Enterprises across sectors deploy product information management (PIM) solutions for managing their product information across different systems. By centralizing vital product information, a strong PIM system is able to offer a complete, up-to-date view of the product as well as related information in real time to all stakeholders, including customers and business users.
IS MANAGING PRODUCT INFORMATION AS EASY AS YOU THINK?
Quite often, enterprises find it difficult to decide if they really need a powerful PIM system. A closer look into the current state of product information will help answer this question.
- Product information is extremely complex: Product information comes with hundreds of attributes, and then, there are complex relationships within these attributes and with other products. The digital world prefers viewing data as rich media and in other diverse formats. Furthermore, cross-selling and upselling related products and accessories is a proven business tactic. That certainly puts the responsibility of managing all this product information on the business. In such a scenario, imagine selling products with an inflexible system or without a system. It can be a nightmare! The struggle doesn’t end there. Regulatory and compliance requirements need to be given careful thought while publishing product information. Did you know there are over 11,000 sales tax jurisdictions in the United States? Ingredients in food products, the use of hazardous material, safety instructions, shipping and packaging details—all of this needs to be considered. If that wasn’t enough, almost every factory has its own set of regulations.
- Product information is scattered across disparate systems: It is quite common to come across multiple versions of the same product description, where readers are not sure which version to believe. There’s a disconnect between versions—probably because the multiple sources of data are not connected. Legacy systems refuse to accept any kind of change and are difficult to integrate with newer systems. At times, enterprises even use Excel spreadsheets and shared drives to store and share product information. Together, this results in ambiguous and conflicting product information that is difficult to comprehend, leaving users confused. On the other hand, this confusion could slow down business growth.
- Different channels and consumers need data in different formats: Not everyone needs the same amount of data and in the same format. Business partners may want a part of the information, and a business department may want the same data in a different format. Online retailers accept data in specific formats and request detailed information. They may need multiple data formats for different channels and devices—handheld devices, websites, etc. Furthermore, these formats change with time. Manually changing formats and catering to evolving content demands can be a humungous task.
Customer expectations have changed and basic information is not enough anymore. Consistent, device-appropriate and context-appropriate content is the new fundamental requirement due to which business users spend a lot of time on creating accurate product information. Developing the correct product information, securing approvals, and finally getting the information published on a website or released to the customer can take over a month. Incorrect and inconsistent information can result in a delay in time-to-market and also lead to slower business growth. Yes, managing product information can be challenging. Fortunately, an integrated PIM approach can successfully address the issue.
THE GOAL: PRODUCT EXPERIENCE MANAGEMENT
PIM systems are moving away from product data management toward product experience management. Let’s consider a typical customer journey. A customer looking to explore a product visits a search engine, website or online store, and then, if interested, visits a specific website to purchase the product. There are after-purchase service options too and links for getting more information. Businesses are expected to provide all of this critical product information and content that business users and customers need across multiple touchpoints in the customer journey, and a robust PIM strategy makes the job easy. A powerful PIM system should be able to provide critical information required at every stage and touchpoint.
How comprehensive should product information be? Basic information is just not enough and every aspect of product information plays a crucial role. Users look for product documents, technical specifications, user manuals, warranty information, safety instructions, and more. Marketing and SEO text is also essential for products to be easily found on search engines. Information on related products and accessories facilitate cross-selling and upselling. B2B transactions involve contract-specific or customer-specific pricing and discounts.
To deliver an enriched product experience, businesses should invest in a PIM system that is capable of managing the various information aspects, pricing- and discount-related complexities, customer- and contract-specific features, and more. An “integrated PIM approach” is the solution.
AN INTEGRATED PIM APPROACH IS THE WAY FORWARD
The Forrester Wave report in 2016 highlights: 1. eBusiness pros are looking for self-service, connectivity, and automation, and 2. Integration and syndication, usability, and vendor portal tools are key differentiators for integrated PIM systems. This means that eBusiness professionals want to find information by themselves, preferably on vendor portals where they can access information without the need to contact anyone. They want to stay connected at all times, but simply being connected is not enough anymore. They want devices to communicate with each other so that there is automated integration and consolidation of systems and product information, and this usable information is syndicated to different channels and users.
For businesses looking at enriching their product experience management and adopting an integrated PIM approach, here are key features you should watch out for while shortlisting a PIM system.
- Rich product information: It is worth repeating once again: basic information is just not enough! Your PIM system should have content benchmarking and visualization capabilities. Think of 3D image views versus flat images, and videos versus textual content. Price comparison tools are quite common, and hence, a must-have. Digital minds are looking for more and you need to cater to their preferences. Your PIM system should offer capabilities for defining product information (even from different existing systems) and product searches based on specific criteria—filters by brands, review ratings, price range, etc.
