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  /  Latest News   /  How can PIM be Instrumental in Taking your Enterprise from Fragile to Fit in 2021?
PIM

How can PIM be Instrumental in Taking your Enterprise from Fragile to Fit in 2021?

To say that the year that went by was challenging is an understatement; most businesses were taken by surprise – some were not ready, some shut shops and some struggled and bounced back, while a few flourished too. But, if there is one thing that organizations of all sizes would agree on, it is the importance of resilience they showed  in gearing up for an unknown 2021— especially when it comes to managing their products data, customer data, master data, digital assets, et al. When broken down to its elementary composition, the formula for business resilience can be summed up by measuring their agility and efficiency.

Needless to say, organizations selling products identified and acknowledged the irreplaceable role of Product Information Management (PIM) in their data management strategies. One of its positive outcomes was that they could quickly reassert their position in the market.

 

The Need for Speed – Agility and Efficiency

TechTarget defines business resilience as “the ability of an organization to quickly adapt to disruptions while maintaining continuous business operations and safeguarding people, assets, and overall brand equity.” While business continuity and disaster recovery points towards similar capabilities, business resilience paints a bigger picture that underscores the importance of agility in recovery. In the face of a disaster like the pandemic, we saw several automotive organizations launching new products and services like PPE kits, visors, and contactless supply chains, including drone-based last-mile deliveries. At the heart of this rapid change lies a robust PIM strategy and a flexible and reliable solution that enables organizations to add new product lines, modify existing products, and roll out new products in respective markets quickly and easily.

Outside its digital transformation capability that strengthens businesses to modernize their operations, PIM integrates extremely well with business applications such as ERP, CRM, OMS, material management and many other systems. This ensured business continuity during unprecedented times like the pandemic when remote working and collaboration became critical. Therefore, PIM can not only help businesses go from fragile to becoming fit, but back into the game swiftly. Here’s how:

  • Change Management: At a time when “change” became the name of the game – be it from a day-to-day operations or market alterations perspective – organizations with a solid PIM strategy unlocked their advantage of superior change management. With its intuitive interface, PIM allows easy modification of product catalogs, adds new product specifications, and replicates information, while ensuring that change is reflected across the organization. This consistency leaves no room for error, thereby helping resilient businesses to recover quicker.
  • Dynamic Pricing: One of the key doctrines for intelligent selling strategies, and ultimately, profitable businesses, is dynamic pricing. By decluttering production information efficiently, PIM permits organizations to align with market trends and adapt to fluctuations in product consumption, demand, and availability, through flash offers and dynamic pricing. PIM saves time in creating such promotions by integrating with several e-commerce channels. It allows pricing teams to apply rules and assign demand-based product positions easily. And then the same information is disseminated to production and material management teams quickly.
  • Cross-selling/Up-selling: Selling to a new customer can cost five times more than cross-selling/upselling to an existing buyer. To stay afloat in a highly volatile market, where customers can make or break a brand, organizations must be adaptable to changing customer preferences and evolving product lines. PIM lets businesses take advantage of dynamic customer needs by promoting features like bundling or cross-selling of associated products. In the background, it is the easily available and categorically documented attributes of a particular product that enables e-commerce teams or distributors to cross-sell or up-sell to their existing customer base.
  • Risk Management: With any data management strategy that encompasses information about hundreds or sometimes even thousands of products comes the need to ensure stringent data governance practices. At the cost of responding to business needs in an agile manner, organizations cannot afford to succumb to operational, financial, regulatory, or other data management risks. PIM, with its innate data governance ability, empowers organizations to eliminate risks and reduce the cost of product data rectification.
  • Guaranteed ROI: Investment of any scale on digital tools and technologies raises doubts on its rewarding capacity. Especially during times of uncertainty, businesses tend to overlook some of the most sought-after benefits that align with their corporate goals and objectives. With its cost-effectiveness, PIM responds to these speculations, by supporting the creation of new product lines, utilization of resources in a more cost-optimized manner, and customer experience upliftment—all leading to better ROI.

 

Conclusion

By fueling digitalization and enabling operational excellence, PIM helps in propelling products to market faster and even supports personalized selling. Today’s dynamic customer needs present a case for democratizing digitalization, and more particularly, adopting a data-driven culture as the building blocks for business growth. To stand in the face of any business adversity, businesses must embrace a strategy that allows them to capitalize on the wealth of data. For organizations that produce, distribute, or re-sell a broad array of products, PIM is a cornerstone that spells business resilience

 

Author Bio:

Digital transformation

Vandana Singal is Director, Solution Consulting at Pimcore Global Services (A Happiest Minds Company). Pimcore is an open-source platform for product information management (PIM/MDM), digital asset management (DAM), content management system (CMS), and eCommerce. She has extensive experience in managing presales, product development, and multifunctional teams.

Location: Noida, India

Linkedin: https://www.linkedin.com/in/vandana-singal-pmp-0bb544/

Twitter:https://twitter.com/vandanasingal