This type of management software is suitable for companies looking to streamline the product planning cycle. It includes analyzing market demand, optimizing product mix, optimizing design and production processes, quality management, maintenance management to increase overall profitability. You can also encode product data with metadata tags for easy searching.
It helps the company decide the price of a particular product at various levels, considering customer preferences and competitors' prices. It also helps in the collection, storage, and analysis of product details for better decision-making.
It is a beneficial tool for all those companies looking to innovate their products on an ongoing basis, whether it be developing new products or improving existing ones. With this software, a company can monitor its supply chain to ensure that its customers get the best quality at the lowest price.
It is also an important business tool for companies to maintain revenue and profit by reducing product costs, providing enhanced customer service through better information on existing and new products, and ensuring compliance with various laws and regulations.
The benefits of product information management include:
- Reduce product costs - With a good PIM process, companies can reduce costs and keep an inventory check.
- Enhance customer service - The correct information about the product at the right time leads to better customer service. The client gets what he wants at the earliest, and the company does not get stuck with unsold inventory.
- Compliance with various laws - Product information management is required for regulatory compliance. It helps the companies to have all the information in place for an effective audit process.
- Increased profitability - PIM helps businesses increase their revenue by using tools like maximizing product mix, streamlining processes, reducing costs. These tools also help achieve higher profit margins which are very useful for companies trying to get listed on the stock exchange.
- Improved efficiency and accuracy - With PIM, employees can work more efficiently and accurately by accessing product information seamlessly through one platform. As it provides complete information about the product from design to customer service, all departments work towards a common goal: meeting customer expectations and increase revenue.
What are the prerequisites for a product information management system?
For a successful PIM implementation, there should be complete integration between different departments like design, engineering, production, and sourcing and better coordination between them. The software should make it easier for all the involved parties to access the correct data in one place without any hassle.
The other prerequisites for a PIM system include:
- IT - Product information management software should be compatible with the company's IT infrastructure as it is responsible for data storage and transfer.
- Data - To implement product information management, organizations need to have complete and accurate data about their products which can be achieved through proper records keeping.
- Right tools - A company needs to have the correct data management tools capable of handling a massive amount of data safely and securely. Employees can access it whenever required without any difficulty.
In a nutshell, with a good PIM, you will track product quality, reduce costs, increase customer satisfaction and help in regulatory compliance. Through a PIM system, a company can make strategic business decisions that will improve its overall profitability.
COVID-19 Impact Analysis on Product Information Management Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2019-2027.
The report encompasses data regarding market share and recent developments by key players.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the Product Information Management include SAP, IBM, Oracle, Informatica, Pimcore, Akeneo, Winshuttle, Inriver, Salsify, Stibo Systems, Aprimo, Contentserv, Riversand, Mobius, Perfion, Pimcore, Profisee, Vinculum, Censhare, Pimworks, Vimedici, Truecommerce, Magnitude Software, Plytix, and Syndigo..
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Product Information Management Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/product-information-management-market/download-sampleMarket SegmentationThe broad Product Information Management has been sub-grouped into the Enterprise Size, End-User Industry and Region.
The report studies these subsets with respect to the geographical segmentation.
