Product Information Management (PIM) is a rapidly evolving technology that is becoming increasingly essential for modern businesses. With the promise of streamlined data management, PIM is the answer for many companies looking to store, manage, and optimize their product data.
The year 2023 has been dubbed “The year of the PIM” and will continue to be a significant trend in the eCommerce industry. PIM technology can provide companies with the capabilities to create a more efficient workflow, improved data accuracy, and the ability to expand their reach to new markets.
With better product information management, businesses can improve their customer experience, gain a competitive advantage in the marketplace, and increase their sales.
Trends for 2023
As the adoption of PIM systems increases, so do the benefits and opportunities that come with it. In 2023, we expect to see the continued growth of PIM installations and implementations. Product Information Management will help streamline data entry for companies, resulting in increased productivity and less time spent on routine tasks.
We also expect to see increased machine learning and artificial intelligence use in PIM platforms. With these advancements, companies can optimize their PIM platforms to ensure they use their data to its fullest potential.
Additionally, we expect to see more PIM solutions that support IoT connectivity. With the growing number of connected devices, there is an increased need for a centralized location to store product information, such as product data, standards, and warranties.
Moreover, we expect to see the evolution of mobile-first PIM solutions. With more consumers accessing the internet on their mobile devices, companies prioritize mobile experiences to offer a seamless user experience. This includes push notifications, in-app navigation, and app extensions for shopping and loyalty programs.
Developing an effective PIM strategy
First, companies must consider the benefits that will be gained from the new technology. With this in mind, a company can develop a strategy for implementing the solution. The strategy should include the steps necessary to build a successful PIM implementation, such as identifying the problem that needs to be solved and understanding your customers’ needs.
Once complete, a company can begin to develop a blueprint for implementing the new technology. This blueprint should include all key activities, timelines, and milestones to implement the new technology successfully.
A company can develop a detailed implementation plan with a strategy in place. The implementation plan should include a detailed timeline of when each step will occur—keeping in mind the key benefits. With this information, a company can identify which resources will be required to implement PIM technology successfully.
Key elements of a successful PIM implementation
Organization – The structure of an organization directly impacts how effectively it functions. When implementing a PIM solution, a company must assess its business’s organizational structure. Organize all resources before implementing the PIM system.
As well as understanding which parts of the organization will be affected by the new technology. Such as product information management, marketing, sales, service, or other functions.
Product Information Management – They are designed to help to manage product information. At the same time, using a platform with an effective product manager. In addition, it must have a strong data management strategy to support it. Moreover, it must also be scalable.
Data Management Strategy – They are built on scalable platforms. By being proactive, organizations can ensure their systems can handle the amount of data being generated, stored, and managed. A successful PIM implementation requires a company to have a data management strategy.
Personnel – The success of implementation relies on the strength and efficiency of the underlying technology. However, a PIM implementation is also about people. This includes ensuring the right people are in the right positions with the necessary resources.
Project Communication – Any project’s success depends on the quality of communication. Keeping stakeholders up-to-date on projects will give them the information to proceed as needed.
PIM technology solutions
As companies look to implement product information management solutions, they must be sure they use the right technology. It is important to select the right platform for the type of business a company is in and the extent of data it manages. When evaluating PIM technology solutions, it is important to consider the following factors:
Scalability – The best PIM technology is scalable. It can expand as the needs of your organization grow.
Functionality – The best PIM technology solutions have a wide range of functionality, including data management, product information management, eCommerce functionality, and marketing functionality.
Extensibility -You can adapt PIM technology solutions to each organization as necessary. They are flexible.
Cost – The best PIM technology solutions are cost-effective and have a low price tag.
