Benefits of PIM
PIM refers to Product Information Management. It is a system that involves management of product information by means of centralization. ‘Â Many businesses felt the need to come up with a solution to manage available product information because of various product distribution channels and the increased likelihood of failed promotional campaigns because of faulty product information. ‘Â Product data is literally scattered and kept in different places involving different departments and people making it crucial for businesses to have a centralized system for improved efficiency and competitiveness. ‘Â Adopting PIM can provide the following benefits to companies:
1. Better quality of information
Centralization of product information will lead to improved quality of data. ‘Â Instead of having too many people decide on what needs to be divulged to customers or what needs to be included in a product label for example, PIM promotes more quality by data collaboration and integration from all sources or departments.
2. Better promotional activities
Products are better promoted and marketed if there is standard quality information regarding them. ‘Â Through Product Information Management, various people in different departments will have a single and reliable source of product information that is consistent with the company’s goals and specific brand attributes.
3. Better business
Managing product data information through PIM will help businesses grow in terms of promotions and sales. ‘Â With consistent product information, companies will be better positioned to market their products to the right market and at the right business environment. ‘Â With more efficient marketing activities, businesses will eventually reap benefits through better operations efficiency, better client servicing, improved sales and/or more customers.
Product Information Management basically synchronizes the activities of many people in an organization in terms of product information. ‘Â With a centralized and well-managed source of information, there will also be easier exchange of thoughts and easier access to the right kind of information needed for any business plan.