Product Information Management is becoming an important tool for businesses. A strong and reliable Product Information Management solution provides a hefty return on investment and yields various benefits such as superior data management, easy integration and effective data delivery. Bringing a product to market smoothly is easier with widely-defined attributes, detailed descriptions, and images. This information needs to be managed consistently, so you can promote and market products efficiently.
A research conducted by Aberdeen shows improvements for businesses using a PIM software, which includes:
- At least 17% increase in product data accuracy
- Shorter time to information
- 20% faster data retrieval and distribution
- Reduced time-spent on data-centric tasks
- Customer retention and satisfaction
How do you know your business needs an efficient Product Information Management solution? Here are 5 signs that you should look for:
Scattered Product Information
The number one indicator that your business needs a PIM solution is scattered product data all throughout your system. If some data is in a spreadsheet, while others are in ERP systems, your employees’ desks or even minds, it reduces efficiency. If information is stored in various locations instead of a central PIM, your colleagues will spend a lot of time looking for them. It is also unsure if they will find every piece.
Inaccurate Product Information
The easiest way to disappoint customers is offering them something you can’t deliver. Whether a sales rep provides quote that can’t be honored or the listed item is not available in the inventory, these can all be traced back to incomplete or inaccurate product information, which can be solved by a PIM system.
Conflicting Product Data
Take for example the use of spreadsheets. One employee sends all pricing information on a spreadsheet. Now, both employees A and B have the same repository for pricing. If employee A updates his spreadsheet, there will be conflicting product data. The problem multiplies as the spreadsheet gets updated, creating new conflict. Without PIM, it is hard to tell where the master product data resides.
Inconsistent Data Formats
When product data is in different locations, they are also in various formats. It’s possible that one person is storing SKUs, while the other stores them as ISBNs in spreadsheets or as UPCs on a sheet of paper. This increases time-spent determining if the three numbers refer to the same product and makes it harder for software to automatically process them.
Inaccurate Orders Received
Another sign your business needs a PIM solution is if your customers keep receiving what they didn’t order. SKUs recorded in multiple locations with one listing off by a digit can lead to your customers receiving products in the wrong color or size. This can be prevented with improved product information management.
You can mitigate or completely avoid these by utilizing the right tools and processes. A Product Information Management solution stores data in one location that everyone in the organization can access. Moreover, it filters incomplete and incorrect data from entering the system. Quality and organized data improves your supply chain performance and enhances your customer’s experience.
Click here to know the 5 types of B2B product data that improves online sales.