Business Benefits of PIM (Product Information Management)
Product information management (PIM) offers the most suitable solutions to manage your growing business. If you do not think of decorating your house after constructing a beautiful house and thought of painting the house with an artist’s paintbrush then you don’t value your house at all. Similarly, product information management is not a fancy marketing tool but the benefits of PIM are highly valuable. It allows the business to change according to the changing trends in the market and to offer the latest solutions to the customers.
What is a Product Information Management (PIM) system?
When you have several products ready to be sold in the market, product information management offers excellent techniques to manage these products and market them on various selling platforms. PIM combines product content along with digital assets and presents them on various marketing as well as social media channels.
The digital assets are in the form of text messages, images, and videos. You can also present the product information in various categories along with personalized rendering. The mean objective of product information management is to enhance the marketing and sales of the products on various online & offline platforms and to help the business grow in 360 degrees across the world.
If you are excited to explore more about the Product Information Management platform, don’t miss visiting What is PIM? – An Ultimate Guide for Product Information Management Services.
When Your Company Requires a Product Information Management (PIM) System?
Almost all businesses that are dealing with a lot of products should have a PIM solution to enhance operational efficiency. If you are running businesses involved in commerce activities and don’t know when to introduce a PIM system, you are in the right place.
Here are the signs that ring an alarm bell to introduce a PIM system.
- If your business deals with a high amount of complex product information and you need immense human resources to manage all that content, enrich them to maintain the quality.
- If your business struggles to launch new products to market quickly, even after the completion of the development stage.
- If your business is involved in eCommerce activities and sells products to various geo-location where different languages & marketplaces exist.
- If your business is in desperate need of enriching customer experience to improve its sales and reduce the product returns/exchange.
- If you like to share high-quality product content to all existing channels consistently.
- If you would like to manage your product sales (individual or combined) in all channels.
- If your business requires improved data governance and to comply with the data privacy policy.
Do you want to build a tailored product information management solution that addresses your specific business needs and streamlines your varied business processes?
What Types of Product Data Handled in Product Information Management (PIM) System?
PIM system helps businesses to deliver a more compelling product experience to their customers along with a detailed 360-degree view. Here are a few lists of key data you can handle through a PIM system.
Basic Product Information
It includes the product name, title, description, SKUs, product attributes, and product features.
Digital Assets
It includes the product’s image, videos, PPT, catalog, document, and any other multimedia content that describes products.
Technical Data
It includes all technical data of a product like measurements, size, variants, color, specification, and ingredients.
Sales Data
It covers complete details of the product including customer reviews, ratings, pricing details, discounts, offers, testimonials, and so.
Marketing Data
It includes all the details needed by marketers like product keywords, Meta tags, benefits, promotional content, and so on which are essential to building effective campaigns.
Read 11 Types of Data that You Can Store in Product Information Management (PIM) Solution to explore different types of product data and PIM’s capabilities of managing them seamlessly in a centralized repository.
How Does Product Information Management (PIM) Work?
The working progress of the PIM system is divided into 4 parts. A good PIM setup empowers the entire product sales and marketing team. PIM plays a key role in creating more immersive content and makes team members keep that up-to-date information on their fingerprints.
In addition, PIM integration will help businesses to gain a deeper connection between their consumers and products. This eventually leads to better customer satisfaction and builds brand loyalty.
Here is how the PIM system works.
Data Collection
PIM collects all relevant information about your product from various systems and platforms like ERP, PLM, DAM, and so through seamless integration. It also supports onboard products, and data importing in various file formats like CSV, XLSX, and other pre-built connectors.
Data Manage
All those gathered data are stored in a central location where they are classified and measured based on their quality. Then data governance operations take place along with validations.
Data Enrichment
Here data are associated with each other to leverage its full benefits including the data localization process. This helps businesses to gain data transformation according to the needed formats.
Data Distribution
Here multiple channels are connected with the PIM system through API-based connectors. PIM the specific channels and sends the product details in desired formats at high quality consistently.
Features of the Product Information Management (PIM) System
PIM offers advanced technology and the latest techniques to harmonize the customer relationship and centralize all the products available as a part of the business strategy.
