Crucial Product Information Management

Months into the most challenging times of business history, digital presence has become the most precious resource. Reduced mobility, confinement, and health concerns have created a strong appetite for digital commerce across sectors that are expected to prevail in 2021. The future is about shifting from predict-and-react models to proactive-and-agile approaches. Enterprises need to adopt a culture that does not depend upon heuristics for decision-making but embraces the power of data and technology.
That’s where a robust Product Information Management (PIM) system can be of immense help to enterprises. It can publish enriched product data across multiple sales channels, manage distribution channels, quickly create product portfolios and catalogs at scale. Not only does it cut operational costs but empowers cross-domain teams to leverage insights, synchronize commercial structures, and create enriching customer experiences. With hyper-automation, personalization, and advanced customer experience (CX) ruling the digitalization space, adopting PIM capabilities will be pivotal for businesses to sell successfully.
Technologies such as PIM have the potential to ensure that enterprises are prepared for anything that 2021 brings. Here’s why:
PIM Powers Digital Transformation: There’s a ‘quickening’ of digitalization in the works. It is already evident across sectors and geographies. eCommerce has nearly replaced physical channels in a matter of months; 10 years of penetration witnessed in 3 months in the US markets being a classic case in point. As the race towards digitalization gains momentum, worldwide IT spending is expected to grow 4% from that of 2020 with majority investments in data center systems and enterprise software. PIM can help businesses to scale their digital initiatives that were earlier intended to take shape within one- to three-years’ time. From gathering information from disparate sources to inferring insights for tangible returns, PIM can enable a speedy shift in operations where no data is lost or misinterpreted. PIM integrates information from multiple sources across the enterprise and makes product information available at the tap of a button. By sending highly relevant and reliable product information to brand-customer touchpoints it eliminates discrepancies, backlogs, and bottlenecks, throughout the ecosystem.
PIM Facilitates Customer Experience: 2021 is all set to be the year of online experiences. As interactions become more mobile, virtual, and distributed, the role of customer experiences (CX) in improving sales performances becomes even more crucial. Organizations that are able to tap into this opportunity are expected to outperform their competitors in the next three years. PIM can help improve CX by arresting customer attention with on-demand information access. It can provide real-time upgrades about product specifics with an intelligent assortment. By adding credibility and availability to information, PIM can have a positive impact on retention drops, quick abandonments, and given up sessions. Enterprises can quickly, conveniently, and smartly consolidate all product data in a single repository and use it to display accurate data. This way businesses can be more proactive, anticipate future actions, and tailor their offerings efficiently to match customer expectations across the buyer journey.
PIM Fuels Personalized Selling: With people being asked to