Product Information Management – just call it PIM
PIM stands for Product Information Management, and as the name suggests, it's a system for managing your company's product data.
A PIM system aims to simplify and streamline product management workflows and is particularly suitable for companies that have multiple distribution channels (including e-commerce), have complex product and metadata, or need language versioning of product catalogues.
In general, it is time to implement a PIM system when your manual product management processes no longer scale to your business needs.
If you want a practical rule of thumb, ask yourself:
How often does my organization copy-paste information around from one system to another?
The more often you do this, the greater the need for a PIM system to automate some of the manual workflows.
High data quality in all channels
The PIM system aims to create a single source of truth. It is a tool that ensures the high quality of the product data you distribute between systems and channels, as well as the high speed of the manual and automated processes that bring your products to market.
The system must contain master data for all the product data you use to process products in sales, marketing and the production department and must be able to provide a data model that can be integrated into the systems where data is used. This could be sales channels such as an e-commerce system and website, or marketplaces like Amazon, Pricerunner and the like. It can be in internal processes that are handled from CRM, ERP or BI, or in Adobe InDesign or Microsoft Office when setting up brochures, catalogues, and sales templates.
The business benefits of PIM
The business case is relatively easy to set up if you know your processes and your organization well. Below we have listed some of the value parameters that companies typically use for a business case on implementing a PIM system
Cost reduction and increased productivity
Higher output per employee
Fewer steps to get a product online
Fewer email exchanges to access media and data concerning products
Faster import, processing and enrichment of product data from supplier
Increased measurable business value and faster value creation
Faster introduction of new products in the product catalogue
Faster translation processes for product information
Faster production of offers for customers
Faster time to market for online products
Better customer experience and high data quality
Fewer returns due to better product descriptions and more informed buying decisions
Increased basket size due to improved cross-selling data
Better conversion rates on the webshop
Fewer product data errors and better control over how information is categorized and displayed in relation to advanced search and filtering
Which PIM software should I choose?
There are several Product Information Management platforms on the market. At Novicell, we are technology agnostic, however, our specialists are certified in various platforms in order to be able to advise and implement optimally.