Product information management system or PIM is an information sharing and organizing system used in business and marketing. It is a comprehensive system that allows an organization to store all aspects of product data; it covers both internal and external product data. Product information management systems generally included information such as SKU Number, Description, Price, Product Images and supplier data. It touches every part of any organization starting from sourcing, product development and customer support. Product information is distributed in various formats such as catalogs, brochures, price books, websites, and digital content to various departments and units.
Through distributing data accuracy and real time update of information must be assured. Through PIM, these are all made possible. Data can be accessible in various marketing channels along with geographical locations (PIM links to an ERP system for automatic updates for supplier data and core information such as SKU Numbers and Price). Product information management systems allow simultaneous editing, accessing, and creating of data by different individuals. This provides departments, units, companies the ability to meet the requirements of customers because information can be updated or edited readily. With PIM, information is easily and effectively managed.
Benefits of implementing a Product Information Management System
Organizations that have implemented a PIM see a significant cost savings due to reduced errors, improved automation and increased productivity. By implementing PIM many companies has overcome with the issues like product returns, customer support requests due to the accuracy of the data.
By Implementing Product management system information will be synced between these systems very smoothly which contributes to business automation for the company.
By setting up a Product Catalog Management System, a company can see increase in its revenue in the following aspects.
- Accelerated marketing efforts and a faster time to market products
- Higher revenue due to price related errors
- Higher Sales because of the availability of quality information to customers to make an informed purchase
- Better automation across the organizations IT efforts
Although product information management systems are designed to organize data for mainly marketing purposes, advantages are inherent even in terms of operations and productivity. Major companies around the world are now starting to use PIM. These companies recognize the need for product information organization and consolidation as integral features for business growth and success.
V-serve Solution is an e- commerce leading company that helps manufacturers, distributors and catalogers to manage their product content efficiently with Product information management system.