Are you struggling to manage your products across one or more distribution channels?
Product information management is one of the most important aspects of running a business, whether it sells online or in person. In the modern era, information is everything. You need to know what’s selling and what’s not, while also streamlining distribution.
We’ve got all the information management tips you need right here to get your PIM system up to scratch.
1. PIM Is Valuable for All Business Sizes
Many business owners may believe that product information management is a term for large enterprises that manage millions of products. But the truth is that PIM can inject value into any business model.
In fact, it’s possibly even more important for small businesses. This is because the margins are smaller and so small changes in performance represent a larger percentage of overall profits.
If you run a cafe, for example, you can start to tailor your product offerings so that you encourage your customers to choose items with higher margins. Most cafe owners know that you need to sell more than just coffee if you want to be profitable. But how will you analyze which items are raising your margins unless you apply tracking and analytics?
If you are worried that you don’t have the infrastructure to host the data and analytics software, this is not an issue. This PIM software combines product information management and cloud computing so that you can manage and analyze stock using remote servers. Cloud computing is an option that will save you a lot of money in buying gear, and it will also free up space on your premises.
2. PIM Software Is Not Time-Intensive
One of the things that makes PIM so accessible to businesses of all sizes is that it can be implemented with pre-programmed software. That means you don’t need an IT department to build a system from the ground up. You also don’t need to have an analytics team in place to process the data.
Product information management software is a simple solution to centralize your stock tracking and analytics, but you don’t need to spend hours on it each day. If you haven’t done information management before, you probably aren’t aware of the full array of data analysis options available with a piece of PIM software.
It’s not just about tracking SKU’s and stock levels (although SKU’s are very important for product management). You want to be tracking things like profit margins, seasonal variations on specific items, as well as common purchase combinations. You can get a lot of this information streaming in straight away once you are set up.
If you are wondering how to manage information when it comes in, look for PIM software that comes with built-in analytics. This will save you time so you can get back to running your business.
3. PIM Is a Marketing Tool
Product information management is not just a tool for keeping track of your stock. If used well, it should be feeding directly into your marketing decisions.
The main reason for this is that you should be advertising according to real trends in your customers’ purchase choices. Whether you’re doing B2C or B2B marketing, PIM software will tell you what your clients and customers really want.
This gives you the opportunity to attract them to make more purchases on the products they like. It also gives you the opportunity to manipulate their buying choices by coupling product offerings together for upselling opportunities.
4. Streamline Stock Acquisition and Distribution
At the end of the day, PIM is all about getting the basics of business right. The analytics are very valuable, but the base-level value you get from PIM software is a streamlined distribution system.
Product information management will allow you to avoid stock shortages and overstocking issues. In turn, this will improve customer satisfaction and ensure you have cash flow.
Further, with streamlined stock management, you are going to be able to allocate your human resources much more effectively. This is because your employees won’t be wasting time moving overstock or waiting for delayed deliveries.
5. Take the Time to Set Up Your PIM System
If you are looking for product information tips, the most important thing to remember is that you need to do it right from the beginning. Whether you are an existing business transitioning onto PIM software, or a new business looking to set up, it’s important that you shift your whole catalog onto the software.
It can be an attractive option to only manage some lines of stock because this may save you in setup time. True, you may save a little time in making the transition onto the system, but you will lose time in the long term if you don’t. PIM software works best as a comprehensive management system, not a localized one.
Not only should you be trying to get all of our products onto your PIM software, but you should also be trying to get as many attributes as possible on there as well.
No Time Like the Present for Product Information Management
Product information management may seem like a nice dream to have for your future. You may think that when your business reaches this or that milestone it will be time to implement it. But the truth is that the time to implement is right now.
PIM software is going to be the tool that allows you to reach those milestones, not the other way around! But, most importantly, the benefits of PIM compound as you use it more and more.
Analytics will build up over time giving you greater insight. Also, the profit you generate from increased performance and efficiency is going to increase over time. So, really, there’s no reason to wait.
If you’ve found this information on PIM software useful, why not check out some of our other great articles on business and tech solutions?