Centralizes product information into one accurate system of record

Centralization of product information allows for multiple business units to access and maintain one true source of product data. This ensures consistency and accuracy across all channels and groups. Any changes that occur to this master product repository are instantly synchronized across the enterprise resulting in hassle-free communication between subsidiaries, groups, and customers. Businesses suffer from the pains of multiple databases due to both acquisitions and undefined ownership of data which often result in disaster when accommodating all consumers of product information. The PIM product master for global enterprises also offers strong internationalization and localization to support multiple languages, currencies, and unit-of-measures. PIM offers a seamless consolidation and cross-channel synchronization of product information while still maintaining ERP connectivity upholding other business processes and simplifying global operations. 

Improve quality of product information

In addition to a single repository, PIM enables the managing and maintenance of perfect data. Validation rules and logical quality checks allow data to be maintained at the highest level starting from the acquisition of supplier data. Mechanisms also allow vendors to get involved in enhancing data quality. Users are then provided with advanced tools to eliminate redundant, incomplete, and stale data with additional building tools for complex relationships. Understanding the market and the data necessary to capitalize on it is crucial in setting up the PIM environment to maintain perfect data for the diverse targets of use.

Repurpose data - Increase reuse of existing product information

Complex product information limits a company’s ability to reach out to individual markets through multiple channels. By defining structures, relationships, various-level attributes, classifications, and more, PIM enable the repurposing of centralized data. This is a growing critical factor that improves the ability for products to reach new markets nationally or globally, and allows data to be fine-tuned for additional revenue. Businesses are exploring new venues and incorporating very customer-specific campaigns. Rather than maintaining multiple databases and instances of each product, PIM drives the ability to repurpose and reuse data from the central repository to meet channel requirements for maximum sales with minimal effort.

Increase speed and success of new product introductions and promotions

With the ability to repurpose data, companies can instantly publish information and introduce new products. Using improved vendor connectivity, a single repository model, and cross-channel synchronization, PIM users will exercise more frequent updates. This means reduced invoicing errors and out-of-stock orders, increased revenues from more current pricing, and additional sales from quick promoting campaigns such as over-stocked deals or special event items.

Workflow and Access

Workflow is paramount to Enterprise PIM. The maintenance of data requires that various groups of IT teams, marketing teams, product development teams and sales teams, including project and product managers, buyers and management, are given necessary access for central repository data governance. PIM has the flexibility to provide individual access levels of viewing and modifying information, and processing data through systemized user-group approval workflow processes. It is important to note that advanced PIM allows for cross-group workflow and not restricted to only components within PIM (ex: notifications, process kits, escalations). These built-in mechanisms are necessary in cutting data management costs, ensuring top quality data, and providing optimal connectivity among all divisions.

Improve sharing and visibility of product information

Customers and partners demand higher quality information and more efficient communication. With the combination of workflow, access, a central repository, and market tailored data, sharing data is a click away. Internally, PIM solves connectivity issues when coordinating cross-departmental projects. Furthermore, customer care and sales teams have access to the most complete product information in order to easily enable up-selling and cross-selling and provide quotes and documentation instantly. Externally, PIM can be integrated through electronic catalogs online or directly with customers to provide direct access to customer-specific sets of data or entire master catalogs. Customers tend to navigate towards those who present the best visibility of information quickly to encourage better decisions.

Scalable

A PIM platform will maintain complex and unlimited masses of data. PIM enhances wider enterprise capabilities, and therefore, do not have limits to the level of complexity and volume of data that can be maintained. PIM is designed to withstand the most rigorous environments and does not limit growth potential. Businesses today spend budgets on the ‘band-aid’ or ‘keep-up’ approach to IT while PIM remedies growing pains, improve efficiencies, and even fuels growth. Today, there is ample room for even the largest enterprises to push the limits of performance of an Enterprise PIM platform. This differentiates PIM from standard product databases since typical ERP or home-grown solutions will attempt to accommodate expansion whereas PIM will deliver growth.

Ability to increase product offerings and support special orders

PIM drives new best practices to increase product offerings and assortment coverage. Potential suppliers and their entire assortments are incorporated into the central PIM management system where interfaces ensure that all information is kept up-to-date. Special on-boarding functions are provided for this purpose. Special orders are usually processed with dummy numbers in the ERP system. These include free-text orders, which only contain data referring to individual purchase orders (for example, item descriptions or purchase order texts). If another order is placed for the same product, the supplier item number therefore cannot identify it in the ERP system, so the search in the supplier catalogs has to begin again from scratch. Non-catalog items also prevent companies from systematically evaluating special orders and adapting their core assortments accordingly. If customers repeatedly request non-catalog items, it would make sense to incorporate these into the core assortment as standard products. PIM features such as automatic SKU creation, extended catalog search, and ERP integration allows organization to capitalize from large margins in niche product orders. Special orders intended to maintain and enforce customer loyalty now turn into significant revenue initiatives due to PIM tools.

Support for any type of data

Managing unlimited amounts of product data also means supporting any type of data. Data exchange is crucial and those who support the varieties will gain significant advantage. Enterprise PIM offers multiple formats through all 3 stages of importing, maintenance, and export. Media asset management of images, videos, sounds, MSDS and regulatory documents, and more is necessary and being able to maintain multiple relationships between structured and unstructured data. Also, no standards exist when supplier deliver data and PIM’s on-boarding and mapping functions allow for supplier catalogs to merge seamlessly into the master repository. This is coupled also with data quality control validations. Similarly, exporting individual formats to meet channel-partner requirements is imperative. These capabilities are revolutionary in transforming the way businesses gain an edge in managing and communicating product information.

Better leverage product information for marketing campaigns and advertising

A powerful database, PIM provides the combination of increased product quality in marketing campaigns and true automation of processes. Online shoppers attach great importance to product presentation and accurate product information when browsing. Therefore, professional media asset management is fundamental to ensuring effective product communication in both print and electronic channels. Built-in design systems within PIM allow businesses to automate the design and generation of print catalogs, price booklets, email and print flyers, and brochures. They have realized reductions in cost and time but up to 80%. Businesses can capitalize on this opportunity by increasing the frequency of campaigns without equally increasing the work.

Synchronize data with various data pools and partners

Organizations often face instructions to comply with global networks and standards (GDSN, GTIN, UNSPSC) or to comply directly with the multitude of manufacturers and partners. These instructions can be established within the PIM platform and accommodated as easily and quickly as all other export channels.  

Flexible Architecture

PIM tools compliment ERP systems. By integration, PIM will act as the master product catalog and communicate to ERP system to support other business functions such as reporting and transactions. Furthermore, PIM will be the powering agent in leveraging product information for e-commerce and will have dramatic effects on revenues and profitability.  A sophisticated database has the flexible architecture will support all integrations and data models with minimal customization. Most functions can be performed by basic administrators not limited to IT specialists.