We are living in an age in which data is the pre-eminent asset which can boost an organization’s performance. While companies engage data management services to manage all the data that is being generated by them, there is another aspect which they have to consider as their product portfolio expands. Investing in a product information management (PIM) system becomes essential when their catalog starts to grow and they start offering more items to their target audience. With items being sold through multiple physical as well as digital channels, a software solution that collects all the information from various sources and stores it at one place will be useful in making informed decisions. Let’s take a detailed look at what PIMs are and what advantages they provide to businesses.
What Is A Product Information Management System?
A Product Information Management system can be defined as a suite of tools that collect information related to a product from various channels like supply chain or customers and store it in a single location. The data can be gathered from digital platforms like an online store or uploaded by authorized users in business sections like sales and distribution.
There are three kinds of data that PIMs can store. They can house technical information like the dimensions or ingredients of an item. Data related to the commodity’s usage like where it was used and in how much quantity can also be saved by such systems. In addition to this, they can also store emotional information. Rich descriptions, stories or imagery which allow brands to emotionally connect with their customers fall into this category.
Major Benefits Of Using PIM Systems
Many small business owners feel that they do not require such systems as their operations are not as extensive as those of large corporations. However, PIMs will be useful for merchants who use multiple sales and marketing channels or generate a lot of customer information. The following benefits of using a product information management system will force business owners to invest in one:
1.Better Quality Of Product Data
One of the biggest benefits of using such solutions is they improve the quality of product data across all channels. A PIM software organizes the product data management of an organization centralizes the storage of relevant and accurate information. They facilitate the sharing and distribution of consistent and error-free data across all specified channels in the shortest possible time.
2.Single Dependable Source Of Product Information
A major concern of all commercial organizations is how to establish the authenticity of an information element. Modern enterprises access data from a variety of sources not all of which will be trustworthy. This can lead to inconsistencies and errors in the data sets which can cause incorrect information being provided to clients. A PIM tool eliminates the possibility of such scenarios and establishes a single dependable source from which an organization can access product data.
3.Helps Provide Improved Customer Experience
People want detailed and accurate information related to an item they wish to purchase. They expect the companies to provide them with requisite details along with images and other media. The absence of all the necessary facts they need to make a buying decision can force them to consider other options. Having an arrangement which facilitates the collection of all the relevant details and its communication to interested users will help in improving the overall customer experience.
4.Provides Support To The Data Governance Initiative
Enterprises create a data governance strategy to oversee their data management program and ensure that it remains productive. A PIM system takes all aspects of data generation into consideration. It ensures that all elements are complete, accurate, and received from authorized and trustworthy sources. These practices match with the governance goals and make the program even more effective.
5.Improves The ROI For An Enterprise
PIM solutions do not require a substantial investment of time and money to execute. They also bring quantifiable business benefits to corporations. The tools help reduce the operational and supply chain expenses and accurate information lowers management risks. All these factors combined with improved conversions and sales help improve the ROI for companies.
Product information management solutions have multiple business benefits and enterprises must use them to improve their performance. The tools will streamline the process of generating and providing product data within an enterprise and facilitate better experience to users.