Product Information Management (PIM) enables organisations to utilise accurate data across the business. This drives innovation, improves quality, and gets new product details to relevant sales channels quicker – which in turn increases revenue.
PIM is the driving force behind every successful manufacturer, distributor and dealer. Modern organisations need to maximise returns on investment, and effectively managing product data ensures business efficiencies and increased sales.
The Epitomy Platform provides a suite of cloud-based applications to give PIM solutions that enable a company’s valuable data assets to work harder and smarter. That data involves technical specifications, media files, marketing collateral and customer analysis.
Why do organisations need PIM?
How product information is created, stored and updated is constantly changing. Data volumes grow each year and are increasingly complex. Getting up-to-date product information to distribution channels is a priority for companies that offer parts, assembled goods and aftersales services.
63% of companies surveyed lacked a centralised approach to maintaining the data they gather…
That means that organisations need to future-proof systems to ensure that new data is updated quickly to all relevant areas of the business. From concept to customer and beyond, PIM updates key personnel and buyers with the right information when they need it.
As recently as 2015, statistics revealed that 63% of companies surveyed lacked a centralised approach to maintaining the data they gather (source: Experian Data Quality report; Jan 2015). This poses a number of issues, including out-of-date information and incorrect or hard to find product information.
PIM allows manufacturers to get the best possible value from data. It is a vital tool that helps to get products to market quickly and accurately. In turn, better quality data will reduce costs, help to achieve deadlines, build customers’ trust and keep the business competitive.
What benefits does PIM give a business?
A successful PIM implementation helps to streamline business processes and drives efficiencies. It brings together previously isolated systems to ensure that the distribution of valuable data to all channels is possible.
Each platform within the IT infrastructure will benefit from one-time data updates. Older legacy systems and stand-alone silos that require costly maintenance can be integrated or removed.
A solid PIM foundation allows companies to scale up production, marketing and e-commerce activities in line with customer trends…
Existing blocks of product information can be enriched as other assets are linked to give better visibility to internal customers and a more comprehensive search experience for external customers.
PIM helps to eliminate many downstream problems, ultimately delivering cleaner data to customers who buy products. Business stakeholders are equipped with the information they need to make informed planning decisions in fast-changing markets. Reporting tools measure customer behaviours and feed back vital statistics to shape future strategies.
For a PIM solution to offer an organisation ongoing benefits, it is essential that all areas of the business buy in to the process. There should be no weak links, and all departments and internal teams should appreciate the value passed on to the business.
Take control of product information
Cloud managed PIM solutions give manufacturers and distributors the ability to react to situations that otherwise threaten profitability. Supplier price changes, logistics challenges, currency fluctuations and seasonal influences can be handled with confidence. Production, accounts and sales teams will be able to share the same quality data to satisfy consumer demand and commercialise products in the most cost-effective way.
A solid PIM foundation allows companies to scale up production, marketing and e-commerce activities in line with customer trends, accommodating rapid growth when opportunities arise.
Some organisations are getting ahead of the game. In 2017, according to Forrester, an American market research company that provides information and advice on the impact of technology, 42% of retailers ranked site merchandising among their top initiatives. It makes sense, and combining digital strategies to deliver end-to-end benefits to both company and customer should be the overall objective.
Start the transition to PIM by talking to Epitomy Solutions about the applications that help organisations achieve business objectives. Call 0114 258 0404 or email firstname.lastname@example.org.