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Top 5 benefits of implementing PIM in a manufacturing company

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Top 5 benefits of implementing PIM in a manufacturing company

Today's pace of technological change has led to the exponential growth of a new kind of manufacturing. Industry 4.0 is revolutionizing how companies manufacture and distribute their products by automating processes and enabling greater interconnectivity. According to Deloitte, more than 60% of manufacturing executives are partnering with specialized technology companies to deploy smart manufacturing initiatives in the coming years. But even with an increasingly technological digital commerce space, manufacturers still face challenges in meeting market requirements.

More and more manufacturers offer products directly to end consumers to adapt to shifting consumer demands. This direct-to-consumer (D2C) model means manufacturers must place greater emphasis on delivering a memorable customer experience (CX). With 80% of B2B buyers now expecting a B2C-like experience, also B2B companies must provide a customer-centric approach that mirrors the B2C experience. Still, many companies overlook the importance of product data in promoting conversion in B2C retail or enriching the experience of B2B manufacturing products.

Access to detailed product information is becoming vital. Customers use product data as a significant driver in their decision-making process. As such, data is now an asset rather than simply a by-product. But what if there was an easier way to manage product data and technical information (multiple SKUs, CAD/CAM drawings, product data sheets, etc.)? This is where having a Product Information Management (PIM) system comes in. To explore why manufacturers need a PIM, we’ll discuss how product information can help companies succeed and look at five ways manufacturers can leverage PIM’s features to satisfy consumers’ demand for product information.

Why is product information a strategic asset for all manufacturers?

Most manufacturers want to create a more digital future. Whether they call it Industry 4.0, smart manufacturing, or digital transformation, the industry is shifting into new ways of working with data at its core. Until recently, manufacturers have relied on suppliers and retailers to sell their products, but this trend is quickly changing. There’s a growing need for manufacturers to become ecommerce experts. In a world where over two billion people buy goods and services online, consumers can find and purchase products anytime and anywhere. While this gives manufacturers the opportunity to deal directly with their customers, it also poses a challenge.

60% of manufacturers say gathering product information is one of their biggest product-launch challenges. Manufacturing companies now distribute product information to a wider range of channels and need to manage large product catalogs with an ever-changing volume of product data and assets. Organizations still operating out of spreadsheets and shared drives risk damaging customer relations and undermining business performance. This approach may work for some time, but as product marketing requirements scale along with customers' needs, data errors, redundancies, and inconsistencies can fracture even the strongest teams.

Customers stay with the brands they trust. They always want more information about your product to answer any purchase objections. The more conclusively you can answer their questions, the higher their satisfaction. By implementing a PIM system, you are equipped with the tools your business needs to deliver the right information, to the right channel, at the right time, and in the right context. It’s the leverage you need to transform the value chain, optimize operations, capitalize on globalization, and drive long-term customer loyalty.

Do you want to speed up your time-to-market, free up resources, and stay one step ahead?

Get our ebook to discover how Contentserv helps manufacturers build resilience.

What are the benefits of Product Information Management (PIM) in Manufacturing?

For manufacturers, there are many benefits of implementing a PIM system. Below, we focus on the most common use cases highlighting why it’s a crucial tool in today’s competitive manufacturing environment.

  1. Simplify product complexity
    As manufacturing companies expand their product lines and products become more intricate, they become more complicated and costly to produce. Thankfully, there are strategies companies can use to expand their product line while keeping their processes simple and cost-effective. To create significant business value with the increased product data available while managing product complexity, companies also need a new approach to data management. They need the most effective tech tools, starting with PIM software for manufacturers.

    Complexity in your product catalog is inevitable. Product data can come from multiple suppliers, raw material vendors, data pools, agencies, third-party content aggregators, ERP systems, CRMs, and more. When this data is stored in multiple formats across various departments in your organization, the process of onboarding and consolidating product data can be frustrating to manage and standardize, often causing missed revenue opportunities, product launch delays, and an inconsistent customer experience.

    While most manufacturers have begun their journey toward manufacturing data excellence, many are still struggling to capture significant value from it. In fact, just 39% have successfully scaled data-driven use cases beyond the production process of a single product and achieved a positive business case. But with PIM acting as an organizational tool for all your product information, you can streamline collaboration and decision-making throughout the product lifecycle, leading to an improved business model.

  2. Eliminate product information inconsistencies
    As manufacturing companies deal with several thousands of documents and spare part items, systematic product information management is crucial. Product information across siloed systems is often incomplete and fragmented. Over time things like catalogs, SKUS, item numbers, digital assets, translations, localizations, and custom attributes become a nightmare to manage. Without the right data governance approach, trying to manage multiple geographic locations, languages, currencies, promotions, and comply with unique requirements becomes almost impossible.

    Regardless of what products your company sells, presenting the right images, videos, and accurate data is key to success. In ecommerce, it’s crucial for companies to maintain consistency between information sources presented in multiple formats. This is where a synchronized PIM and DAM system can help drive product data consistency. A combination of PIM and DAM will ensure that all product descriptions and images adhere to a specific standard, eliminating low-quality visuals and manual data errors and implementing system-wide guidelines.

