Tag: time-to-market

What’s the Difference between ECM, PIM, DAM and DMS?

ECM vs. PIM, DAM and DMS

Enterprise Content Management (ECM)

An ECM solution helps organizations store, manage and distribute unstructured business-critical documents, such as invoices and account statements.

ECM use cases

  • Helicopter manufacturer. A world-leading helicopter manufacturer needed to consolidate and format large documents and easily generate their 800-page helicopter maintenance logbook. With data being stored in almost 400 different instances and systems, logging and compiling information into a single document seemed impossible until they used an ECM solution.
  • Telephone utility company. A phone company wanted to improve their customers’ experience with their telephone bill. They used an ECM solution to consolidate and layout information such as usage (SMS and phone calls), profile (personal details), marketing (loyalty points) and legal information. With an ECM, the phone company was able to customize the information they send to customers, effectively creating a platform for them to introduce or promote their products while providing much-needed insight into the customers’ consumption habits.

Product Information Management (PIM) and Digital Asset Managenet (DAM)

A PIM solution allows organizations to centralize, manage and efficiently distribute all product-related information across all channels.

Organizations typically have volumes of technical and marketing-related product data that are in different formats and stored on multiple repositories. Through the PIM solution’s data modeling capability, all product data can be standardized, and its characteristics and composition organized and categorized. Product data can then be consolidated into a single central repository, allowing for the distribution of accurate product data inside and outside the organization.

PIM use case

  • The food industry. The highly regulated food industry has complex product information requirements, wherein brands are required to declare the item’s chemistry, composition and ingredients. They must also be made available to international or local markets. Through the PIM’s data modeling capability, brands can create classifications and categories, while ensuring product information accuracy and relevance. If they’re present in several countries, brands can automatically translate and localize content to meet customer expectations.

A DAM solution, on the other hand, enables brands to centralize the storage and management of digital resources such as images, video, etc., making it easy for creative/marketing teams to securely search, enrich and distribute digital assets.

The central repository helps improve processes and accelerate creative collaboration on advertising campaigns and other marketing activities.

PIM and DAM are complementary solutions that are often used together. All the product information that brands manage and enrich in the PIM can be easily associated with the digital content in the DAM.

Document Management System (DMS)

DMS enables organizations to store, manage and track electronic documents and images. It’s a solution that fast-tracks document digitization effectively ending archaic processes and ensuring legal compliance. it’s a timely solution for Europe, as governments require consultancy-type organizations to send legal and sensitive documents (e.g. contracts, payslips, etc.) via a DMS solution for security purposes. A DMS is often associated with electronic signatures or certifications.

DMS use case

  • Digital security. Today, emails are considered as intangible evidence. However, emails can be altered or falsified. A DMS can solve this issue through secured exchanges and document version management. As for payslips, they can be de-materialized and stored electronically.
  • Tax systems. The French tax system allows companies to de-materialize documents as long as they meet numerous constraints such as archiving in specific places. DMS enables companies to digitize documents and solve legal constraints through compliance.

Where the four solutions converge

ECM deals with transactional data, PIM and DAM take care of product data and DMS digitizes and secures documents. All of them promote single repositories, offering to centralize, manage, protect and distribute data. They can help organizations increase productivity, efficiency and data quality, resulting in accelerated time-to-market. They also help reduce costs and lead times, as well as simplify compliance with certifications and regulations.

3 Practical Tips to Reduce Your Translation Costs

3 Practical Tips to Reduce Your Translation Costs

A quarter of the worldwide web population uses the English language. Nevertheless, according to statistics, China and India have the highest number of online users. It is projected that by 2021, nine out of 10 new internet users from India would prefer to use their local language when surfing the web.

(Source: Statista, “Most common languages used on the internet as of December 2017, by share of internet users”)

So what about the Spanish and Arabic-speaking population or the 22.8% of online users using other languages? It has become crucial for global companies to be able to communicate in a variety of languages.

Why is translation important for your business?

It’s all about winning over consumers in new markets. New business organizations in India are taking on the challenge of providing a convenient way to translate the manufacturers’ default language to the users’ first language with just a swipe. Tech giant, WhatsApp (India’s most used app with 200 million users) has also taken notice and is now supporting 11 Indian dialects.

In the Arabic-speaking world, 88% of consumers prefer to shop or buy products in their parent language, but less than 1% of online content is in Arabic. Why is this significant? Because this market is young, has economic power and competition is low. Tech behemoth Google enjoys an almost perfect 97% market share and doesn’t have competition in the Middle East.

There’s a growing demand for content translation, but a common mistake businesses make is assuming that it’s as simple as running marketing materials through software. There are nuances to language; some words may have different meanings in different parts of the same country. English-speaking countries like the U.S., Australia and the U.K. – for example, have very different ways of using the English language. These subtle differences necessitate translation experts to ensure that your message is read and understood clearly, regardless of where (and how).

