Shorter time to market
The majority of companies operate in a dynamic market where both development and customers move quickly, so time-to-market is a crucial competitive parameter. PIM optimizes time-to-market by streamlining the product’s path, from development to production to marketing and sales.
The process of releasing a product from development to marketing unnecessarily lengthens time- to-market. A PIM system optimizes the process significantly.
In a PIM system, employees from several departments can work on the product at the same time, and marketing can thus begin catalog production, etc., even though all of the product details have not yet been finalized. When the production department updates the information in the central database, the information is also updated in the respective catalog.
The PIM system also automates part of the collaboration with translation agencies, so that it becomes easy to maintain an overview of which product texts have been sent for translation and their status.
The translations can then be delivered directly into the PIM system. In the same way, the PIM system streamlines a number of manual tasks which otherwise would slow down the process of getting a new product to market.
Easier to sell via other channels
When you have structured your product data in a PIM system, it becomes much easier to find your products for sale on Amazon and other marketing sites or to send your product data to price- comparison sites.
If your data is saved in an unstructured form, spread across databases, you first need to find the relevant data, have it transformed into a structure, e.g. that Amazon can process, and lastly, save your data in the correct groups in Amazon.
On the other hand, when you have your products in a PIM system, it helps you model your data, so that they can be delivered to other channels fast. You can even use a third party service to deliver product information to the relevant sites.
Greater efficiency through less manual work
“Who knows if there should be a 5 or a 7 here?” “Are we sure that the price is correct?” “I need to get an answer back from the product department about what colors we supply it in.”
When a new product is to be launched on the market, a lot of questions can easily arise, which take a long time to clarify if you do not have a tightly controlled process for this. When you structure your data in a PIM system, you eliminate all the back-and-forth communication between departments.
It becomes easier to delegate responsibility, and the individual departments can simply focus on their own core tasks and be sure that the rest of the company will do the same.
Maintain overview of the process
Efficiency is often linked with having an overview, but an overview can be difficult to maintain when you are in the middle of launching a new collection, product series or another complex product launch. Which products are approved? Which products are missing pictures? Which texts have been sent for translation? Which products are ready to go live?
Typically, a PIM system can help you get the answers, and quickly. In Perfion PIM, for example, you can build up workflows that provide a visual overview of how far the different elements in the process have progressed, so nothing will be lost in the hectic activity.
Fewer product data errors
One of the primary reasons for introducing a PIM system is to eliminate the chaos of Excel sheets that many companies use to store their product information.
Excel is great for many things but it is also inextricably linked to a number of manual processes that increases the risk of error and uncertainty about which version applies when a document is sent around an organization.
A PIM system eliminates errors by replacing the Excel sheets with a central database, which ensures that all of the information is correctly updated on all of the channels.
In other words, the PIM system provides you with an overview and a structure that ensures the most secure route without errors. It also applies to approval procedures, so you are ensured that the products are not issued until they are ready.
Enrich your products with extra information
Many online stores sell products where customers can find identical products on other websites, so it is important that you are able to enrich product information sent to you from the supplier.
Otherwise, you and your competitors are presenting the exact same product in the exact same way. In a PIM system, you can easily enrich your products with extra information, thus distinguishing yourself from the competitors.
Modern consumers increasingly do online research, focusing on the products they are interested in, making comprehensive product information a strong competitive parameter.
Learn here how product data can improve customer experience on your website.
Product data consistency
If you work with your product data in several decentralized systems, it is highly likely there is less than 100% consistency in the way that data is specified.
At one location, a dimension might be given as “20 millimeters”, while at another it is given as “20 mm” and at a third, perhaps just as “20”. This results in special problems, when you categorize your products in an online store and enable users to filter using such parameters as units of measurements, color, descriptions, etc.
If the relevant terms are not managed properly, the relevant products will not be shown. For example, if a user searches for “red” and you do not have a system to ensure that all variants of red appear in the search, the relevant products will not be shown – which can mean a lost sale.
However, it is not so much a matter of control as consistency. The PIM system ensures differentiation of descriptions from channel to channel when it is relevant. For example, in connection with products that must be described in a particular way for B2C sales and another way for B2B.
Better campaign management
Fundamentally, a campaign consists of a collection of products to be presented to the market in a specific way. This is precisely what a PIM system is able to do.
Using a PIM system, you can model your product groups and control which data will be shown and in what context – for example, varying points of emphasis targeted to different countries.
This makes setting up and running a campaign much faster. It also makes it easy to make changes along the way, because you only have to update the data in a single location.
Faster product catalog production
Even though the digital world accounts for a large part of companies’ communication, a traditional printed catalog is still legitimate in many industries and sectors.
However, as a genre, the catalog is challenged by the ever increasing pace of the market, making the traditional process of spending several months devising an annual catalog obsolete because the catalog is outdated before it reaches potential customers.
A PIM system optimizes the work process relating to the creation of a product catalog and makes it possible, for example, for the marketing department to begin to set up the products in the catalog even though not all of the information has been finalized.