    By monitoring the performance of digital assets, a Digital Asset Management (DAM) system can ensure the right assets are optimized in the right way for any channel to deliver the content your audience wants to see in the best quality at any given time. With PIM as the central omnichannel platform, you can successfully publish relevant and consistent product information to provide an engaging product experience. Easily distribute product content to your marketing channels, ecommerce systems, marketplaces, catalogs, mobile devices, or data pools.

  3. Centralize product data
    Manufacturers manage product data from various sources and formats. Gathering this data quickly becomes a time-consuming and labor-intensive task. In fact, 72% of firms say managing data silos across multiple systems, technologies, and regions is extremely challenging. This is where the importance of PIM systems has risen significantly. PIM’s ability to streamline data management workflows, automate product data syndication and synchronization, minimize manual processes, and adapt to complex manufacturer use cases is giving it a unique edge.

    Imagine all your resources available in a single centralized repository, with all files kept updated with the latest versions of all product data. Each department has its own specific permission to edit, manage, and export product information, reducing errors and duplications. When you change information, you will only have to change it in one place. By making products easier to find and list, PIM for the manufacturing sector ensures different teams have access to consistent product information and can respond to market demands faster.

    Centralizing your product content helps you move at the speed of your shopper. Anytime a customer goes online in search of information about your brand, you can respond to them immediately from a well of content that provides engaging digital experiences. All your product data is handled in a unified, consistent, and predictable manner. When a launch or campaign approaches, everything will be ready and easy to compile for the intended purpose.

  4. Maximize operational flexibility
    Today, more than half of B2B customers are looking for information themselves online before making a purchasing decision. Whether you’re selling B2B, B2C, or making the jump to D2C, customers expect an easy-to-navigate omnichannel experience. This pushes manufacturers to adapt to a higher demand for personalization and expectations of shorter lead and delivery times. Streamlining every aspect of product information is crucial to create delightful customer experiences while enhancing channel flexibility and operational excellence.

    By automating your PIM processes, you can manage and quickly publish data to every digital platform, improving efficiency and re-aligning your workforce towards creative problem-solving. This is why PIM is the go-to tool for manufacturers. From expanding product catalogs in no time, customizing and localizing data processes for targeted marketing, achieving greater productivity by reducing manual efforts, or improving personalization, PIM is the make-or-break link in today's digital commerce.

    PIM enables organizations to increase product marketing automation and improve workflows to boost personalization and profitability. This efficiency drives creativity and innovation since your content can be easily ready for ML, AI, automation, and predictive analysis. Today’s PIM systems also enable enterprises to increase their reach and connect with a wide variety of external channels by publishing and delivering product information to different marketplaces.

  5. Increase revenue and customer satisfaction
    Customers want tailored experiences — and are willing to spend 140% more to get them. When it comes to customer journeys, convenience, accurate product information, and a compelling buying experience are top priorities for consumers. Buyers are more likely to purchase products that have complete and accurate information, and businesses can make better use of their product data to drive sales through targeted marketing and promotions.

    Customer experience has now evolved to be a key differentiator for manufacturers. In fact, 93% of global B2B professionals agree that ecommerce personalization leads to revenue growth. The journey of discovering, researching, selecting, and purchasing products is enhanced when brands offer rich and contextualized product content. As a core informational delivery and customer education tool, PIM plays a crucial role in improving CX, especially when integrated with analytics and other data management systems.

    With PIM, manufacturers can display their always up-to-date and personalized content to minimize product returns, boost brand loyalty, and increase sales. The consolidation of product information in a single repository is the foundation of excellent CX and higher ROI. With this, the entire product experience becomes customer centric. Unstructured data goes into the PIM system and turns into consistent and accurate data ready to be shared across various channels. Then, businesses can use that data to create engaging customer experiences, launch new products quickly, offer attractive campaigns and make amendments to existing promotions on the fly.

How can Contentserv’s Product Experience Management (PXM) help?

To prepare for the future and remain relevant in their industry, manufacturing companies must invest in digital capabilities and technologies to gain an edge in an already hypercompetitive market. Because product information plays such a vital role in your overall success, it’s critical to have a dedicated solution that makes the process much easier. By using a blend of PIM, strong data frameworks, and emerging technologies, manufacturers can redefine the customer journey and build brand engagement, while increasing productivity along the way.

Contentserv’s leading PXM can help you streamline the creation of compelling customer experiences with the concept of product experience at the core. It brings together product information and rich media, combined with contextualization, to personalize experiences with relevant product content at every touchpoint along the customer journey. It transforms traditional PIM systems into a personalized product experience engine that helps manufacturers improve ROI, ensure compliance, and increase competitive strength.

Do you want to speed up your time-to-market, free up resources, and stay one step ahead?

Get our ebook to discover how Contentserv helps manufacturers build resilience.