Why Companies need PIM:
Businesses of all sizes are increasingly adopting Product Information Management (PIM) systems, typically to introduce an efficient solution that allows them to:
- Rapidly introduce products (High speed to market is a competitive advantage).
- Use multiple sales channels and compete in all sectors
- Enable collaboration of internal and external parties to produce rich product content
- Partially outsource product data management retaining in-house quality assurance mechanisms
- Integrate with external product data aggregators like CNet or IceCat
PIM is an instrument to enable efficient product data governance within businesses of high complexity, specific internal policies and legal requirements for product data management and lifecycle.
What PIM Is:
Product Information Management (PIM) systems are corporate information systems that allows companies to efficiently collect information, related to their products from internal and external sources, enable internal stakeholders to collaborate on the product content and finally, to distribute product information to all types of output channels (eCommerce and other types of websites, mobile applications, POS, ERPs, print collateral, etc.).
PIM could be used for products, services and other similar types of entities businesses are dealing with.
PIM and Product Lifecycle:
Typically, internal corporate processes differ significantly depending on where the product falls in the product lifecycle.
For example, businesses require to collect a set of mandatory data before introduction of product to the market and follow one set of processes for enriching and reviewing the information. After end of sale, they typically maintain a minimum required data for customer support and their is no focus on enriching product information.
PIM could be used on all stages of product lifecycle.
A diagram below depicts a typical product lifecycle for the company operating in a technology sector and emphasises the stages where PIM (on the example of Akeneo PIM) is typically used to maintain and enrich product information.
Formal definition of product lifecycle and corresponding product data governance components are usually reviewed prior to implementation of PIM and corresponding processes are incorporated into PIM implementation design.
Introduction of PIM is always a significant change for a company and an appropriate change management approach should be used to ensure a successful PIM implementation. Internal product data and product-related processes ownership is extremely important to ensure that implementation of PIM is well aligned with the business and its customers.
All above is equally relevant to any mature PIM including products of Informatica, Stibo Systems, Oracle, Akeneo and few others. Due to an inherent flexibility of open source platforms, at Balance Internet we prefer to use Akeneo which could be adopted to the needs of almost any business, will continuously evolve with the business and will cost a fraction of any other enterprise PIM.
Should you have any questions on how PIM can bring a competitive advantage to your business, get in touch with Balance Internet, a leading PIM practice in Australia, on 1300 624 386