In the dynamic landscape of industrial manufacturing, effective Product Information Management (PIM) is a linchpin for improving productivity and competitiveness across the sector. PIM goes beyond data storage; it’s a strategic asset intersecting with research processes. It enables manufacturers to optimize product categories, gain insights into distribution partner activities, and equip teams with rapid access to essential product information. This article delves into how PIM augments research capabilities within industrial manufacturing and emphasizes the significance of integrating PIM with Enterprise Resource Planning (ERP) systems for data-driven decision-making and business growth.
Optimizing Product Categories
While PIM systems may not be traditional research tools, they provide a foundational infrastructure for efficient data management and organization. This organization is key to informed decision-making.
PIM systems allow for the centralization of product information, enabling a strong taxonomy for categorizing products. This categorization, while not research per se, lays the groundwork for better product management and enhanced findability on websites. By streamlining product data, manufacturers can establish a structured approach to understanding their product landscape.
Manufacturers can utilize PIM systems to structure and categorize their product information efficiently. This structured approach provides a clearer overview of product attributes, which can help in making data-informed decisions regarding resource allocation and product development strategies. It can be leveraged to facilitate such analysis in conjunction with other data analysis tools and methods. This approach can help in optimizing product categories and improving decision-making processes in industrial manufacturing.
Research by leading industrial manufacturing companies indicates optimizing product categories through PIM integration with ERP systems can yield a 40% to 60% ROI.
Discovering Distribution Partners’ Activity
Effective distribution and partnerships are pivotal for industrial manufacturing companies’ success. While PIM systems are not designed for extensive data analysis, they can still provide valuable insights into distribution partner activities through the structured product information they contain.
Manufacturers can use PIM systems to access product data that helps them understand their product offerings better. This knowledge can indirectly inform decisions about which product categories might be of interest to distribution partners. It can also help identify areas where distribution partners may require additional support or resources.
While PIM systems may not facilitate a comprehensive analysis of distribution partner behavior on their own, they can serve as a foundational source of information that, when combined with other analytical tools and methods, can aid manufacturers in making informed decisions regarding their distribution strategies.
eCommerce has had a significant impact in the last 20 years. In 1999, it was a $150 billion industry, but by 2017, it reached an incredible $2.304 trillion, a 15-fold increase. In 2017, 59% of retail eCommerce sales came from mobile devices (m-commerce).
Providing Teams with Quick Access to Product Information
In the high-paced industrial manufacturing environment, timely access to product information is paramount for customer-facing teams, such as sales and customer support. These teams often need to retrieve accurate product details swiftly to respond to inquiries or make persuasive sales pitches. The efficiency of these teams is significantly enhanced when they have easy access to comprehensive product information.
PIM systems serve as a centralized repository for all product-related data. Instead of sifting through multiple data sources, employees can access the PIM system for the information they need. Whether it’s technical specifications, product images, or frequently asked questions (FAQs), a PIM system streamlines the retrieval of essential product information.
Consider a scenario where a customer requests specific technical details about a manufacturing machine. With a PIM system, customer support representatives can quickly access the relevant information, ensuring accurate and timely responses. It not only enhances customer satisfaction but also boosts the efficiency of the customer support team.
Similarly, sales teams can use PIM systems to access product images, detailed specifications, pricing information, and availability data. It empowers them to present products effectively and close deals more efficiently. PIM systems are invaluable tools for equipping teams with the product knowledge they need to excel in their roles.
According to the research findings, implementing a PIM solution in your current workflow results in a workload reduction of over 17% for your team, saving them 2 hours of work. Previously, they were manually inputting and verifying product data.
Full Product Performance Visibility Through ERP Integration
While PIM systems offer robust functionality, their potential is amplified when integrated with Enterprise Resource Planning (ERP) systems. ERP integration gives industrial manufacturing organizations a comprehensive view of their product performance and business operations, making it an indispensable asset for research and decision-making.
1. Sales Data Analysis
PIM systems store a wealth of product-related data, including technical specifications, images, and attributes. Manufacturers can incorporate sales data into their research efforts when integrated with an ERP system. This integration enables organizations to gain insights into which products are selling well, which are underperforming, and the factors contributing to these trends.
For example, a manufacturer may use this integrated data to identify products that receive frequent customer inquiries. By analyzing the correlation between customer inquiries and sales performance, organizations can tailor their customer support strategies and identify opportunities for product improvement or targeted marketing campaigns.
According to Fortune Business Insights, the global market for product information management is expected to expand from $3.01 billion in 2022 to $12.91 billion by 2029, with a forecasted compound annual growth rate (CAGR) of 23.1%. Their analysis reveals that in 2020 the global market experienced a year-on-year growth of 19.4% compared to 2019.
2. Comprehensive Analytics
Beyond sales data, ERP integration also facilitates access to broader analytics data. Manufacturers can leverage this data to understand better market trends, customer behaviors, and competitive landscapes. For instance, businesses can use analytics to identify emerging market trends and adjust their product development and marketing strategies accordingly.
Manufacturers can create a holistic view of their product ecosystem by combining PIM data with ERP-driven analytics. They can track product lifecycles, monitor inventory levels, and assess the impact of marketing initiatives on product performance. This comprehensive visibility empowers organizations to make data-driven decisions, optimize resource allocation, and proactively address challenges.
Integrating PIM facilitates the synchronization of inventory information across various eCommerce platforms and marketplaces, minimizing the need for repetitive two-way data input. It leads to a quicker product launch to market.
3. Informed Decision-Making
The ultimate objective of research within an industrial manufacturing organization is to inform decision-making processes. ERP integration with PIM systems significantly enhances an organization’s ability to make informed decisions. Whether deciding on new product development, expanding product lines, or adjusting distribution strategies, having access to comprehensive and real-time data is invaluable.
Consider a scenario where a manufacturer is contemplating expanding its product offerings into a new product line. By analyzing data from the integrated PIM and ERP systems, decision-makers can assess the feasibility of such a move. They can evaluate market demand, potential profitability, and resource requirements, all based on accurate and up-to-date information.
In addition, ERP integration enables organizations to track the impact of their decisions over time. Manufacturers can measure the success of product launches, marketing campaigns, and distribution strategies by comparing historical data with current performance metrics. This iterative approach to decision-making allows organizations to adapt and refine their process as needed, driving sustainable growth.
According to DynamicWeb, combining your PIM and ERP systems can alleviate challenges, simplify operations, and maintain data accuracy, all while cutting expenses. However, successful integration is intricate and demands in-depth expertise and experience to create a scalable solution architecture.
Conclusion
Research and PIM are vital in industrial manufacturing, offering efficient data management and valuable insights. PIM serves as a cornerstone, enabling the optimization of product categories, distributor insights, and quick access to essential product data.
PIM becomes an even more powerful tool when integrated with ERP systems, facilitating informed decision-making, comprehensive analytics, and data-driven choices. This integration empowers industrial manufacturing organizations to respond effectively to market dynamics and foster growth through data-driven insights.
In today’s data-centric landscape, industrial manufacturing companies that embrace PIM and ERP integration for research will lead the way in a competitive environment. The statistics and case studies mentioned highlight the concrete advantages, such as increased ROI, distributor satisfaction, operational efficiency, and faster time-to-market. As the industry evolves, the synergy between research and PIM is a path to success.
To experience the benefits of PIM and ERP integration firsthand, schedule a demo with Catsy today and discover how it can transform your industrial manufacturing operations.
Sources
https://www.desk.com/blog/five-tactics-get-sales-marketing-customer-support-same-page
