One of the primary benefits of using product information management is the ability to organize and maintain data effortlessly. The time and effort associated with data maintenance is greatly reduced for retailers after implementing a PIM system. In today’s high-speed society, this efficiency is vital to succeed as an online retailer. In short, product information management equals faster time-to-market.
What is time-to-market?
Time-to-market (TTM) is basically the length of time it takes from the moment a product is conceived until it is available for sale. The most successful retailers usually have an extremely fast TTM.
What are the benefits of having a faster time-to-market?
It gives you a competitive edge.
Fast moving companies have a leg up on competition, as their products are the first available for customers. If you are the first one to release a product, you will sell more than competitors and generate mass revenue.
It saves you money.
The quicker (and thus, shorter) the time-to-market, the less it will cost. Think of it this way: time is money. The more time you spend on a single product, the more money you waste. However, make sure that you are not sacrificing quality for speed.
It enhances your brand loyalty.
Speed and consistency can help establish your company as a leader in the industry. Thus, increasing customer recognition and brand loyalty. We live in an extremely fast-paced society. Customers want products at their fingertips as soon as physically possible. With a speedy TTM, you are giving your customers exactly what they want, when they want it.
A product information management system allows for swift production across any and all locations, departments, and channels. It can significantly speed up the time-to-market for retailers and manufacturers, making for more effective and efficient business processes. Remember, the most efficient online retailers are the ones that come out on top. Investing in PIM gives you the edge you need to succeed.