Data is associated with each product you sell or have in stock. Depending on your industry, this could include chemicals, photos, copyright information, registrations with industry groups, or permissions from other organisations. Plus, of course, your pricing advice, sizing options, tax, and so much more. A plethora of information — for each and every product. PIM consolidates and manages all of that critical information in a single location.
Product Information Management
Product Information Management (PIM) is the process by which all of that information is managed.
PIM systems are expected to increase by more than 25% by 2023, and for good reason. Data can be updated and shared in real-time across your institution and channels — it's extremely powerful.
Is a PIM System, on the other hand, appropriate for a small business?
Your customers expect detailed and reliable information about your products to help them make purchasing decisions. Getting that information into their hands may be difficult for a small firm, but it does not have to be. Some small businesses try to keep all of their product information in a spreadsheet, or a series of spreadsheets. As your product line grows, the spreadsheets become unmanageable.
When multiple users access the spreadsheet, errors are unavoidable. One of your Product Managers will have an old version of the spreadsheet and will inadvertently publish an out-of-date product confession to the website. Or a supplier will send you new data that will not be saved across all spreadsheet revisions.
These and other occurrences will indicate that you have outgrown the spreadsheet approach to product management. It's time to think about PIM software. You may be concerned about the cost and complexity of product information management, which is understandable. Fortunately, there are several options to suit various business sizes. PM Lite, for example, is a pre-configured, entry-level system aimed at small to medium-sized businesses.
What exactly is personal information management (PIM) software?
Instead of having multiple spreadsheets storing inaccurate and frequently out-of-date information, your PIM software can house it all. It will be the single location where all product information is stored, ensuring efficiency. The programme will be set up so that the information is only available to the people in your organisation who need it. The editing rights for PIM data can be configured.
The PIM software can also be configured to send updated information in the correct format to your sales channels. Yes, this includes automated posting to Facebook, Amazon, YouTube, and other sites. What do you look for in PIM software?
6 Things to Look for in a PIM System
There are numerous factors to consider, just as there are with any business decision. Here are six critical factors to consider when looking for the best PIM system for you.
Is it the right size for you?
Is it the right size for your company? The PIM requirements of a large multinational corporation are vastly different from those of a small business. You want a PIM system that is tailored to your industry and business size – while still allowing for some growth. A custom PIM system may be required by a larger organisation.
Is it going to integrate properly?
You already have IT infrastructure in place as a running business. It is critical for the successful implementation of a new PIM system that it interfaces easily with your existing systems and software. Depending on your needs, our PIM systems can be hosted on Hybrid, Private, or Public Cloud.
Time and money are saved.
Most businesses discover that a PIM system saves them a significant amount of time. Instead of sifting through numerous spreadsheets and documents for critical information, they now have it at their fingertips thanks to the PIM programme. It drastically reduces errors and boosts productivity. Knowing your inventory in real time is critical information for many businesses. This is also available through your PIM system.
A PIM system can also save you money by drastically accelerating your time to market. The ability to modify data on the platform and have it instantly delivered to your sales and marketing channels in real-time is a significant advantage. This can give you a significant competitive advantage.
Security and Legal Compliance
Another significant benefit of a PIM system is that it assists you in ensuring compliance with data security and legal regulations. Because it creates a "single source of truth," the system keeps you on track with copyright constraints, for example. The confidentiality and security of your patient information will be a top priority in the healthcare industry. This is something that the PIM system can provide.
Communication
It's difficult to put into words how effective this technique can be for improving communication. In addition to increasing productivity, your PIM system encourages better creativity through improved communication and easier teamwork. It enables employees and suppliers to interact more efficiently by removing communication issues caused by incorrect versions or out-of-date information. This also saves time and money.
Customer Service
When everyone in your organisation has access to accurate product information, providing customer support becomes much easier. They can verify inventories, answer questions about ingredients or other details, and provide the most up-to-date intelligence to the customer. It is extremely beneficial for sales teams who are pitching to customers. It even allows you to depict your customer's e-commerce journey so that they are shown the right things for them.
Next Steps
As you can see, a PIM system can provide numerous advantages to your company. However, we recognise that it can be difficult to see how it could benefit your specific company. That is why we would like to provide you with a free software demo. We'd like to get a better understanding of your needs and show you how our software might be able to help you with your problems.
Learn more about : Best PIM Software or Product Information Management
