Product Information Management Software: Efficient Data Processing
The bigger your product catalog gets and the more sales platforms you operate on, the greater the chances your company is dealing with a big scope of product information. There can be plenty of data errors, duplicates, and inconsistencies.
This is where product information management software (PIM) comes in handy. Let’s explore the product information management best practices to see what are the critical PIM features and how eCommerce leaders prospered after implementing a PIM system.
What is Product Information Management Software
According to Google, 85% of buyers surveyed say product information and pictures are important to them when deciding which brand or retailer to buy from. It clearly shows how important product information management for company revenue is. Product information management PIM software, on the contrary, eliminates data errors, enhances your customer experience, boosts the brand’s reputation, and brings in more sales.
Brands that are starting to sell on various platforms, that require growing or localizing their products in multiple markets, should seriously consider investing in a product information management system.
Best Product Information Management Software: Must-Have Features
Top PIM software tools include some vital features that benefit the business.
1. Simple integration with the software ecosystem. PIM should easily connect with your ongoing technical infrastructure and other digital asset management tools you plan to apply in the future. A successful product information management tool seamlessly integrates with your actual ERP, provider’s digital assets, phone applications, product catalogs, and other systems.
2. Automated data import. The simplicity and convenience of data importation should be at the core of PIM, especially when your business uses many devices and operational systems.
3. Data validation. The top PIM software tools in the product information management market offer a validation workflow, which means that PIM has certain data quality rules that control if data is up-to-date and accurate.
4. Data analytics. Nowadays content analytics is among the hot product information management trends. Built-in analytics help you monitor how great your online performance is and what existing problems need your attention.
5. Automated data transformations. Converting data into the proper formats of the respective retail platforms is an important feature of top digital asset management. Especially helpful are bulk editing capacities that make your data more consistent and save time for creative activities that add more gain to your business.
6. Intuitive interface. The best PIM software tools should have an understandable user-friendly interface, that is not just for the technical personnel of your company, but for all team members. It should be easy to use and should not require hours of technical training.
7. Scalable data governance. This must-have feature allows you to set up proper user management within PIM: you can smoothly set roles within the system and manage access rights. It also provides an integrated product view that fits that particular user’s needs and rights.
8. Automated content delivery and PIM syndication. Enabling automated content delivery and product data syndication means product content complies with different sales platforms’ requirements. eCommerce content syndication is highly valuable to keep up with all the changes and updates in the ever-changing digital retail world.
Product Information Management Best Practices
The best practices of PIM implementation demonstrate how properly organized and accurate rich product information can change a brand’s visibility and reputation, draw customers’ attention, reduce product returns, and increase sales.
|Define a data governance strategy||Establish a clear set of guidelines, standards, and policies to manage the PIM system and ensure data quality and accuracy.||Ensures consistent data quality and accuracy, reduces errors, and increases trust in the product information.|
|Centralize product information
|Store all product information in a single, centralized location to avoid duplication, inconsistencies, and errors.||Improves data accessibility, facilitates collaboration, and reduces duplication of effort.|
|Enrich product information||Provide complete and detailed product information, including images, videos, and descriptions, to improve the product experience and drive sales.||Enhances customer experience, increases product discoverability, and improves conversion rates.|
|Use a standardized data model||Implement a standard data model to organize and structure product information consistently across all channels and touchpoints.||Ensures consistency and accuracy of product information across all channels, simplifies integration with other systems, and reduces data management costs.|
|Integrate with other systems||Integrate the PIM system with other enterprise systems, such as ERP and CRM, to ensure digital assets consistency and avoid manual data entry.||Reduces manual data entry, avoids data duplication, and ensures data consistency across systems.|
|Automate data entry and validation||Use automation tools to enter and validate product information, reducing errors and saving time.||Increases data accuracy, reduces manual effort, and improves efficiency.|
|Collaborate with stakeholders||Involve stakeholders from across the organization in the PIM process, including marketing, sales, and IT, to ensure alignment and support.||Ensures buy-in and support from stakeholders, improves data quality, and increases adoption and usage of the PIM system.|
|Monitor and measure data quality||Regularly monitor and measure data quality metrics, such as completeness and accuracy, to identify and address issues.||Enables proactive data quality management, ensures data accuracy, and supports the continuous improvement of the PIM system.|
|Continuously improve||Continuously review and improve the PIM system and processes to adapt to changing business needs and customer expectations.||Improves data quality, enhances product experience, increases efficiency, and supports business growth.|
PIM System Use Case Examples
Product information management software has proven to be a game-changer for leading brands, as it has helped them identify existing problems and improve customer experience. Let’s look at companies that have implemented PIM systems and what improvements they have received.
For instance, the PIM system helped Procter & Gamble discover that 3.6% of its purchases contained outdated products. Another example is Johnson & Johnson: with the help of the PIM solution, the company discovered that product data inaccuracies led to 2.5% out-of-stock with its biggest distributor Walmart.
Coca-Cola, the world’s biggest beverage company, demonstrates how implementing a product information management system can make an amount of complex data benefit the business. The company turned 250 datasets into one and started using forward-looking analytics to get a better comprehension of how the brand and products are doing globally.
Bosch, one of the leading technology manufacturers, used to have disorganized information management, with data being scattered across the company, which led to inefficient operational activity and slow time-to-market. By implementing PIM, the company introduced a new ordering system that generated a 21% increase in sales and also reduced the time spent on working with data by 80%. It allowed the team members of the technology giant to spend time on more important business initiatives.
AVON, a major global beauty company, needed a PIM software tool that could flawlessly work in many languages in 100+ countries, with a focus on extensive publishing tools. After implementing PIM, the company was able to manage rich product data for output in many channels: website, mobile, and high-quality printed product catalogs.
Nikon, a huge multinational optics and imaging products company, also made the most out of PIM implementation. PIM solution allowed the brand to come up with localized images, videos, technical specifications, and other information of outstanding quality, which significantly improved customer experience. It also helped to create an understandable product taxonomy, given common multiplex relationships between sold items.
Highway to PIM with Gepard
Ready to rank equally with eCommerce leading brands? Then don’t think twice and implement PIM with Gepard. Hand over this job to our team of committed developers who have been helping the major eCommerce players in the EMEA market for over 15 years.
Do not hesitate to fill in the contact form to talk about your individual needs with our devoted eCommerce consultant.
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