Translation can be quite expensive, but it’s possible to reduce the cost. Here are three tips to help your business along:

Curate easy-to-translate content

Translation agencies have different pricing standards, but the easier the material to translate, the cheaper it will cost. Furthermore, a lot of modern translation companies are using translation management tools, which remember words, terminologies and style guides which speed up the process by efficiently translating and localizing product content for multiple markets, only once, which reduces unnecessary repeat translations and associated costs.

Produce local content

Creating product advertisements in local languages, for example, rather than translating everything from the main piece, would save you on translation costs and ensure that you don’t make any cultural faux pas, such as KFC’s “Finger-Lickin’ Good” tag line translating to “Eat Your Fingers Off” in Chinese.

Centralize the translation process

Investing in translation management software is not enough to cater to a global market – you need an elevated approach. A PIM (Product Information Management) solution can support your translation initiative. A PIM is a central repository, where your global team can access a single source of product truth, in all languages, ensuring the accuracy, consistency and completeness of your product data.

Considering variations in languages, there is no way to eliminate translation costs. However, by allocating resources and streamlining processes, you can reduce your translation costs and use the savings to invest in other areas.

5 Reasons Why Your Business Needs a PIM

Reasons why you need pim

5 Reasons Why Your Business Needs a PIM

The vastness of the martech landscape makes the process of software procurement rather unintuitive. It might be obvious that your company needs to refine its digital strategy, but since all the software vendors you speak with have a logical reason to invest in their product or platform, a sound strategy and direction are needed before you listen to your first pitch.

So how do you begin to build your strategy?

The architect of the building you’re sitting in didn’t begin with the top floor and work his or her way down. Buildings begin with infrastructure. Any digital architect will also tell you to begin with infrastructure and work your way up.

That being said, even digital infrastructure comes in different flavors depending on your business or industry.

If your business is reliant on catalog production, for example, a DAM might be a good foundational building block. If your business is centered around selling inventory online or even offline, then a PIM is a likely candidate to build upon.

Whichever direction you choose to go, it’s vital that you invest wisely, because starting from scratch is rarely an option, as platforms are time-consuming to research and not inexpensive to implement.

By understanding the functionality and limitations of different platforms you can rest easy knowing that you made the correct decision. Below are five reasons why your business needs a PIM.

1. You’re Still Using a Web Content Management (WCM) Solution to Manage Your Products

This is perhaps the most common reason that businesses end up with a PIM. Running your online shop with an e-commerce platform or WCM before you have a PIM is a little like building your first floor before you dig your basement.

E-commerce can technically be used without a Product Information Management, but it’s very hard to scale upward without the strict taxonomy and structure that a PIM inherently solves for.

Because of a PIM’s rule-based classification, matching and linking capabilities, for example, you can ensure high-quality data no matter the volume of data you onboard.

2. You Need a Shorter Time to Market

Having your house in order, so to speak, allows you to go to market quicker with any new products and variations of previous products. About now a light might be going off in your head.

The more SKUs you have, the more important it is to have them organized in a way that can quickly be added, maintained, searched and disseminated. Improving time to market speed requires collaboration from at least three entities: manufacturers, distributors and retailers.

With a PIM’s integrated workflow management capability, processes are automated and smooth collaboration and orchestration are enabled, effectively eliminating elements that slow down time to market.

3. You Want Your Business to be Data-Driven

With 47% of customers saying they would immediately take their business to a competitor the moment they experience poor customer service and 68% more vowing to never do a repeat business once they’ve switched, no wonder customer expectation delivery is critical to 81% of decision-makers.

Hence, the importance of customer insights. But if your product information and digital assets are stored across multiple ecommerce platforms or even local drives, your ability to discern any relevant data from your products is next to impossible.

A PIM allows you to have a 360-degree view from where your products are stored, physically, all the way through the sale and shipment of an item.

Of course, the all-important sales process, which channel is most successful, who is purchasing your products, and even help to refine your target messaging based on user habits and history, is front and center when it comes to PIM development.

4. You Take Personalization Seriously

A mere online presence isn’t good enough anymore. Now consumers expect a tailored experience no matter where they visit on the Internet. In fact, 74% of online consumers don’t appreciate content that has nothing to do with them.

If you can’t place relevant products in front of your target audience then they will simply purchase elsewhere, or not at all, as proper product placement can entice even a passive looker to make an impulsive buying decision.

With a PIM’s analytics and digital asset management capability, you can create remarkable content based on personas, campaigns and insights from product information and digital asset association.

5. You Value Happy Customers

It’s common knowledge that it costs much more to attain a customer than to retain a customer.

By having control of your SKUs from the warehouse through the buying cycle and to the front door, you can ensure that your customers aren’t getting the wrong size or color and that they’ll be as satisfied with the buying experience as they are with the end product.

Why the emphasis on experience? Because more than price and product, customer experience will be the key brand differentiator come 2020.

You know your business better than any software vendor ever could. To build your digital presence properly, having an idea of where to begin is the first step to a successful procurement process.

Once your foundation is in place, you can scale with the knowledge that the assets that your business needs to succeed are fully functional and carrying out a strategy designed for your business.