Why PIM A Sure Bet for Return on Investment & Efficiency
In the business world, there is no such thing as a crystal ball to predict the future. It is essential for any business leader contemplating an enterprise-wide change to be confident in their ability to achieve the desired results. This assurance must be provided in writing and at the time of signing the contract. In this situation, there are some safe bets to make, and Product Information Management (PIM) is one of them.
When considering a PIM, the vast majority of businesses hope to address major strategic challenges such as those listed below:
- Increasing revenue at the same time as decreasing costs
- A greater number of new products and updates are being introduced to the market at a faster rate than in the previous years.
- Customer perceptions of your quality and their interactions with it are being improved.
- They can consistently promote their offering across multiple channels, localised catalogues, languages and currencies with less effort and resources by leveraging technology.
- A PIM will assist you in achieving these lofty goals, and it will have a transformative impact on your entire operation. Take the following hypothetical future state into consideration:
- Conversion rates and orders have increased by 20% as a result of higher margins, while profit has increased by 40% as a result.
- There has been a decrease in the amount of time it takes for new products to reach the market (x10)
- Both customer retention and brand loyalty are increasing in importance (up by 15 percent ).
- When using digital printing technology, it is possible to reduce printing times for brochures and catalogues by up to 75%.
- With PIM, cost savings, revenue increases, and efficiency improvements are all addressed at the same time, allowing large requests to be met more efficiently and effectively than previously.
The time and resources consumed by manual labour, repetitive tasks, and avoidable errors, to name a few examples, are all valuable resources in themselves. Product enrichment can be made more automated through the use of product information management software and business rules, among other methods.
Product managers and category managers will be able to plan better promotions that will provide greater business benefit as a result of having more time, and content teams will be able to establish on tagging cross-sells, up-sells, and assortments that will maximise your revenue opportunities.
PIM, through the use of portals and workflow, can assist in distributing the burden of content enrichment among a variety of stakeholders, including vendors and customers. This not only speeds up the process, but it can also make up for teams that are either too small or too understaffed to complete the task at hand properly.
You can confidently onboard product data directly from vendors with the help of automated data quality routines and business rules, allowing you to bring new products to market faster and beat the competition to the market.
Modern e-commerce customers have high expectations for the ease with which products can be found, the quality of content, and the personalised experiences that product information management (PIM) can provide. When data is stored in a more granular manner, it aids in the improvement of search facets as well as the optimization of search engines.
In order to reduce returns while increasing the number of page visitors who convert, content scoring must be used to identify products that require improvement. You can present different audiences with targeted content when using website personalization, which is powered by PIM technology.
The use of PIM Software can also aid in the acceleration of a growth strategy based on the expansion of existing markets into new ones. It is significantly easier to engage with customers around the world while remaining relevant in your home market when you have a repeatable, dependable process for translating and localising content, and then for distributing it to appropriate markets or regions.
The fact is that transformational change is a high-risk proposition, and that in business, the ultimate goal is to maximise Return on Investment (ROI) is recognised. In response to these understandable concerns, Questudio provides two services: a PIM Readiness Assessment and an unbiased, formal Return on Investment Analysis report that quantifies the benefits of implementing an enterprise resource planning system.
You will receive a score after completing the Assessment, which will be based on the level of difficulty of the upcoming change management task as well as the strategic value that you would derive from putting a PIM system in place. The conclusions of the ROI Analysis report were reached after a thorough one-day session with your senior leadership, relevant stakeholders, and our Return on Investment analysts, who bring a wealth of real-world experience from both sides of the table as customers and implementing consultants.
This is supported by a prioritised set of objectives, in addition to a comprehensive set of risk mitigation and cost-cutting strategies and tactics. As a precaution, we estimate the potential value of Questudio PIM’s impact on every aspect of your business, including sales, margins, growth, and customer loyalty.
We also don’t anticipate you jumping into the deep end of the pool right away either. You can define a scope that includes the bare minimum viable products (MVP) in order to achieve quick Return on Investment , and then confidently expand the scope to include additional channels, domains, and so on.