In our previous post, we highlighted the importance of efficient product content management in the current competitive environment where consumers demand more trusted, transparent access to increasing relevant, reliable information on their product choices. Now in this post, let’s see how we can provide an answer to this challenge.
PIM stands for Product Information Management. It serves as a system of reference that centralizes all end-product data and makes it available to stakeholders internally and externally. The solution ensures data accuracy and consistency across different internal sources of information and retail channels. The data handled by PIM systems are constantly updated and should comply with GS1 standard (the common language used to identify, capture and share data between the actors of the CPG supply chain).
A PIM solution assures that product data can be standardized, centralized, and distributed with complete security along the downstream supply chain. Therefore, it gives CPG companies a single version of truth for their product data delivering significant operational efficiencies and improved business performance.
A PIM solution is a real productivity tool improving the marketing & the selling of CPG products through complex distribution channels, helping teams work faster and smarter throughout the product information lifecycle and making cooperation easier.
A PIM solution should be flexible both on how the data comes into the system and how it is incrementally improved over time. And as today brands need to validate their content against requirements of retailers and the market needs (e.g. e-commerce, marketplace), PIM solutions need also to embed DAM (Digital Asset Management) functionalities and to be available in a single cloud-based platform accessible by different internal stakeholders.
Therefore, a PIM solution allows CPG companies to acquire, manage and publish product data seamlessly across all channels and synchronize product information regardless of format, language, currency or physical location.
A PIM solution may provide different types of well-known measurable benefits: strategic, tactical and operational.
Overall operational benefits of PIM system can be significant: Aberdeen sees a 67% drop in labour cost and feedback from PIM users and shows an increase in employee productivity of 20%. Finally, in average, the payback of a PIM solution is around 6 months to less than one year.
If your company has:
If you answered “yes” to these questions, then you need a PIM solution to remain competitive in your field, increase your product content management efficiency and start the digital transformation of your product data.
Regain control of your product data…
Originally posted on SE Blog
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