PIM stands for “product information management” and refers to the processes, systems, and software used to store, access, update, and analyze data related to your products. It is an umbrella term that encompasses several interrelated functions: product data management (PDM), collaborative product data management, and product cataloging. But what does this mean for your business? What does it mean for you? How can a PIM impact your business? Let’s take a look.
Learn more on the Akeneo Product Cloud by clicking here.
PIM Supports Continuous Innovation
PIM is all about data. And data is at the core of every innovation. Organizations that capture, share, and use data properly can innovate and solve problems more efficiently. Product information is so valuable, in fact, that the total value of PIM software is expected to reach $23 billion by 2027. Carefully managing your product information can help you keep track of your inventory, identify sales trends, and plan for growth. The ability to manage information properly can help you transform your business in various ways, including:
- Identifying your customers
- Understanding who your customers are and what they need can help you create better products and services — and create more of what your customers want.
- Positioning your growth business
- Accurate data about who your customers are, what they want, and where they are can help you plan for growth by making better decisions about where to focus your resources.
- Sourcing raw materials
- Having access to up-to-date information about the materials you use to create your products can help you secure better deals and identify new suppliers that can provide better materials at a lower cost.
- Creating new products – Data about your customers and their needs can help you develop new products that will better meet those needs.
- Improving your company culture – Accessing accurate and up-to-date information about your inventory and supply chain can help you source materials more efficiently and create products that customers want.
Error-Free Data and Better Collaboration
One of the biggest problems companies encounter when managing product data is that, over time, data ends up in many different places with no single source of truth. The data can lead to duplication, inconsistency, and errors in data, making it difficult to conduct business. With PIM software, you can combine your product data, bringing consistency and order to the process. By centralizing and standardizing your product data, you can avoid duplication and keep your data consistent. You can also enable collaboration between different departments and teams within your organization and make it easier for other departments to work together. PIM software can also make it easier for your team members to enter data about products and for your customers to view product information. This can make it easier for everyone involved, from suppliers to customers, to access and use the information they need.
Efficient Supply Chain Management
As many businesses have discovered, the supply chain is truly a differentiator. For those in the manufacturing space, PIM is a crucial component to keeping your supply chain streamlined. With PIM software, you can keep track of what products you have on hand, what products you have sold, and what products you need to order. This allows you to reduce the amount of inventory you carry on your books, which can help you save money. You can also use PIM to optimize your supply chain and forecast demand. This can help you make better decisions about when to order materials and how much to order. In addition, PIM can help you identify weak links in your supply chain and take steps to correct them.
Streamlined Marketing Activities
Product information can help with more than just product development and sales. By managing your product data and making it easily accessible across your organization, you can make it easier for your marketing team to conduct their activities. You can also make your product information available to customers, providing a more seamless customer experience. There are several ways PIM can help streamline your marketing activities, including:
- Creating targeted sales campaigns
- Having access to accurate information about your customers and their purchase history can help you create more targeted sales campaigns that focus on their specific needs.
- Maximizing return on marketing investments
- Having access to accurate information can help you see how your marketing investments are paying off, allowing you to make changes or end ventures that aren’t working.
- Measuring product performance
- Having access to accurate information about the products you’re marketing can help you identify which products are performing well and which need more attention.
- Improving customer service – Customers are looking for information about the products they’re interested in buying. Providing access to that information and making it easy for them to find it can help you improve customer service.
Organizational Benefits of PIM
PIM software can help you bring order to your product data and make it easier for your team members to find what they need. It can also help you identify weak links in your supply chain and better decide where to focus your marketing efforts. In addition, it can help you create a more seamless customer experience and streamline your marketing activities. Choosing the right product information management solution for your organization is essential to see these benefits. These are just a few examples of how PIM can help your business. There are many other ways in which PIM can help organizations function more effectively. You may want to consider a PIM solution that offers a comprehensive set of features and can integrate with your other business systems. PIM is an integral part of product management and product marketing operations. It’s essential to understand how it impacts your organization and how to choose the right solution for your business.
You can learn more about PIMs in the Podcast with Akeneo
Akeneo Product Cloud is more than just a PIM with Kristin Naragon
