No matter the industry, having good product information management gives your company an edge over your competitors. Why is this you may ask? This is because Product Information Management (PIM) is presently used to keep stakeholders, partners and customers involved. It does this by rapidly maximizing efficiency and minimizing the impact of changes. It also promotes faster time to market, enhance operational efficiency and also business growth.
Below is an elaborated list of benefits that PIM offers to a company:
1.PIM eases assortment expansion. There is a clear relationship with the size of a company’s assortments and having a PIM system. It is remarkable to see that when the assortment increases to over one million SKUs there are no companies who do not have a PIM system. 38 % of the retailers with a PIM system stated that they were aiming to achieve an additional 50 % expansion in their assortment, while 45 % are planning to expand their product. A PIM system manages all the data from logistics to all enriched content needed for online sales.
2.PIM reduces the time to market significantly. The commercial product information can already be created while the product is still being manufactured, or even being designed. However, the most important strategic benefit may be that a uniform customer experience can be created with a PIM system across all channels. Without PIM awkward results might show up; the use of two different product names for the same product or even disastrous differences inexplicable price differences.
3.PIM improves customer experience. It does this by giving consistent customer access to the company’s product information. This reduces shopping cart abandonment, product returns or complaints. It does by allowing customers to see how much stock is available. The whole process gives customers control over their production.
4.PIM reduces operational and supply chain costs. Out of stuck items can now be easily be replaced before the customers realizes it. PIM is also able to audit and improve their delivery methods, which in general boosts customer experience.
5.PIM is easily integrated into a company. Its flexibility allows a company to customize the program so that it will be able to manage your data processes. This reduces costs on marketing new products.