Published on : 07 April 20224 min reading time
A Product Information Management platform plays a vital role in helping businesses organise and manage large chunks of product information. It also helps increase revenue by preparing the marketing and sales efforts of companies, learn more about PIM in this post.
What is a Product Information Management Platform?
A product data managing platform is a software solution that simplifies the governing, maintenance and storage of complex product data. Essentially, these platforms provide a central system where you can easily access all information regarding a particular product.
Once you collect the product’s information and enrich it with appropriate content, you can distribute it into the market through various sales channels.
Benefits of Product Management Platforms
By automating the processing of product information, these platforms improve customer experience and provide a quicker avenue to the market, ensuring higher sales.
With the evidence above, we can safely conclude that centralised information systems are essential for organizations. However, how do you know when your business needs an information managing platform? Perhaps, when your business goes big and makes sales on Amazon?
Many questions may arise when trying to determine if your business requires a centralised information system. Here are five pointers that would suggest your business requires a central product info system.
Your Customer Support is dealing with Lots of Complaints
One of the most common indications that a business needs an info system is multiple complaints from customers. In most cases, your product is not the fault because your in-store sales are soaring. Many customers may complain or return a product if it does meet their expectations concerning the content on your digital channels.
Manual manipulation of product data at multiple levels can often cause result in unavoidable inaccuracies. That can result in poor customer experience and losses due to returns. Using a central info system ensures quality governing of product data, translating to complete and accurate data on your digital marketing channels.
Analytics Can’t Seem to Get it Right
As we already know, data and information are the backbones of any business. For that reason, it can be challenging to maintain a smooth workflow in a company if you have to deal with inaccurate or insufficient information. Working with incorrect data can often result in wrong decisions, especially in marketing and sales.
Business managers often rely on analytics when making critical business decisions. Without the correct data, these managers can draw wrong conclusions that can mislead the entire business. Therefore, you should consider getting a product information system when the analytic team seems to provide misleading information all the time.
Your Entire Staff is drowning in Spreadsheets
Manually managing product information often hits your task force where it hurts most. When you have most of your staff drowning in enriching product info at every level, you may be unnecessarily losing valuable hours and staffing.
If you are constantly struggling with understaffing, yet you have tons of employees working on governing product data, it may be time to introduce a product info system.
If You are Managing Thousands of Products
If your business handles tons of products across multiple sales channels, it may be a good idea to have information systems. Each product comes with unique data, from pricing, style, material to minor details such as arrival dates and conditions. With all this info put together, a single product can have hundreds of data points.
With such amounts of data, keeping accurate records can be challenging. Additionally, it can be easier to lose important information. For these reasons, you may need a central data system for your business.
If you Want to Strengthen Your Brand Image
With the ever-competitive market, a business needs to constantly look for ways to make its product stand out from the rest. Without a great customer experience, you cannot create a good impression in the eyes of your clients.
For that reason, you need a product information managing tool that can help you present organised, correct and reliable content to your customers, ensuring a strong brand image in the market.