Many organizations often question the reasons for investing in a Product Information Management (PIM) system as part of their data strategy. There are certainly more than just 5 reasons to consider an investment in a PIM system, but we’ve provided five of the most prevalent and commonly realized reasons. This perspective is grounded in extensive experience within the product data space, encompassing both the implementation of Product Information Management Systems and the valuable insights gained directly from our customers.
- It Pays for Itself – Return On Investment
When considering the selection of any modern technology or platform, a primary factor for making the investment will typically include the value it can provide. Return on Investment (ROI) might not be the first thing you associate with a Product Information Management (PIM) system. However, when properly implemented you can realize the ROI of your investment, sometimes quickly, through various means. These benefits encompass both qualitative, non-numerical aspects and quantitative, data-driven metrics.
Removing frustrating barriers to productivity and improving employee morale, creating memorable and valuable customer experiences which builds loyalty as they interact with product data through their journey, adopting a digitally mature approach to your data strategy and remaining competitive in your sector of the market are all qualitative benefits that can be realized by properly leveraging a PIM.
Implementing a PIM system can lead to significant quantitative improvements, such as enhanced SEO and search capabilities, higher conversion rates, faster time to market, fewer product returns, reduced reliance on your customer service team, and a greater ability to scale quickly. However you decide to measure the benefits, a PIM can be a game changer for your organization.
- Efficient processes and Workflows – Faster Time to Market
Product Information Management systems play a crucial role in enhancing organizational efficiency and streamlining workflows. Undefined processes and lack of clear strategic goals can create challenging work environments and an inability to enrich and share product data confidently and accurately. Mature PIM systems can define, enhance, and automate enrichment processes while also enabling collaboration among different departments, suppliers, and partners. This centralized location for collaboration can bring significant efficiencies among all users by establishing a set of rules and governance, reducing errors and adding consistency to your organizational processes. PIM systems can also provide simultaneous distribution and publication of product information across various channels (such as your website, social media, and online marketplaces) allowing you to quickly go to market.
Enabling your team with well-defined PIM processes and workflows related to your product data is a crucial component when establishing a mature product data strategy that can supports rapid scalability. These principles can guide your organization into being more collaborative with partners and vendors, more competitive in the market and lead to greater profits.
- Produce Great Experiences for your Customers (Enhanced CX)
The way customers interact with your product content—and by extension, your brand—can evoke an emotional response. These are opportunities for you to create lasting impressions. Customers want to feel confident in knowing they have all the information they are looking for and that what they are ordering is coming from a trustworthy source. If you are providing robust and accurate information that they find valuable, they will feel good about their visit and more likely to complete their purchasing journey. That is why it is paramount that the data you share is detailed, accurate, and as complete as possible. The product content you provide is key in making that connection, and the more comprehensive and feature-rich, the better impression you will make and stronger connection you can establish consistently across all your channels.
Rich product content including detailed descriptions, high-resolution images, guides and spec sheets, videos, and other multimedia content all help customers make informed purchasing decisions and enhances their overall experience which translates into additional sales, larger order sizes and unmatched loyalty from your customers.
- Ensuring Data Governance and Product Quality
PIM systems play a crucial role in ensuring data governance and product quality across organizations by centralizing and standardizing that data holistically across all teams within the organization. PIM systems enforce data governance by establishing clear policies and procedures for data management, ensuring all product information is accurate, consistent, and compliant with industry standards. Having a centralized approach minimizes errors and discrepancies. Quality PIM systems can flag inconsistencies and missing information, which helps to serve as a checkpoint for monitoring data accuracy and completeness allowing for businesses to quickly define and address issues.
Publish data with confidence by maintaining a high standard for data governance and product quality. With the utilization of a good data governance strategy, PIM systems can help build trust and confidence with your customers which ultimately leads to better experiences for them and increased engagement and sales for you.
- Single Source of Truth for Product Data
The number one reason for investing in a PIM System is so your organization can have an easily accessible, centralized location to serve as your single source of truth for managing product data. No more having to manage data through disparate systems or having to sort through dozens of messy spreadsheets. No longer will you have to mine for data from different servers or having to search through complicated queries and databases. Say goodbye to having to hunt down different team members from opposite parts of the organization to collect the data they have. With PIM you will be able to find all your product data structured and organized in one location, with supporting documentation, images, attributes, relationships, and all other related assets. This centralization ensures that everyone in your organization has access to the most up-to-data and accurate information.
Implementing a PIM system can transform the way you manage product information, leading to increased efficiencies, improved product content quality, faster time-to-market, enhanced customer experiences, and scalability. By centralizing your product data and leveraging the powerful features of a PIM system, you can stay ahead of the competition and drive business growth.
Perficient’s dedicated PIM practice has well over a decade of experience implementing complex enterprise PIM solutions with experience in industries such as Manufacturing, Warehouse and Distribution, Automotive, Home Goods, Retail & CPG, Healthcare, Outdoor Landscape & Equipment and many more. With our extensive expertise in leading technologies and our ability to offer tailored engagement options, Perficient is an excellent partner choice for helping achieve your digital objectives. If you have questions or if you want to learn more about how PIM can be an asset to your organization, please reach out to our team of friendly experts.
