Product Information Managementrefers to software that handles all product information across organisations, supply chains, commerce and customers. This system is a critical tool for retail organisations that manage merchandise online. If you need help or want to learn more about this information system, you can consult this website.
The software allows you to gather, manage, and enrich product information, develop product catalogues and deliver information to sales and eCommerce channels all in one location.
Users should note that this system does not manage all product information, and not all information is transferred into the system based on the requirements. This information will have to be collected from other sources in this circumstance. The main principle behind such a system is that it solely saves marketing and sales information.
What are the Advantages of Product Information Management?
This information system has a lot to offer: it’s a software that analyses, saves, maintains and helps you distribute your items, so what more could you want?
Here are the top seven benefits of a sound information system for your company:
Transparency & Ownership
When product data is maintained and enhanced in a fragmented manner, it frequently lacks ownership and transparency. Who does what, and who is in charge of the product data? This system provides a variety of workflow capabilities that foster ownership, facilitate interdepartmental communication, and promote transparency. It also includes a robust search tool that employees may use to find relevant and detailed information on product recalls, internal audits and periodic reports, among other things.
Lowers Managerial Expenses and Risks
This system enables your company to automate its manual operations. Onboarding product data from vendors is one example. In turn, providers can utilise templates to give the relevant data. Automating these and other activities may drastically cut management expenses while allowing staff to transfer their attention from product data administration to product application. This boosts productivity, decreases mistakes and typically results in a more pleasant work atmosphere.
Increase Product Variety
Every company seeks to develop its goods, channels, and markets in today’s world while also boosting product selection. This system allows your team to spend less time on manual chores like product organisation and onboarding new items. The software allows you to rapidly arrange things into family trees that automatically exchange characteristics and descriptions.
Bulk actions can also be used to mass enhance and change product data. Furthermore, you may utilise business rules to give variables to items, groups or categories automatically.
Customer Service Enhancement
Customers may always access exact and relevant product information using such systems. As a consequence, product returns and complaints are decreased. Abandonment of shopping carts is also reduced.
The system allows clients to get new items much more quickly than otherwise. If a customer wants to buy something, they may also view how much stock is available. Furthermore, the data allows company representatives to provide better service to their clients.
Customers can research before proceeding to the checkout section to complete their purchases. Instead of having an agent pressuring them to buy, they have greater control.
Improves Data Quality
High-quality data is consistent, clean and appropriate for one-to-one usage in external channels. Thanks to a user-friendly interface and automatic quality checks on media assets and product data, data quality is successfully maintained and enhanced. The ‘golden record’ notion lets you combine product data from several sources to produce the ideal dataset. Given that omnichannel product, data is instantaneously available to customers, and the integrity of such data necessitates greater scrutiny when utilised for webshops or similar applications.
Expand Into New Markets More Rapidly
The system has drastically transformed the game of manual product enrichment and localisation. It has replaced the time-consuming and error-prone procedure with a highly automated and organised approach geared for remote teams. Multiple departments and units may now easily interact to speed up the process of translation, review and approval to localise and globalise product information for growth into new areas and territories.
Minimises Custom Applications
By incorporating all data-related operations into the system, you may decrease the number of bespoke applications. As an example, consider ERP. ERP systems were created in the early 1990s, and the system has gained popularity in recent years, partly owing to the introduction of omnichannel. Consequently, although ERP was not designed for this purpose, other product data procedures have been built around it over time. Typically, this leads to excessive customisation, limiting corporate control and agility. As a result, there is a lack of creativity and an inability to adapt swiftly to market developments. If we continue down this route, we will see more ERP customisation, more management duties, and less business agility.
The application of rich product data and digital assets is becoming increasingly context-specific. The rising requirement to provide customer-centric experiences, such as devices (like mobile) and channel optimisation of product content, is driving this trend. With greater insight, decision-making and process automation, a robust PIM system allows for a comprehensive picture of goods, resulting in product information intelligence and improved product experience.