Product information management

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Product information management (PIM) is the process of managing all the information required to market and sell products through distribution channels. This product data is created by an internal organization to support a multichannel marketing strategy. A central hub of product data can be used to distribute information to sales channels such as e-commerce websites, print catalogues, marketplaces such as Amazon and Google Shopping, social media platforms like Instagram and electronic data feeds to trading partners. Moreover, the significant role that PIM plays is reducing the abandonment rate by giving better product information. [1]

Contents

PIM solutions are most relevant to business-to-consumer and business-to-business firms that sell products through a variety of sales channels in a range of industries. [2] The use of PIM is generally influenced by a company's:

PIM manages customer-facing product data required to support multiple geographic locations, multilingual data, maintenance and modification of product information within a centralized product catalogue. PIM can act as a centralized hub for storing product information and from every channel. [3] Product information kept by a business can be scattered throughout departments and held by employees or systems, instead of being available centrally; data may be saved in various formats, or only be available in hard copy form. It also helps businesses to improve their conversion rate optimization (CRO) by displaying consistent branding and reducing abandonment rate. Moreover, PIM allows the automation of most of the processes of product creation. All in all PIM provides a centralized solution for media independent product data maintenance, efficient data collection, data governance and output. [4]

Technology and use

PIM systems consolidate all product information onto a single platform. It helps connect retailing and manufacturing channels to counter complex challenges in managing and maintaining product data quality. In terms of company information technology infrastructure, this means having a PIM platform running over or alongside a database with an application server, and/or XML-based exchange of product information. This forms a foundation upon which to build sales and procurement business processes. With PIM solutions, access and user authorizations for all database information, ordering processes linked with inventory management systems and the mechanisms for modular expansions are managed via a web-based administration interface.

Point of sales systems and online shopping platforms such as online marketplaces are based upon electronic catalogues. PIM systems can load descriptive product information as content into a catalogue management solution, where products are grouped and managed for specific target markets. Data exchange interface standards such as Open ICEcat allow seamless interchange of electronic catalogues between vendors on the one hand and purchasing firms and marketplace operators. E-procurement solutions are closely related, which automate the procurement process for purchasing goods and services. These create transparency for the product data of multiple vendors to support the centralized management of multi-supplier catalogues and facilitate price and quality research.

Data management systems are often not interoperable meaning that data exchange without PIM can lead to severe repercussions for a business. Some companies use master data management as an information technology resource in lieu of PIM. But master data management systems are not a business application and often lack usability, product data management capability including data enrichment, validation and workflow rules, which impact return on investment. [9] [10]

PIM has witnessed a transformative synergy with Artificial Intelligence (AI), offering enhanced capabilities in the realm of product data management. AI serves as a virtual assistant, supporting product enrichment and decision-making across various business processes within PIM. A few high-impact use cases include auto attribution and writing product copy. AI plays a crucial role in auto attribution, employing neural networks and computer vision to validate attributes applied by team members while suggesting potentially overlooked or missed attributes. This not only ensures the accuracy of product data but also enables automated product categorization, enhancing assortment variety per category and powering search, navigation, and personalization/recommendation systems. Additionally, AI contributes to auto copywriting by swiftly generating product descriptions based on enriched attributes and user prompts. This aids in efficiently crafting diverse romance copy for product categories that share similar descriptions, allowing for rapid content creation and enrichment. [11]

Link with enterprise content management

Enterprise content management is a term encompassing technologies, methods and tools used for gathering, imaging, storing, archiving and providing electronic content. Distinction can be made between four separate sub-areas. Document management systems are deployed for archiving, and product data management involves the management of structured, technical data for such applications as parts diagrams and lists. Content management systems are more commercially oriented and provide a framework for knowledge management or informational service offerings through the management of unstructured, document-type content. PIM systems are used to manage structured data in a business context for feeding into any kind of distribution channel, from electronic catalogues to online shops to print catalogues.

