WHY A PIM SOLUTION IS THE BEST INVESTMENT YOU CAN MAKE
Most B2B organizations have multiple systems or repositories with which they store product information. In fact, Ventana Research recently found that 56% of wholesale businesses have more than five systems that house their data. When product updates or changes are made in one of these systems, rarely are they communicated to one another. This silo effect causes inconsistent and, in some cases, incorrect data across channels, which creates a poor customer experience.
A PIM tool eliminates these issues by acting as the central location for all product data. By creating and managing product information in one place, organizations can provide a more accurate and consistent experience across channels and, in turn, build a successful omnichannel business.
This white paper outlines the key benefits of a PIM solution, and helps distributors determine if a PIM is right for them.
How’s your e-business portfolio performing? By that we mean the systems, software, and strategy that support your omnichannel selling efforts. Just like a personal investment portfolio, a company’s e-business portfolio needs time, attention and investment in order for it to generate returns. And if an organization really wants to see the full appreciation of its investments, it should consider incorporating a centralized product information management tool, or PIM, into its commerce toolset.
A PIM tool is a great addition to your portfolio because it allows you to effectively manage all the important product information and content that buyers use to research, shop, and purchase products across your distribution channels. All product data is centralized and sent out through the PIM tool to ensure information is consistent at every touchpoint for buyers.
Managing product information in one location enables organizations to distribute and publish clean, accurate data easily and effectively.
PRINCIPAL ASSETS OF A PIM
A PIM solution acts as the central hub for all product data because it’s here that it is sourced, standardized, and exported to various channels and partners. Managing product information in one location enables organizations to distribute and publish clean, accurate data easily and effectively. A PIM is fundamental for omnichannel businesses because it performs key data management functions:
- Manages product workflows and approvals by channel
- Synchronizes and publishes product information across digital and physical customer touchpoints
- Maintains data quality by identifying inconsistencies and normalizing the data
- Provides a single, trusted source for reliable product information
What’s more, an enterprise PIM is efficient and flexible. From an import perspective, it is able to ingest data from various data sources and in multiple formats. When data is exported via the PIM, users can write channel-specific business rules to accommodate output requirements for different retailers.
A BLUE-CHIP INVESTMENT THAT YIELDS GREAT RETURNS
With great functionality come great results, which is why a robust PIM tool produces many returns to help an organization’s bottom line:
- High-quality data
Data errors and inconsistencies can negatively impact a business. But with a PIM tool, users can apply specific governance rules to cleanse, normalize, and validate data. Automated controls significantly decrease the chance of errors and increase operational efficiency.
- Faster time-to-market
Efficient approval processes and workflows in the PIM help eliminate the bottlenecks that can occur with publishing product changes and launching new products. Triggered workflow actions and notifications move products through the review process quickly so they can be distributed across all sales channels.
- Controlled content distribution
A PIM allows wholesale organizations to choose what data to export to retailers and channels, based on channel-specific needs and/or audience. This flexibility to deliver unique content to different channels gives businesses more control over how their products are represented.
- A better user experience, which leads to more conversions
Consistent, enriched data in a dedicated PIM makes it easier for buyers to shop for and compare products – especially when a site has onsite search and filtering functionality – and goes a long way in enhancing the customer experience. In fact, Ventana Research’s report found that PIM and customer experience are closely correlated in the B2B marketplace. Of the organizations they surveyed, 74% believe a PIM tool eliminates errors and mistakes, while 61% feel it directly improves the customer experience with its consistent product information.
DOES YOUR BUSINESS NEED A PIM?
Knowing the advantages a PIM tool provides, perhaps it’s time for your company to incorporate a PIM. Ask yourself the following questions:
- Do you sell a lot of products and/or have a lot of product information changes?
- Do you offer complex products that have multiple attributes and variants?
- Are your products available for purchase through different channels, such as a brick-and-mortar store, online, and via a mobile device?
- Do you sell products from different suppliers?
- Do you have multiple users handling your product data?
If you answered yes to any of these questions, your company can benefit from product information management and Unilog. Whether you currently have an online presence or are considering an eCommerce site, Unilog has the technology and experts to help you generate great returns on your e-business.
CIMM2, Unilog’s comprehensive digital commerce platform, brings together all the tools a company needs to run a successful e-business, including a built-in PIM. Their cloud-based PIM was designed to work specifically with the CMS and other components of CIMM2 to ensure consistency, efficiency, and full interoperability with an organization’s existing ERP and back-end systems.
In this current bull market for B2B eCommerce, now’s the time to invest in a PIM. Reach out to a Unilog representative today to find out how you can build your e-business portfolio and give your company a marketplace advantage.
Unilog is a global technology company that delivers powerful, affordable eCommerce solutions for the B2B marketplace. Our cloud-based eCommerce platform and product data enrichment services help distributors, manufacturers, and wholesalers increase online sales, reduce cost to serve, and enhance their digital channel. Unilog is an ISO 9001:2008- and ISO 8000-certified company with North American headquarters outside of Philadelphia, PA and international headquarters in Bangalore, India. For more information, visit www.unilogcorp.com.