There is no crystal ball in business. Any business leader contemplating an enterprise-wide change would like to know for certain, and upfront, that they will realize the desired results. So, while there is no crystal ball, there are safe bets, and Product Information Management (PIM) is one of them.
Most businesses considering a PIM are hoping to address big, strategic challenges, like:
- Reducing costs and increasing revenue
- Going to market faster with new products and updates
- Improving customer’s experiences and impressions of your brand
- Promoting their offering, consistently, in multiple channels, localized catalogues languages and currencies with less effort and fewer resources
These are big asks but implementing a PIM can have transformational effects throughout your operation. Imagine a future state where:
- Conversion rates and orders are up (+20%), and profit is up (+40%) with higher margins
- Time to market for new products is improved (x10)
- Customer retention and brand loyalty are improved (+15%)
- Production times for printed brochures and catalogues improve by up to 75%
PIM is designed to deliver on big asks with capabilities that address cost savings, revenue gains, and improvements to efficiency all at once.
For example, manual labor, repetitive tasks, and avoidable errors steal valuable resource time. PIM software can automate product enrichment based on business rules. With more time, Merchandisers and Category Managers can plan better promotions that deliver more business benefit, and Content Teams can focus on tagging cross-sells, up-sells and assortments that maximize your revenue opportunities.
PIM can spread the burden of content enrichment by empowering different stakeholders, including vendors, using portals and workflow. This not only speeds the process but can also compensate for small or understaffed teams. You can confidently onboard product data directly from vendors with automated data quality routines and business rules, allowing you to get new products to market quickly, beating the competition.
Today’s e-commerce shoppers have high expectations for the easy product findability, content quality, and personalized experiences that PIM can enable. Findability is improved when data is held in a more granular way that improves search facets and SEO. Content scoring identifies products needing enrichment so you can reduce returns and convert more page visitors. Website personalization powered by PIM allows you to present targeted content for different audiences.
PIM can also fast track a growth strategy that depends on expansion into new locales. A repeatable, robust process to translate and localize content and push it out to appropriate markets or regions greatly increases your ability to engage globally and be relevant locally.
Taking the Leap, Safely
We know, transformational change sounds risky and ROI is the name of the game in business. To address these understandable concerns, Agility offers both a PIM Readiness Assessment and an unbiased, formal ROI Analysis report to quantify the benefits you can expect from a PIM. The Assessment is instant and scores your answers based on the complexity of the change management task ahead and the strategic value you would gain from a PIM. The ROI Analysis report’s conclusions are the results of a thorough one-day session with your senior leadership, relevant stakeholders, and our ROI analysts who bring broad, real-world experience on both sides of the table as customers and implementing consultants. Our conclusions are substantiated with prioritized goals and detailed strategies for minimizing risk and cost. We conservatively quantify the potential value of Agility PIM’s impact on every aspect of your business – sales, margins, growth and even customer loyalty.
We don’t expect you to jump immediately into the deep end of the pool, either. As proof of concept, you can define a Phase One scope that includes the minimum viable products (MVP) to realize ROI quickly, then confidently add other channels, domains, etc.
Take the PIM Readiness Assessment or contact our PIM experts for an ROI Analysis and you’ll see why thousands of marketing and commerce professionals worldwide, including 33% of the Fortune 100, rely on Agility PIM to manage their product information.