Companies Are Investing in PIM to Improve the Customer Experience.
Valued at $9.88 Billion in 2020, the PIM Market is projected to be worth $33.78 billion by 2026, registering a 23.3% CAGR (compound annual growth rate) from 2021 to 2027.
What is motivating this growth? In a survey of marketing and technology leaders who have implemented a PIM solution:
- 58% say they want to make their internal processes more efficient.
- 41% cite a need to improve customer experience through more in-depth product data.
Helping your teams work more efficiently and improving product data quality are easier said than done. So how can you get the right people around the table, asking the right questions to make the best decisions? Here’s our advice:
Assemble a Representative Team
Start by gathering a group of leaders who will represent the various teams involved in product information management. Make sure to include people who could be involved in future optimizations, such as the Product Information/Content Specialists, the Marketing Team and the Channel Managers.
The input from various teams will create momentum during information-gathering workshops and support decision-making for the planning and execution of future projects.
4 Practical Devices for Collecting and Sharing Key Information
After you’ve gotten your groups together, start by mapping out and documenting the current and projected processes. This helps to highlight all the interactions necessary between teams and systems to maintain product data.
A well-documented diagram of the product life cycle and workflow will allow you to identify areas for improvement in the management of product data. This documentation will guide your teams as they integrate new projects. It can also be used as a training document for new people that need to understand your processes. Some guiding questions to create your diagram:
What phases does a product go through (creation, enrichment, approval) before publication?
How much time does each step take?
Who is involved at each step?
How is information presented on the different platforms and channels? Is it uniform across channels?
Where might customers benefit from more in-depth product data?
Need a template for the mapping process? We can help. Contact us to speak with a PIM expert.
We recommend creating a data dictionary to ensure people understand the data, can define the master system and know which team is responsible for maintaining it. It may include sections such as “Attribute name per system” and “Supplier of Attribute”.
This resource will help your current and future teams increase their knowledge of your attributes for the different technologies (PLM, ERP, DAM, PIM, eCommerce site), from creation to publication.
Try creating a responsibility assignment matrix (RACI). This matrix helps you clarify who is Responsible, Accountable, Consulted and Informed. This simple exercise will give your teams guidance on who to turn to at different points in time.
The End Result: What You Are Working Towards
The days of siloed management, duplication of information and cumbersome processes need to end. They are likely stunting your growth. Make room for collaboration, sound data management and processes that allow your teams to have a global view of your product data management and to deliver value to your end customer.