When running an ecommerce or manufacturing business, tracking the descriptions, labels, product numbers and inventory levels of your merchandise can be difficult. It’s a lot of data across a range of products, markets, customers and data sources, and a single mistake can be costly. If you can’t keep your data updated and accurate, you put your business at risk.
Luckily, with the right tools, managing all these important details can be easy while keeping your team on track.
What Is a PIM System?
A product information management (PIM) system is a centralized database that collects, stores and distributes important product data.
With a PIM connecting your marketing, sales and operations teams, feeding them accurate and up-to-date product information and keeping your employees working from a single, shared source of information, you can boost efficiency and reduce the problems that can creep into processes as your business grows.
Here are six ways that PIM systems help you grow your business.
1. Act as a Single Source of Product Truth
One of the core features of a PIM system is that it provides a central database for your product information. If multiple teams work on a product simultaneously, you want everyone to work with the most up-to-date information. Without a PIM, your marketing department may write product descriptions on an older product version, or your customer service team may manage inquiries with outdated repair notes. A PIM eliminates this confusion and provides every employee with the most accurate and up-to-date information so they can do their work better.
2. Increase Operational Flexibility
Operational flexibility is the ability of a company to respond to market change or uncertainty. The faster and more efficiently your company adapts to new products, opportunities or customer changes, the stronger your business. A PIM organizes, categorizes and saves essential product information in an easy-to-use system so your company can utilize and configure that data accurately and efficiently, reducing the time it takes to adapt. You can optimize and lead the market rather than scrambling to meet an opportunity.
3. Improve Customer Satisfaction
A PIM is critical for improving customer satisfaction. We live in a digital age with quick access to information, and people want to know what they are buying. Customers can become frustrated when they encounter digital storefronts that are slow to load and have inaccurate or missing product information, or worse, if the product they purchase doesn’t match their expectations due to missing or inaccurate information. Your PIM is the best tool for providing customers with accurate product information and stock levels, turning your product data into a sales tool.
4. Scale Your Operation
Business success means putting in place the processes and tools necessary for business growth. Many traditional systems for managing product information, like an ERP or (even worse) a shared spreadsheet, aren’t designed to scale or grow your business. Adding new products or new customers will multiply the work necessary to manage the information. These systems can quickly become a cap on business scaling. A PIM is designed to support your business as it grows. Rather than limiting your ability to scale, you have what you need for growth.
5. Make Updates in Real Time
Inconsistencies in product data lead to customer frustration and wasted time as employees struggle to find accurate information. A single change to the information can leave your team scrambling and struggling to limit and solve problems, especially if current customers also use that information in their product systems. With a PIM, you can integrate it with any system that stores and uses your production information. Any new information is instantly pushed to a system that is integrated with the PIM. This means that your entire operation always uses the most recent data, and nobody gets left behind or confused, saving you and your team time, money and frustration.
6. Go to Market Faster
The internet has shortened the time a business has to go to market with a new product or idea. Today, a single viral social post or video can mean millions in sales. Even if you have an amazing product, you may lose to an inferior item if it makes it to the market first. With a PIM, you can hit the market faster. Your entire organization can work on a product launch together. As engineering finishes the product design and manufacturing, marketing can build collateral and sell sheets. Train customer service on the new product, and quickly make changes to critical information even after product launch.
Boost Your Business with Product Information
Your business is not just the products you sell, but the information you use. In the digital age, customers expect easy access to information, and if you can’t meet that expectation, they will find a company that can.
If you want to learn more about how you can improve marketing and operations with a PIM, then contact GO2 Partners. We not only sell advanced, cloud-based PIMs used by businesses across the country, but we are also experts in implementing and optimizing the system. Work with our experts to boost your business using product information.