Most people think of product information management (PIM) as a system that allows businesses to keep track of their products’ data. But what is PIM, exactly? For starters, PIM is much more than just a data repository. In fact, PIM can be thought of as the nervous system for your business’s products.
Just as our nervous system sends signals to different parts of our body to tell them what to do, PIM sends signals to different systems within your business to keep everyone coordinated and on the same page. PIM starts with collecting data about your products from a variety of sources. This data is then cleansed, enriched, and standardized before being published to the various systems that need it.
These systems might include your eCommerce platform, ERP, CRM, etc. PIM ensures that your business is always selling the most accurate and up-to-date products by keeping all of these systems updated with the latest product information.
PIM can be a lot of work, but the benefits are clear. Businesses can improve their customer experience, increase operational efficiency, and drive more sales with PIM. This article will show you how PIM works and how you can use it to improve your business.
Why is product information management important?
Product information management is important because it allows businesses to keep their product data accurate, up-to-date, and consistent. PIM also makes it possible for businesses to improve their customer experience by providing accurate and up-to-date product information. When customers can trust that the information they are getting is correct, they are more likely to make a purchase.
PIM can also help businesses increase their operational efficiency. By automating the process of collecting, cleansing, and enriching product data, PIM can free up time for employees to focus on other tasks. And by keeping all systems updated with the latest product information, PIM can help businesses avoid the wasted time and money that comes with selling out-of-date products.
What are the benefits of product information management?
There are many benefits of product information management, but some of the most important ones include:
1. Improved customer experience
When customers can trust that the product information they are getting is accurate and up-to-date, they are more likely to purchase. This leads to improved customer satisfaction and loyalty.
2. Increased operational efficiency
PIM can help businesses increase their operational efficiency by automating the process of collecting, cleansing, and enriching product data. This frees up time for employees to focus on other tasks.
3. More sales
By keeping all systems updated with the latest product information, PIM can help businesses avoid the wasted time and money that comes with selling out-of-date products. This leads to more sales and a better bottom line.
What are the features of product information management?
There are many features of product information management, but some of the most important ones include:
1. Data collection
PIM starts with collecting data about your products from a variety of sources. This data is then cleansed, enriched, and standardized before being published to the various systems that need it. The results are accurate product data ready to be used by your business.
2. Data cleansing
PIM includes a data cleansing process that cleanses, enriches, and standardizes collected data. This ensures that the data is accurate and ready to be used by your business. The end result is clean product data ready to be published to the various systems that need it.
3. Data enrichment
PIM also adds descriptive information to the data that may be useful in enhancing your customer experience. This entails appending product descriptions, photos, and videos to the mix. As a result, businesses can provide their customers with more complete and accurate product information.
4. Data publication
PIM includes a data publication process that publishes cleansed and enriched product data to the various systems that need it. This ensures that your business always uses the most accurate and up-to-date product information possible.
What are some best practices for product information management?
There are many best practices for product information management, but some of the most important ones include:
5. Collect as much data as possible
Collecting the maximum amount of data about your products is essential for creating a comprehensive and accurate product database. This data can come from various sources, including market research, supplier information, customer feedback, and competitor analysis.
6. Get all available data from all available sources
This means that you should not only collect data from your own sources but also third-party sources. Many data providers can help you supplement your data.
7. Ensure data quality
The quality of your product data is just as important as the quantity. Therefore, cleanse, enrich, and standardize your data to ensure accuracy. This will help you avoid the wasted time and money that comes with using inaccurate product information.
8. Publish data to all relevant systems
It is important to publish your product data to all systems that need it. This includes your eCommerce platform, inventory management system, order management system, and CRM. By publishing your data to all relevant systems, you can ensure that your business always uses the most accurate and up-to-date product information.
Other FAQs about product information management
Q: What are some common use cases for product information management?
A: Some common use cases for product information management include creating and maintaining a central product database, publishing product data to multiple systems, and ensuring data quality.
Q: What are some benefits of product information management?
A: Some benefits of product information management include improved data quality, increased sales, and reduced costs.
Q: What are some challenges of product information management?
A: Some challenges of product information management include collecting accurate and up-to-date data, cleansing and enriching data, and publishing data to multiple systems.
Q: Who uses product information management?
A: Product information management is used by businesses of all industries. Some common users of product information management include eCommerce companies, manufacturers, distributors, and retailers.
Q: How much does product information management cost?
A: The cost of product information management depends on the size of your business and the complexity of your product data. Contact us for a custom quote.
Q: What is the difference between product information management and master data management?
A: The difference between product information management and master data management is that product information management focuses on product data, while master data management is focused on managing all types of data.
