You are tasked with selecting a Product Information Management (PIM) solution for your company and the pressure in on; How to select the optimal PIM solution for your particular business needs?
PIM solutions have evolved from solving traditional data management problems to providing critical business intelligence and insights and turning data into an “asset” for an organization. When searching for an optimal PIM solution, consider how your business currently manages its data. Assess your current business processes and measure it across the information supply chain stages: data onboarding, data management, and data distribution.
Common data challenges for a business include maintaining multiple spreadsheets, managing supplier information, and data onboarding. It is critical to find a PIM that has a pre-built, seamless data onboarding capability that allows for a quick process for uploading and digesting asset and product information. A PIM solution should include a supplier portal that offers a collaboration process that improves the flow and communication during the on-boarding of product information between a business and its external vendors. The supplier portal should also maintain product catalogs and allow for exponential expansion of product offerings.
After a business sets up a robust system to receive product information from multiple sources, the next challenge is data management. To provide a good customer experience, it is imperative that a business provides rich and accurate product information. A PIM solution should enable an internal enrichment process flow for easier collaboration between various internal groups. A good process flow ensures that once product information is received from suppliers, the internal teams can collaborate to enrich it further with marketing attributes and pricing information before it makes its way online.
Once multiple teams enter product information, applying governance systematically is essential. Setting data quality and completeness standards is a necessity today with the vastness and variety of data. A good PIM solution enables a business to set data standards and have intelligence built into the platform to assess data quality against those standards, as it is not efficient for organizations to rely on manual processes to review the accuracy of information.
Data Distribution is the final stage in the information lifecycle. Companies need to connect with e-Commerce systems, marketplaces, and e-Retailer. When a PIM solution communicates directly with information endpoints, it automates the process removing the need to manually send files to those channels. A PIM solution should enable the distribution of data downstream, such as to ERP systems, and to third-party online channels.
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