5 Ways PIM Ensures Faster Time-to-MarketIt’s common knowledge that the later you launch your new product, the more opportunities, revenue and profits you squander to your competitors. If you’re struggling to get your product to market, you’re not alone. Approximately 79% of new products fail to make it to market on time.Time-to-market (TTM), typically in commerce, refers to the length of time it takes a product — from inception to sale — to be available for market consumption.With more than 25% of total revenue and profits across industries coming from successful new product launches, it is not enough that you launch on time. To remain competitive, you must do so faster and more frequently.So, where does the problem lie? Why does it take so long to launch a new product?A major stumbling block to launching products on time is inefficiency, due to:Decentralized processes and systemsSiloed product information and digital assetsIncapacity to curate or receive consumer-facing informationInability to collaborate between business teams and partnersWhen your business operates in silos and takes a manual approach to onboarding, validating, managing and publishing product information; lengthy, redundant and error-prone processes, as well as file duplication, are bound to happen. Not only that, collaboration between business units is stunted, causing frustration on all fronts.Satisfying the Need for Speed“The early bird catches the worm,” so the adage says. To avoid being late to market and handing competitors the opportunity to command premium prices and capture the lion’s share of the market, you can utilize a product information management (PIM) solution.Ensure faster time-to-market with PIMQuickly onboard products from multiple suppliers and systemsRemove process and system inefficiency with automated workflows and tasksGain insight on completeness and quality level of dataView which stages your products are in your go-to-market process (i.e., incomplete, in review, ready for publishing)Publish/Syndicate to all online and offline sales channels with a click of a buttonThe results are realNumerous businesses have touted one of the main benefits received after implementing a PIM solution is a faster time-to-market, going from months to weeks or weeks to days. One of our clients – a very well-known fashion brand from France that has a strong global presence reduced their TTM from 4 weeks to 1 week. Also, another client – a leading importer and distributor of fine spirits reduced time spent by 1,100 hrs./month.Nevertheless, buyers should beware that not all PIM solutions are the same. With the right one, you can launch products faster, increase assortments, improve the quality of your data and even personalize consumer experiences.