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Product Information Management for Forward-Thinking Companies

Posted in Tech on January 30th 2015
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COO and Co-Founder

It’s a fierce competition out there nowadays for businesses. Offline and online are finally merging in more efficient and meaningful ways than ever before, and companies are seeing the great potential in multi-channel retail. It’s not enough for businesses to do well in just one platform. To be able to cater to the ever-changing demands of consumers and the market, companies have to seamlessly integrate all available channels.

For this, a Product Information Management (PIM) tool is simply essential.

What’s PIM?

Product Information Management (or Product Inventory Management) is an application that lets businesses control all its crucial data in a single hub.

 PIM is not to be confused with ERP (Enterprise Resource Planning) because the latter mostly pertains to business operations, which PIM is simply a part of. PIM is a centralized repository of all information about your products, from color to size, pricing to availability, description, images, videos, etc. It’s a master list unifying all your product data across all your channels, whether they be offline or online.

As a hub, PIM lets your team collect data from your ERP, spreadsheets, or any other third party system. You can then enrich, classify, translate, and update data—in real-time and in sync across all your channels—whether that’s to your e-commerce website, mobile apps, printed catalog, point-of-sales, etc.

Without PIM unifying your data, you can end up with duplicate, conflicting, and incomplete content.

You don’t want that; you want data that’s clear, accessible, manageable, and most importantly, seamlessly integrated in all your channels.

Does Your Business Need Product Inventory Management?

The short answer is YES. Small and big businesses alike need to have a PIM properly in place.

For big, successful businesses, a good PIM is a must-have to keep track of their wide array of catalog and ever-increasing product lines.

For startup companies, a PIM is even more integral as it streamlines product inventory, saving on costs and effort. It also sets up the stage for future expansion, when your business is ready to explore new channels, expand its customer base, and conquer new geographical markets.

How Can PIM Benefit Your Business?

Investing in a reliable Product Information Management tool has a three-fold benefit.

First, as an internal tool, PIM works great behind the scenes, significantly enhancing and streamlining the efforts of your back office.

Consider the multitude of technical and marketing data your team has to process day in, and day out: product images, videos, PDFs, labels, descriptions, attributes (metadata), even user data such as profile, comments, and ratings. With PIM, all that becomes a breeze to import, edit, enrich, and organize into a simplified but dynamic inventory. Data can then be exported to various channels. Update your website or mobile app in real time. Prepare up-to-date print catalogs with ease.

Unifying data not only reduces workload, now there’s also zero chance for teams to work on duplicate things. Your team can instead focus on important matters such as doing more effective marketing strategies.

Indeed Product Information Management can empower your team because product data is so easy to manipulate to your advantage.

Of course, PIM’s internal benefits reflect on the website too, especially for e-commerce websites that serve as a business’s product showcase. With up-to-date product information provided by PIM, customers will know which items are available, as well as various details they might want to know.

Finally, PIM also promotes the SEO aspects for your website. As your team manages product data, they can create custom attributes for each and every product, which serves as rich meta-tags for SEO purposes. Your e-commerce website not only becomes user-friendly, it becomes search engine-friendly as well. The easier you let Google crawl your website and determine your relevant content, the better your online visibility will be.

In the end, PIM allows for easy coordination and collaboration with your business supply chain as well as your various teams and departments, and most importantly your customers. Costly mistakes are avoided, and your time and efforts translate to efficiency and sales. A win-win scenario for everyone concerned.

Getting Started with Product Information Management

IT Consultis offers product information management for streamlining your business’s growing collection of data. Our trusted software is Akeneo, a robust PIM application co-founded by Magento CTO. Being open-source, it seamlessly connects with any third-party software like Dupral or Magento. With Akeneo’s easy setup, powerful import/export engine, user-friendly interface, and dynamic capabilities, data integration is smooth and efficient as possible.

Omni-channel retailing is fast becoming the norm today. The important thing is to prepare your business with a flexible, forward-thinking strategy. And the first logical step is through efficient product inventory management.