”74% of researched organizations require “some or significant effort to manage their product information” (Ventana Research, 2019)
Once you ‘go PIM,’ you really can’t go back! Here are six PIM benefits:
74% of researched organizations require “some or significant effort to manage their product information” (Ventana Research, 2019).
Efficient Management of Product Information
First, in today’s ever-increasing amounts of products, a plethora of product information needs to be managed and might be necessary for you to share with customers or partners. It could be required by law or regulations- or be part of your customer-friendly service. A PIM allows you to gather and present all the information you want and specify it to tailor-fit your audience and platform.
Enhanced Customer Experience
Access to information also touches on the second benefit: operating PIM suits the curious customer better than ever. Consumers today conduct more research before purchasing and are more tempted to buy from sellers that handily offer comprehensive online product displays. A perfect PIM enhances not only your business’s back-end experience but also the front-end experience of your customers.
Dealing with Product Complexity
Third, in dealing with the expanding product complexity, a PIM manages and stores data and can connect with other vendors to transfer information between systems. If you switch to a PIM, you can combine product information from different systems.
Access to Global Digital Markets
Fourth, this allows you better access to global digital market spaces. A must-have feature in today’s interconnected age! No longer will inadequate matching systems be a hassle and cause delays; with a proper PIM, you will increase the speed of your product transfers and supply chain.
Data Accuracy and Relationship Management
This aligning property of a PIM touches on the fifth benefit: it reduces the transmission of erroneous data, which could be a hazard for maintaining healthy business relationships. By being in ‘data harmony’ with your suppliers and buyers, you ensure everybody receives the correct product information in a perfect format. Pimvendors can help you pick and choose the best PIM to ensure that there is only ‘one version of the truth.’
Centralized System for Scalability
Finally, as mentioned above, a proper PIM constitutes a centralized product system, which can allow different systems to communicate and align with each other. This allows you to strategically expand your operations without hiring more system operators, as PIM systems allow scale benefits to be incorporated more easily.
Summary
In short, switching to a PIM system:
1. Allows you to gather and present all the information you want; specify it to tailor-fit your audience and platform.
2. Suits the curious customer better than ever.
3. Manages and stores data and can connect with other vendors to transfer information between systems.
4. Allows you better access to global digital market spaces, a must-have!
5. Significantly reduces the transmission of erroneous data.
6. Allows for the incorporation of scale benefits in your business operations.
Want to learn more about PIM?
If you have any questions regarding Product Information Management, from PIM Selection to Implementation or how a PIM would fit in your IT landscape? Feel free to browse our Knowledge Base of articles on everything PIM related.
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