Product Information Management – 8 Reasons Why Your Business Needs It
Product Information Management (PIM) – The Basics
A Product Information Management solution is an organized answer to the chaos of infinite data that challenge many suppliers and manufacturers. A trusted and reliable PIM solution keeps all the essential information about your products in one convenient location.
PIM software can manage many forms of data, including the following:
- Technical data
- Media files
- Usage data
- Emotional data
Once this information is collected, it can then be evaluated and delivered to multiple platforms.
Why PIM?
In the age of the Internet, businesses can reach out to larger audiences and sell wares online. However, this new form of consumerism and vending also has its own implementation problems: transferring all the product information into a form suitable for every type.
And there are MANY types:
- Online stores
- Online ads
- Email lists
- Direct marketing
- Radio marketing
- Mobile devices
How Does It Work?
Most PIM software programs work by executing three basic tasks.
1. Collect Data
First, data is collected. The information is gathered from a variety of sources:
- ERP systems
- Suppliers
- Media servers
The more sources it comes from, the better.
2. Organize the Information
Once the information is collected, the software categorizes and enriches it. The program will analyze the quality of information as it translates everything, ensuring it is consistent and accurate.
Afterward, managers and owners can easily read through the product information if they wish.
3. Transport
After the information is prepared, it is all transported to the different channels. Owners decide where the data is sent. The same information is provided to all of these channels about a myriad of products. Owners and supervisors can access the information and manage it, selecting specific products they would like to be added to the system or deleting them as they wish.
8 Reasons Why Your Business Needs A PIM Solution.
A PIM program has so many advantages that we can’t list them all here. But we guarantee an efficient program will make your life much less stressful.
1. Consistency
Because all your product and company information is conveniently located on one superstar program, you won’t have to worry about any inconsistencies. All information is updated and shared with every department or third-party business.
That also means the same information will be shared with your customers and employees, making identifying, selling, tracking, and ordering items much easier.
2. Accuracy
A simple missing number can mean a product falls through the cracks or becomes overlooked. A PIM platform ensures this doesn’t happen. By compiling all data from a variety of sources and assessing it, the software catches inaccuracies. For everyone in your business, this can avoid unnecessary hassles down the line.
3. Time
In business, time is money – and you don’t have a lot of it. Product Information Management programs were created to save you time and effort. Owners and supervisors won’t have to dig through piles of papers or squint at the computer screen until their eyeballs bleed. Instead, a program can compare data, enrich it and send it. All you have to do is give it directions and tell it what data to for.
4. Suppliers and Data Providers
For suppliers, manufacturers, data providers, or other third-party companies, these programs can make transactions and business much smoother. Orders can be easily sent and tracked. Manufacturers know specifications for each project. Data providers can give information associated with specific products without any confusion. Even for those outside the company, life becomes easier.
5. Organization
One of the greatest benefits is the organization. If you’re a large company, you won’t have managers calling you from several states over, wondering about a product. Instead, all information is in one place and the same information is shared with all parties involved.
6. Better Customer Service
Having reliable, accurate information that is consistent on all platforms means you’ll increase brand recognition and customer loyalty. Further, customer service will become much more dependable. Since 70 percent of customers are willing to spend at least 13 percent more at a business with great customer service, that means more sales.
7. Easy Editing and Changes
Need to make some changes to a product? It’s never been easier. Simply upload the information to the software and let it do the rest. No more endless conference calls and questions via email. You can decide what needs to be changed and who should know, making Product Information Management a flexible and convenient choice for entrepreneurs.
8. Marketing
Finally, owners and managers can effortlessly reach out across multiple platforms. The unified marketing framework a PIM offers creates an ecosystem ripe with collaboration. Marketers can identify important information that will help sell your company’s items.
When data providers and marketers hook up, magic happens. Marketers can cater products to target customers and facilitate lead nurturing for future clients or consumers.
Your Next Step
So are you ready to transform your business and enrich your product data? We can help! Innovit is uniquely qualified to provide the Product Information Management solution you need.
Check out our PIM page to learn more.