10 Benefits of Implementing Product Information Management System for Parts Catalog Management
If you are managing multiple stores across the globe or having your presence in countries struggling with concerns on multiple language support, a product information management will solve all your concerns.
To help you understand better, here are ten benefits of implementing a Product Information Management (PIM) system in an omnichannel environment.
Increased Competitiveness in the Market
Aberdeen Group's recent research results revealed that stores or business that incorporated a product information management system experienced enhanced competitive advantages over their competitors who lacked a Product Information Management System (PIM).
The companies were found to be 1.6X more efficient in handling shipping and delivery of products, increase their inventory maintenance accuracy by 75%, and gain traction in customer satisfaction by 45%.
Reduction in Operational Expenses
Businesses with a Product Information Management (PIM) software have also significantly reduced their expenses on product returns, wrong shipping and other concerns that arise due to inaccuracy in product data. This elimination has allowed them to increase savings with precise automation and productivity with real-time and accurate data.
Active Catalog Synchorinization
The centralized portal also facilitates synchronization of catalogs and product information from multiple channels, languages, geographies and other demographics, paving way for improved customer satisfaction and streamlining of operations.
With multiple aspects of historic data available easily, Product Information Management System (PIM) allows businesses to introduce new products in the market, run better promotional campaigns, improve sales through targeted marketing and accelerate their promotional efforts.
The implementation of Product Information Management System (PIM) proves to be extremely beneficial in the updation of parts catalog whenever a modification or a change is made to them. The instant sync facilities also make it easier for the parts catalog across multiple channels, locations or devices are update at the same instance.
Error Free Catalog Design
The availability of accurate data on multiple parts of machinery or equipment the central portal saves time on manual data entry jobs, eliminating the chances of human errors. This in turn helps in designing an error-free parts catalog and saves time.
Instant Catalog Publishing
Once the designing of the parts catalog is over, a Product Information Management (PIM) system allows the designer to immediately publish the parts catalog across channels for review or rollout. Thanks to the algorithms, region-specific information like pricing, shipping charges and more automatically convert to local currency and time zones as well.
Improves Efficiency in Operations
According to the Aberdeen's report, a Product Information Management system (PIM) decreases labour costs by 67% and improves employee productivity by 20%.
Less Manual Intervention
Before a Product Information Management system (PIM) is implemented, employees in a business have to spend hours on searching for new products and update them on their repository. The onset of a Product Information Management system (PIM) eliminates the need for separate hours of tasks on data entry and manual research, allowing them to focus on more important tasks.
Better Vendor Supplier Liaison
Parts catalog is an amalgamation of several parts, which means multiple sourcing. If the geography is wide, the sourcing becomes all the more crucial and complex. Product Information Management system (PIM) simplifies the process of sourcing across vendors.
One of the best blessings the ecommerce industry operating across multiple countries has ever received is the Product Information Management system (PIM). Acting as both a centralized system and repository of information on all-things products, catalog maintenance and shipping, a product information management system is the one entity you need for the smooth operation of your business.
Get a demo today
See the power of product management for yourself.