Why PIM is Essential for Boosting Your Business's Success
Boost your business with a game-changing PIM solution Essential for CPG and manufacturing companies, a product information management system revolutionizes data organization and optimizes productivity Elevate your operations with PIM today!
Do you have knowledge of the whereabouts of your product information in the year 2023?
If you belong to the majority of companies, it is likely that your product data is stored in various places such as Excel spreadsheets, Google Sheets, OneDrive, PDFs, USB flash drives, Word documents, in-house custom databases, and email.
The problem lies in organizations that do not centralize product data, resulting in teams creating their own separate storage systems for product data. As a result, product data is scattered across various locations, making it difficult for employees to determine its accuracy.
This is where a product information management (PIM) solution becomes invaluable. By utilizing a PIM, all product data can be centralized and readily available to all business users. A PIM typically includes essential product information such as descriptions, SKUs, pricing, features, dimensions, related products, and more.
Let’s dive into the four reasons why a PIM solution is a must-have tool for every CPG and manufacturing company.
Single Source of Truth
A PIM offers a streamlined solution for managing all of your product information, eliminating the need for multiple spreadsheets, documents, and files. It establishes a single source of truth, making it easy for everyone in your organization to access the latest product data. With a PIM, multiple users can update data throughout the product lifecycle, ensuring that information remains up-to-date and accessible to all. Furthermore, leading PIM solutions often include Digital Asset Management functionality, allowing you to manage product-related digital assets alongside your product data. This consolidates all your product information in one place, including product images, manuals, spec sheets, and troubleshooting videos.
Increased Productivity
To achieve better results with limited resources, businesses must find ways to streamline their operations. One highly effective method of achieving long-term productivity gains is by implementing a PIM solution. Recent research reveals that employees spend an alarming 3.6 hours each day searching for information. This staggering statistic highlights the significant loss in productivity within organizations, as valuable hours are wasted on locating the most up-to-date product data. By adopting a PIM solution, the need for employees to search for product data and digital assets is completely eliminated, leading to immediate productivity improvements once the PIM system is implemented.
The utilization of a PIM can further enhance productivity when integrated with digital product experiences and other sales and marketing resources. When your company website is linked to the PIM solution, any changes made in the PIM will be automatically reflected on the website, eliminating the need for manual content updates. This significantly saves time, particularly for marketing teams, allowing for faster go-to-market.
Speed is a crucial competitive advantage in all aspects of your business. Implementing a PIM solution can significantly reduce the time it takes to bring products to market. Some PIM solutions are designed to be easily implemented without IT or development resources, allowing you to start using a PIM solution within a few days.
Once implemented, a PIM with integrated Digital Experience Platform (DXP) functionality allows employees to quickly create digital product experiences that are automatically linked to product data. This can dramatically decrease the time required to create a product catalog from over 300 hours of manual work to less than 15 minutes using a solution that includes a built-in PIM, DAM, and DXP. With this type of solution, your business can launch product guides, promotional campaigns, sales resources, dealer incentives, and more in just minutes, compared to the traditional process that often takes days or even weeks.
Reduced Costs
Implementing a PIM solution effectively in your business can lead to significant cost reductions. By harnessing the productivity gains achieved through PIM usage, your organization can save tens to hundreds of thousands of dollars each year, depending on its size. Furthermore, selecting a leading PIM solution can bring even more cost reductions. For instance, many top PIMs come with integrated DAM functionality, eliminating the need for a separate third-party DAM solution. This can result in annual savings of over $20,000 or more, depending on the scale of your business.
It is crucial for your business to invest in a PIM solution. Adding a PIM can yield immediate and significant advantages, making it an essential tool for manufacturers and CPG companies.
