Why Product Information Management is becoming critical and what are their benefits

The single version of the truth in digital asset management is very important. This is because it is essential to ensure that marketers, employees, business partners and management are all using the right version of data content. A company having extensive product portfolios finds it even more challenging to maintain product information. A business that constantly tries to appeal to a number of niche markets finds its product range increasing exponentially. This calls for a system that can maintain all product information management in one central location without duplications.

Questudio’s Product information management, PIM consists of several modules providing all the features needed to create, manage and maintain all product information in one central repository.

Many business functions and technology systems across the industry require product-related data. The systems typically range from an ERP system, web content system, eCommerce, marketing system etc. Most of the organizations end up with numerous information systems across functions because of the widespread need of data management.

Such a fragmented approach to product information management can lead to inaccurate data and thereby lack customer confidence. It also leads to duplicative process and inefficient workflows. It involves excessive spending thereby increasing the costs involved.

A dedicated software application like Questudio’s CatalogStudio PIM software is a powerful system that includes content management, PDF catalog publisher, reporting, workflow manager, white-boarding, import/export tools and security.

With a PIM system in place, one can experience the following benefits:-

  1. Faster new product introductions

A company that is looking at diversifying its portfolio needs to have a PIM in place. It enables faster new product introductions with reduced timelines. It also increases the opportunities for frequent new product introductions by companies with the reduction in time spent on wasteful activities.

  1. Efficient supply chain

Supply chain inefficiencies can prove to be costly in the long run for a business. One can rapidly lose sales worth billions owing to information anomalies.  PIM ensures that the data across functions and multiple instances of data carry the same information at any point in time. Quicker time to market can be achieved with PIM in place.

  1. Reduced data complexity

Catalogs are a must – have for any business to reach out to his customers. PIM ensures that attractive catalogs are ready in no time with all product information like image, descriptions, variants, sizes etc. PIM also enables efficient product search and navigation by customers.

  1. Increased transparency

An omnichannel customer demands that the data is consistent with all his shopping touch points. He needs to be assured that the company offerings remain the same irrespective of the channel he chooses. Erroneous data can result in losing out on valuable customers and customer trust.

5. Easy Integration

An organization usually has many legacy systems like ERP, CRM system etc. It is essential for the introduction of PIM software to be seamless and automatic. The PIM integration with the existing legacy systems becomes effortless with no special skills required.

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