See also

Related Research Articles

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Electronic services or e-services are services that make use of information and communication technologies (ICTs). The three main components of e-services are:

  1. service provider;
  2. service receiver; and
  3. the channels of service delivery
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Electronic business is any kind of business or commercial transaction that includes sharing information across the internet. Commerce constitutes the exchange of products and services between businesses, groups, and individuals and can be seen as one of the essential activities of any business.

<span class="mw-page-title-main">Online shopping</span> Form of electronic commerce

Online shopping is a form of electronic commerce which allows consumers to directly buy goods or services from a seller over the Internet using a web browser or a mobile app. Consumers find a product of interest by visiting the website of the retailer directly or by searching among alternative vendors using a shopping search engine, which displays the same product's availability and pricing at different e-retailers. As of 2020, customers can shop online using a range of different computers and devices, including desktop computers, laptops, tablet computers and smartphones.

Enterprise content management (ECM) extends the concept of content management by adding a timeline for each content item and, possibly, enforcing processes for its creation, approval, and distribution. Systems using ECM generally provide a secure repository for managed items, analog or digital. They also include one methods for importing content to bring manage new items, and several presentation methods to make items available for use. Although ECM content may be protected by digital rights management (DRM), it is not required. ECM is distinguished from general content management by its cognizance of the processes and procedures of the enterprise for which it is created.

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<span class="mw-page-title-main">NetSuite</span> Technology company

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<span class="mw-page-title-main">Content marketing</span> Form of marketing focused on creating content for a targeted audience online

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<span class="mw-page-title-main">Akeneo</span>

Akeneo is a technology company that develops product information management (PIM) and product data intelligence software to improve customer experience. The company was founded in 2013 by Frédéric de Gombert, Benoit Jacquemont, Nicolas Dupont and Yoav Kutner. Akeneo is headquartered in Nantes, France and has offices in the United States, United Kingdom, Germany, Spain, Italy, Israel and Australia with more than 400 employees. It has worked with customers including Shop.com, Fossil, Midland Scientific, Air Liquide, Rexel, Babolat, LVMH and Auchan.

<span class="mw-page-title-main">Unilog Content Solutions</span> Indian software company

Unilog Content Solutions is a global technology company specializing in eCommerce and product data management in the B2B marketplace. Their flagship product is CIMM2, a software platform designed to facilitate commerce and communication between businesses. The company is headquartered in Bangalore, India with North American headquarters near Philadelphia, Pennsylvania. In 2015 and 2016, Unilog was named one of the "50 Fastest Growing Tech Companies" by The Silicon Review and has been positioned in the Magic Quadrant for Digital Commerce by Gartner since 2016.

References

  1. ↑ Latt, Aung (2019-03-11). "Why PIM is crucial to every distributor's ecommerce strategy". Digital Commerce 360. Retrieved 2020-05-10.
  2. ↑ Demery, Paul (2020-01-20). "Building a roadmap for growth in B2B digital commerce". Digital Commerce 360. Retrieved 2020-05-10.
  3. ↑ Chen, Whei-Jen; Adams, Bruce; Dean, Colin; Naganna, Soma Shekar; Nandam, Uday K.; Thorne, Edward; Redbooks, I. B. M. (1 October 2014). Building 360-Degree Information Applications. IBM Redbooks. p. 63. ISBN   978-0-7384-3992-1.
  4. ↑ Smith, Brian (2018-05-21). "Know the Importance of Product Information Management (PIM)". Medium. Retrieved 2022-10-04.
  5. ↑ "What is Product Information Management (PIM) in a Syndicated, Multimedia world?". Icecat.
  6. ↑ "Product experience management: A critical component of the CMO arsenal". adage.com. 2019-11-06. Retrieved 2020-05-10.
  7. ↑ LeClair, Amanda (2020-01-21). "Great Product Experiences Start With Great Product Data". Forrester. Retrieved 2024-04-06.
  8. ↑ "What is PIM?". Plytix. Retrieved 1 June 2022.
  9. ↑ "What is Master Data Management (MDM) and Why is it Important?".
  10. ↑ "Retailers: beware the price of poor product information".
  11. ↑ "Harnessing the Power of Artificial Intelligence in Product Information Management". Digital Wave Technology. August 24, 2023.
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