreds of man-hours.
In addition, the number of errors is reduced, as all offices use the same documents to obtain information. This minimizes the risk of errors in marketing and promotion or in contact with consumers.
Reducing errors means that companies spend less money on mistakes that affect customer satisfaction. Accurate information reduces the likelihood of misleading product information being disseminated.
Delivery methods, procurement procedures and corresponding warehouses are optimized using data in PIM. As a result, clients receive the highest quality service. Moreover, since PIM solutions are easy to integrate, companies save money on management and manual marketing.
In many cases, goods are returned because consumers have received the wrong goods or goods that are not as they appeared on the page. PIM data populates all channels. This leads to a relationship of trust between clients and businesses. Customers know what they will get, so the probability of a return is drastically reduced.
If a customer gets exactly what they want, the chances are that they will return to your company for other products. Introducing a product information management system is, therefore, a simple way to enhance your brand reputation and consumer base.
If you feel that the information about your products reaching different distributors is inaccurate or incomplete, this problem can be solved with PIM. With PIM each team, manufacturer, distributor and channel works in real time. If the product data is updated, all project participants can see the changes and receive exactly the same data about the product.
Improves customer service
A pleasant customer experience is necessary for the success of any business. Whether you are B2C or B2B, it is important to provide clients with the information they need on time. Instant access to up-to-date and detailed information is key to achieving a deal.
PIM systems greatly accelerate and simplify access to information. If you are engaged in e-commerce, a PIM system will significantly improve the quality of customer service on the Internet.
Increases speed to market
With the increasing speed and scale of product information, firms seeking growth in a globalized environment need efficient systems for faster market entry, multichannel connectivity, smooth and rapid introduction of new products, excellent client service, and higher return on investment.
Optimized market speed means that you can take advantage of windows of opportunity. In almost every business, these windows are open for a very short time, so it is essential that you get products and services to market before your competition.
Facilitates the search for product information
PIM is a perfect solution for the company that has difficulties with easy access to product information. It is not only important to train your sales team about the products, but it’s vital that they can answer technical questions without hesitation. The PIM system guarantees that all the latest product information is in the same place and is easily searchable. This will ensure informed staff are better prepared to sell your product.
Incorporating a PIM system into your business offers plenty of benefits:
- Optimize the adaptation process for suppliers and data providers
- Improve the quality and consistency of product data across channels
- Time and productivity savings
- Link images, documents and other media files to products
- Provide an excellent product that improves customer satisfaction
- Easy collaboration between teams and business departments
- Compliance with international data standards such as ETIM.
Improving data quality in less time
PIM is useful for improving data quality, increasing operational efficiency, reducing time to market, improving customer service quality, facilitating access to assets across regions, supporting sales and marketing departments, providing more flexibility, automation of manual tasks and simplification of asset management.
The Product Information Management (PIM) software centralizes and harmonizes all your marketing, commercial and technical information about the product. The open source PIM platform can collect, manage and share digital data of any type and is designed for simple integration into existing IT system landscapes.
A Product Information Management System is an effective tool for business development in e-commerce. PIM does, however, require serious attention to detail and research before implementation. If you plan to use it, define your business needs and work out the benefits.
The best PIM system for your business is the one that provides you with everything you require, as well as regular updates and maintenance – all with good support and training services. In the end, the best PIM system is one that is not only the most efficient, but also provides the best return on investment.