For modern eCommerce businesses having a PIM solution is mandatory to achieve continual growth. Knowing the key features of functionalities of a PIM solution will brief how a PIM system will work for your eCommerce business growth.
Let us discuss the main features of the Product Information Management (PIM) System briefly.
Simple techniques of data collection and importing
PIM offers useful solutions for data importing with the help of a variety of devices. It offers readymade solutions for data management procedures to e-commerce businesses and online business owners.
Customers also look for high-quality products to have easier access. The products can be made available to the customers and are also important across the world best on the data metrics. It also offers complete privacy and security for the data stored.
Data analytics features
It is also an important feature of PIM that allows easier access, storage, and data optimization. It helps the customers to make use of data for personalized purposes and also to showcase the data in different report formats.
PIM also has built-in functionality that analysis the data from various pages such as by aggregating data, getting the data from the purchase list, and also by collecting the data from the added-to-cart information.
Creation and management of categories
The PIM system also offers a technique to categorize the data which the customers find easy to manage. E-Commerce business owners and online business managers find it highly effective to categorize available products based on various segments and the characteristics and the categories of data can be made available on multiple platforms and can be a part of new product launching procedures.
The automated process allows the customers to manage the data according to their specific needs and by personalizing the available URLs. It also allows the procedures like import export and managing the data success can be managed efficiently.
Effective editing capabilities
PIM offers the capabilities to edit the products available in various categories and to display them on varied platforms. PIM offers easier techniques of bulk editing which the customers find highly preferable. The bulk editing facility is useful and it saves time, energy, and money which makes it even more popular among users.
Useful filtering techniques
It is a key feature of PIM technology that allows focusing on filtering. The product categories are available in large numbers in the product catalogs. The customers need to find the specific products based on their requirements and also on the specific criteria.
The PIM system offers the most useful filtering option, which is highly advanced. It can help in selecting the products from the growing availability of the products. The filtering can be made by specifying required attributes and specific conditions.
Integrating easily with other systems and platforms
It is one of the most important features of PIM that allows various systems and platforms to get integrated seamlessly. It allows the customers to make use of various platforms freely, easily, and efficiently.
It allows the customers to make use of every single piece of content available in the e-Commerce store as per the requirements. The customers are happy while using the advanced features of PIM which not only offers accurate information, user-friendly processes, and easier access that supports every available platform.
Don’t miss visiting Must Have Features of Product Information Management System which introduces the highly potential features of PIM that empower different strategies of your business.
Do you want to build an advanced product information management solution that helps automate your varied product-driven processes and boost your bottom line?
Business Benefits of PIM (Product Information Management) System
PIM is not just a marketing instrument as some people believe but it offers a world range of benefits in the field of sales marketing business promotion and in establishing business widely across the world.
Here are the lists of general benefits offered by the PIM system to all businesses.
- The Product Information Management system offers a single point of storage for storing all information related to products. The product details are collected from different systems, platforms, and various sources.
- PIM solution offers seamless integration that keeps your eCommerce platform up-to-date with all resources along with product data.
- The PIM system supports omnichannel which will be helpful for businesses to sell their different types of products across multiple channels at a time.
- PIM creates a more user-friendly environment along with well-optimized content for management to run businesses smoothly.
- The PIM system eliminates the risk of data duplicity and makes sure all the stored data are well-optimized.
- PIM transforms the data according to the individual channel format and shares them instantly.
- PIM system supports multi-language translation, which helps business expansion in different geo-locations.
- PIM delivers personalization and localization.
PIM manages the product information of the company to have business advantages. It offers useful marketing techniques that are useful in online and offline businesses. It can make the business grow faster by getting new opportunities.
If you are running an eCommerce, implementing a PIM solution will benefit the following teams
Sales team
Here they can get accurate and more up-to-date product data and deliver it to consumers.
eCommerce Team
Here they get the latest, updated, and quality product content consistently.
Marketing Team
Here they quality content to create a more appealing and successful campaign to attract the target audience across multiple channels.
