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.