Product Information Management is a growing industry, with more and more businesses adopting PIM software year-on-year. As we move further towards the age of digitalisation and ecommerce, good organisation of product information is vital, which is exactly what PIM software provides. Here we are going to cover some of the main benefits of using Product Information Management software.
1. It Saves You Time and Money
Saving time is one of the main reasons that businesses adopt a product information management system. In simple terms, a system like OneTime PIM will streamline the product data management by keeping it in one place. If you make an update to a product or add a new product, it will automatically update the website, datasheets and anything else that you’ve integrated. This saves hundreds of man-hours making tiny changes to products.
So, how does this save you money? Firstly, you don’t have to pay expensive staff to make product amendments. When you have a complicated product line, this can be a huge drain on resources. However, it can be difficult to calculate if a staff member or a PIM system would cheaper – so, it’s important to understand the other benefits.
2. Improves Customer Experience
Customer experience is essential to a business’s success. Satisfied customers equal repeat business and recommendations. It doesn’t matter whether you’re a B2C or B2B company, it’s important to provide customers with the information they need when they need it. PIM systems make it much quicker and easier to access information. That means, when there is a customer on the other side of the phone, your staff can find the information they need and pass it on almost immediately.
80% of people will stop doing business with a company because of poor customer experience. If you’re running an eCommerce business, a PIM system will dramatically improve the customer’s online experience. Instant access to relevant and detailed information is key to a customer’s buying decision.
3. Increases Speed to Market
When your company has a new product, getting it to market fast is important. Every minute that the product is sat on the proverbial shelf, you are losing money. Not only that, but you are giving your competitors a chance to get their products to market first, reducing the impact of your product launch. PIM systems are one of the most effective ways of increasing speed to market. Once you have all the product information ready, it only needs to be inputted once and you are ready to start selling.
This streamlined speed to market also means that you can take advantage of windows of opportunities in the marketplace. In almost every business, these windows will open up and only last for a very short time-frame, so it’s essential that you can launch products and services quickly.
4. Promotes Consistent Quality
Consistency is crucial to a business’s reputation - whether it means being consistent in your customer service, your offer or your management style. One of the main benefits of adopting a PIM system is that you can control the consistency of your product information. High-quality product data is always standardised before it’s presented to customers. If you work with complicated products, you might find that the product data can arrive at your desk in a many different forms. A PIM system will take those different forms and allow you to standardise them.
56% of online shoppers will abandon a purchase if a page lacks information about a product. This statement perfectly sums up the importance of consistent product information. Customers aren’t going to give you any leeway. They’re pretty ruthless in their decision to leave a website or physical store. You must provide the correct information, in the right place, without any delays. Or, you could be losing a lot of money.
5. Equips Your Business for Growth
There are many ways to grow a business: improve sales of singular products, add products to your line, acquire other businesses that are in line with your brand, etc. To successfully implement any of these strategies, you need an efficient information management structure in place. For example, if you decide to add a new product to an already established line, you will need to adapt all of your marketing materials – website, datasheets, brochures, etc. With a PIM system, this process is quick and consistent.
In most cases, businesses start as a one- or two-person operation. So, when the opportunity arises to grow the businesses, it’s important not to waste time on data input and quality control. Your focus needs to be on customer acquisition, customer retention and product development. A PIM system allows you to keep focused on growing the business, without any distractions.
6. Simplifies Classification to International Standards like ETIM
When you’re working with technical products, you are required to meet product standards and classifications. In the internet age, this process is becoming more complicated and can take up a lot of valuable time. Whether you are a manufacturer, wholesaler, or both, you need to be able to handle classifications and standards in a user-friendly way. Otherwise, you could end up confused and, in the worst-case scenario, land yourself in legal trouble.
7. Improves Integration onto New Systems
As software becomes an increasingly important part of running a business, efficient integration is crucial. When you introduce a new piece of software, you will need to integrate it with all of your current software and data. PIM systems are designed to make this process simple and are often designed specifically with this in mind. Furthermore, PIM systems are often easier to integrate than business enterprise systems.
8. Makes Searching for Product Information Easier
Almost everyone is your business will need easy access to product information, especially your sales team. Of course, you will have already trained your sales team about the products, but it’s important that they can answer technical questions without hesitation. A PIM system will ensure that all the latest product information is in one place and is easily searchable. This will make all of your staff better informed and better equipped to sell the product.
If you are interest in benefitting from Product Information Management (PIM) software, don't hesitate to book a no-obligation free demo of our OneTimePIM system. We'd be delighted to be given the opportunity to show exactly how Product Information Management could help your company.