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5 Benefits of Good Product Information Management

by Innovit Corporate Affairs | May 30, 2018 | Blog

This year, loads more companies are making efforts to improve their data integration and management systems. They understand effective product information management (PIM) is key to business success. Getting it right brings a whole host of benefits to the company.

Whichever PIM solutions you choose should have several top features. These include adequate data storage and retrieval mechanisms. It should be able to integrate with other systems in the business.

Moreover, it should provide reports on all the data you have. The system should be open access to allow for customization. Last, it should be scalable since the owner expects the business to continue growing.

Keep reading to learn the benefits of having good product information management software.

Product Information Management Benefits

Good product information management is essential due to the current dynamic business environment. No matter your industry, managing data well gives you an edge over your competitors.

Here are 5 benefits of a good PIM system:

1. Better Product Data Management

As the business grows, there’ll be many new products coming in. As such, it can become difficult to keep track of all that product information. This leads to disorganization, which, in turn, affects customer experience.

A reliable PIM system can help you sort that out. It will organize and manage all product information. It will also make it easier to share that data across different channels.

2. Improving Customer Experience

PIM solutions give customers consistent access to detailed and relevant product information. This reduces instances of product returns or complaints. It also reduces shopping cart abandonment.

It makes new products available to customers much faster than in normal circumstances. Customers can also see how much stock is available if they want to buy something. Plus, the information enables the business agents to serve customers better.

Customers can research what they want and head to the checkout section to buy it. This gives them more control rather than having an agent pushing them to buy.

3. Boosts Time Efficiency

“Time is money” as the saying goes. With PIM software, you save time on tasks and focus on important work. It reduces constant and manual data entry work. It makes it easy to search for products and update the inventory.

Moreover, it is easier to clean data and streamline information. As a result, employees have more time on their hands to deal with other profitable tasks. It also reduces the data management frustration that may affect the work environment.

4. Ensures Cost-Savings

Implementing a good PIM system reduces operational and supply chain costs. Information accuracy reduces management risks and prevents the costs of bad product data. Companies are able to replace out of stock items before customers start complaining.

In addition, suppliers use the PIM data to audit and improve their delivery methods. This boosts customer experience and allows suppliers to outdo their competition.

5. Offers Easier Integration

PIM solutions are easier to integrate than business enterprise systems. For example, an ERP needs more customization than a PIM. This flexibility means you can customize PIM to manage all your data processes. In turn, this will cut costs on management and marketing new products.

Learn More About Data and Information Management

The points above show the benefits you’ll get from good product information management. You’ll have access to all data and relevant product reports. It will also save you money, improve customer experience, and boost employee productivity.

Contact us to learn more about data and information management.