- Automated business-process workflows and channel-specific information delivery: Look at any two websites you are selling your products on. Similar-looking websites or channels that sell similar (or even the same) products display information in different ways. Product categories, attributes and display formats may differ. These websites request for information in different formats, and so, as a seller or retailer, you will have to provide your product information in specified formats. Wouldn’t it be smart to configure channel-specific business rules and thresholds for publication readiness while adhering to the strict channel-specific requirements? Your PIM system should offer that capability. Then, whether different channels specify a different number of images or varying details in documents, your PIM system can do the hard work. There’s more! With changing market trends, large retailers tend to change rules and formats frequently. Ensure your PIM system is able to quickly adapt to such changing specifications and formats.
- Omnichannel presence and automated availability of product information across all channels: Data possession means nothing if it isn’t available at the right place at the right time. Omnichannel presence is key, and when your PIM system is responsible for managing your product information across multiple e-commerce websites, web services, and electronic product catalogs, it should be able to synchronize the information across all these digital touchpoints, partner portals, and even physical stores. They should not only have up-to-date information but should also be able to automatically retrieve desired information at any time, without delay.
- Ability to offer end customers with rich experience at all touchpoints: For a moment, step into your customers’ shoes. Before deciding to buy a product, you will want to perform thorough research. For that, you will want enough information online. You will want to: filter specific product information, view customer ratings and reviews, check if the product is a market favorite, compare similar/competitor products, look at purchase statistics, and more. After making the purchase decision, you will want to know about the product’s availability and delivery information before making the final purchase. As a seller, your PIM system should be able to make this information available to buyers. Visualization tools—that allow customers to try and test products (clothing, accessories, house painting options, etc.) virtually in their own space before buying—are in trend. Your PIM system should be able to manage and facilitate this. PIM systems should enable businesses to offer rich customer experiences consistently at all touchpoints across channels—whether it is on a mobile device, a website, or at a brick-and-mortar store.
- Reduce time-to-market for new product launches: The dynamic business environment demands quick product launches. Launch of trending or seasonal product collections cannot wait for months, or even weeks of manual processing. Hence, consider automation in your PIM system to support flexible business workflows and a shorter time-to-market. Consider the product publishing process. While one person enters basic product information, someone else may upload related images or photographs, a third person or team will enrich that textual and visual data, and finally, someone else will publish the information. The whole process should take place quickly in a structured, controlled, and efficient manner, reducing time to market.
TOP AREAS TO ANALYZE BEFORE IMPLEMENTING A PIM SYSTEM
Source of product information: Know where your product information resides and all formats it exists in. One part of the information may lie in your ERP system, another part in your CRM system, while some other part may be residing in outdated legacy ERP systems or Excel files. Understand the source of your information and how you are going to consolidate it.
Data integration: Find out how the information will integrate into your PIM system. As an example, Pimcore- a 100% open-source digital experience management platform, facilitates web-services-based integration, data-to-data integration, as well as CSV-file-based integration. Understanding the capability of your PIM system will help you comprehend how it is going to support and enable the integration of your existing systems. Also examine how frequently you need to integrate data from existing systems into the PIM system.
Product information structure and types: Understand the kind of product information—product data attributes, product categories, digital media, etc.—you will need at each stage and sales channel (such as website and physical stores), and how that information will be structured.
Business processes: Review your critical business processes and examine how information will be published. Make a note of who creates and updates product information and digital media, the process flow, etc. Analyze if activities should take place in a fixed sequence or if they can happen in parallel? This knowledge will help set business rules for process automation.
Channels and touchpoints: Evaluate the various touchpoints and digital channels where your information will be published once the PIM system is ready. These channels and touchpoints will need information in pre-defined formats.
Return of information: Your PIM system should facilitate two-way communication—where your product information is delivered to end customers via different channels, and customer feedback and reviews get delivered to you from these different channels. Similarly, as products get sold, the PIM system is updated with the inventory status. Evaluate what information should get back to your system from the various digital touchpoints.
Access and security needs: Determine who should be able to see your data and to what extent. Think of reports and dashboards that could empower business users working for your business, helping them perform tasks more effectively than without a PIM system and an integrated PIM approach.
The fast-paced digital world calls for a transformation in the way product information is managed and delivered. To gain the winning edge, enterprises should adopt an integrated approach to PIM. They should pay attention to inbound and outbound data integration. It would be wise to invest in a PIM system that is flexible, customizable, and scalable too so that missing features can be easily developed based on business needs.
is Associate Director, Digital Business Services at Happiest Minds. He is Delivery Leader with around 16 Years of experience in Software Industry.He has rich experience delivering projects in Digital Business Transformation, Product Information Management, Master Data Management, Digital Asset Management and Cloud Architecture. He has successfully managed projects including PIM, MDM and Digital Asset Management Solutions for Enterprises.