Now, take a look at how those teams manage to excel in their operations with the help of a product information management system in brief.
1. Benefits of PIM to the e-commerce business
The E-Commerce industry faces one of the most challenging business propositions. Instead of buying products from e-commerce websites, people use applications, social media networks, and international marketplaces to buy products online.
According to a recent study, 87% of customers prefer to find a suitable product by conducting research instead of visiting the B2B website. The majority of the customers believe in finding accurate information about the products before buying them.
The e-commerce website owners have understood that if the digital channels offer exact information about products using the PIM platform, their business will grow.
- PIM methods are useful in displaying accurate information on multiple sales platforms.
- The PIM system is useful in expanding the business by offering a better product experience at all different levels of business.
- The business techniques offered by PIM are the most efficient when dealing with suppliers.
- PIM makes e-commerce businesses grow faster by effective promotion of the products in the market.
- PIM systems are the most efficient and can be easily customized according to the business specifications and also as per the changing customer requirements.
- PIM boosts E-Commerce business, offers higher profits, and a wide customer network.
2. Benefits of PIM for the marketing team
Although good products are available on the market, they are only sold when there is an effective business promotion strategy behind them. The benefits of PIM (Product Information Management) offer a great marketing vision for the marketing executive to become successful with the help of PIM techniques.
The marketing manager always has a frustrating day and they find themselves helpless even to sell the most ideal product. The task of changing the attributes of the product can be a nightmarish experience. Such an experience can lead to chaos and confusion while planning marketing strategies.
But PIM marketing technology has offered the best of techniques then allow the product to get connected with meaningful containing and everyone images. It allows you to change the product attributes at any point in time without any difficulty. These marketing techniques certainly help the marketing team while managing the business promotional activities for the business.
- The PIM system collaborates internal and external working which makes the entire walking effective.
- PIM can easily integrate various technologies and devices on multiple platforms.
- Integrated management of digital assets is promoted with the help of PIM systems.
- PIM offers to improve product experience that helps in all types of business operations. The most efficient marketing tool PIM helps businesses to grow fast.
3. Benefits of PIM for the IT department
The IT departments play a major role in the business environment. The use of software technology and readymade applications has brought a change in the business field. IT managers play a major role in planning and executing business plans with the help of descriptive technology.
For the IT departments, the earlier ways of on-premise software development have completely changed with the latest techniques of modern-day enterprises.
Future business services such as Software-As-A-Service with multi-tenant solutions can be used in API architecture with the help of PIM solutions. It suits business requirements and it can work perfectly well along with SaaS services offering higher flexibility.
- The benefits of Product Information Management make business operations efficient by reducing the cost involved and by minimizing the risk factors.
- PIM techniques are most suitable for the IT service sector and help IT managers in decision-making.
- PIM systems can easily bring changes in the business according to the increasing scale and business growth.
- It can support effortless integration of ERP, CRM, and other e-commerce platforms which is highly beneficial for the business.
- PIM techniques allow automated procedures to be used while exchanging information.
These are the three main benefits that PIM technology offers to the e-commerce business to have faster growth business, for the marketing team to have effective business strategies to have better business opportunities, and for IT departments to have the advantage of flexible business solutions and to overcome unwanted business issues completely.
The benefits of the Product Information Management system offered to the business world have changed the ways of business management. It has certainly helped businessmen to have powerful techniques to not only manage the business but to face the challenges positively, to bring the necessary changes as and when required, and to grow the business beyond expectations.
To explore more benefits of Product Information Management (PIM), read What Are the Benefits of Product Information Management Systems?
Do you want to avail yourself of all the above-listed benefits for your business as well as different teams? Credencys helps you develop an award-winning PIM solution.
Conclusion
The Product Information Management system has certainly brought a positive change in the mindset of businessmen. The solutions offered by the PIM system are highly engaging and can help marketers, e-commerce managers, marketing managers, and IT department heads manage the business in their respective territories. It also helps the customers to make their choice based on useful and accurate information about the products made available.
PIM techniques are based on the basic principle which says that even to sell a good quality product in the market, it needs support from an effective marketing strategy.
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