In today’s digital world, without accurate product information and digital content, manufacturers are leaving money on the table.
As manufacturers expand their digital footprint through increased web traffic, online engagement, mobile applications, new online channels, and a variety of other customer touchpoints along the way, they need to have a centralized platform where they can collect, manage, and enrich all of their product-related information and digital assets. Therefore, Product Information Management (or PIM) is assuming greater importance and is quickly becoming a “must have” for successful manufacturers.
Globally, according to a study by Mordor Intelligence, the PIM market was valued at $9.88 billion in 2020 and is projected to grow to $33.78 billion by 2026.
Whether you’re selling B2B or B2C products, today’s manufacturers continue to face challenges like increasing time-to-market, lack of product visibility, no single source of truth, and incomplete/insufficient product information. Manufacturers need to have access to accurate and complete data to make informed business decisions about product development, pricing and promotions, and supply chain to improve the customer experience, conversion rates, and ultimately revenue and margin growth.
Effective product information management can solve most of these challenges and offer the following benefits:
Total control over product information for consistent branding
With a strong PIM system, manufacturing companies can manage all product information from a single centralized source. Using this source, they can obtain a wide range of product information metadata which includes: product name and description, product specifications, and product warranty details to name a few. Manufacturers also need to share all or some of this product information with their distributors and even B2B or B2C eCommerce retailers. With PIM, they can maintain consistency in product details and branding across distribution channels while ensuring data security.
Faster and easier information publishing to accelerate time-to-market
Manual handling of data from heterogeneous environments can increase the time taken to market the products. These product data “silos” also delay data integration efforts.With a PIM system in place, organizations can publish product information to their various channels such as direct-to-consumer websites, email marketing programs, product catalogs, social media, or brochures directly from their data repository. For example, if a company wants to scale its manufacturing operations across countries, it will need to conduct business in the local languages and currencies. A PIM system could be used to quickly update and publish product data across various global markets with additional localized content.
Real-time analytics to make product, category, channel, and campaign decisions
Be it manufacturing or any other sector, an improved customer experience cannot be achieved without actionable analytics and insights. PIM systems can fuel real-time analytics and insights that are integrated with systems like ERP, CRM, and other and channel-specific marketing tools. All of this helps companies to take action and make better decisions faster and more confidently than ever before.
EnFuse Solutions can help you successfully leverage PIM
Driven by the importance of having accurate and complete product data, the product information management market is set for explosive growth in the digital era. As discussed above, manufacturers are leveraging PIM solutions to enhance the collection, classification, and distribution of product data and content to improve their business results.
Finding it difficult to manage your product data and digital content? Want to know more about how your business can leverage PIM systems? Not sure where to start?
EnFuse Solutions provides customized solutions in data tagging, data labeling, data annotation, and PIM to ensure you always have the right data to quickly and confidently take action and make informed business decisions. Contact us today to learn how we can help you and your organization succeed