Today we’re talking about the usage of Product Information Management, which allows companies to manage large amounts of product data, to distribute that data to multiple channels, and to reduce time-to-market.
To begin with, let us talk about industrial production. According to a number of mass media sources, it’s in a bad shape, especially in regions like Europe, or America, where the number of jobs is steadily decreasing. But is it really?
According to the Bureau of Economic Analysis, industrial manufacturing continues to generate enormous amounts of revenue, especially in the United States — only last year the industry brought in more than $2 trillion, which is basically half of country’s total export amount.
At the same time, industrial companies have to resolve a lot of issues and hardships to achieve success. They attempt to digitize product catalogs (usually using ERP and PLM systems), while having a shortage of place to manage data on marketing products. In addition, transfer of data between companies occurs in rather unusual formats.
Product Information Management (PIM) and Product Experience Management (PXM) can help manufacturers to overcome these challenges. They make it easier and more efficient to manage large product catalogs, facilitating the transition to e-commerce. According to the companies, after the introduction of these systems, there is an increase in conversions and a decrease in the number of failures.
How PIM and PXM can help solve your company’s problems
First, if an industrial company decides to open a digital commerce channel, it faces the challenge of digitizing large amounts of data. The presence of huge catalogs requires a lot of time and effort to maintain and expand, and things like a huge number of different attributes, or the overall technical complexity of each position, are the ones making this task even more difficult.
Using PXM and PIM systems companies can greatly facilitate the transition to e-commerce. That way companies are able to provide customers with accurate and verified information, eliminating repetitive tasks through rule mechanisms and verification processes.
Second, it is not enough to add information once, it must be constantly updated and should always reflect current information about the product. The process of updating product information requires a lot of time and effort. It can be solved with flexible management systems, which allow companies to make changes to directories in a minute.
Third, as noted earlier, information is transmitted in very specific formats that are convenient for suppliers and distributors. The problem is that those formats make it difficult to manage them all. However, PIM systems can work with all data formats and attributes, which helps a lot with that problem. In addition, PIM system can find and fix incorrect information – to ensure that your client receives only validated data.
Fourth, the company must be able to share and manage data through various systems of information exchange and management, which is not an easy task. That is solvable with PIM system, it allows companies to integrate various systems and tools, preventing errors and inaccuracies.
As we can see, various difficulties can arise in the way of manufacturers, the same ones that can be easily resolved by PIM and PXM, allowing companies to optimize processes and avoid complex repetitive tasks and errors. This, in turn, enhances a company’s productivity, boosts conversions, and, as a result, increases overall profit of the company.
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