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 website findability. Manufacturers can establish a structured approach to understanding their product landscape by streamlining product data.
Manufacturers can utilize PIM systems to structure and categorize their product information efficiently. This structured approach provides a more straightforward overview of product attributes, which can help make data-informed decisions regarding resource allocation and product development strategies. It can be leveraged to facilitate such analysis with other data analysis tools and methods. This approach can help optimize product categories and improve industrial manufacturing decision-making processes for leading industrial manufacturing companies, which indicates that 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 better understand their product offerings. This knowledge can indirectly inform decisions about which product categories might interest distribution partners and help identify areas requiring 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, 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 fast-paced industrial manufacturing environment, timely access to product information, such as sales and customer support, is paramount for customer-facing teams. These teams often need to retrieve accurate product details swiftly to respond to inquiries or make persuasive sales pitches. Easy access to comprehensive product information significantly enhances their efficiency.
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 manually input and verify 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 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 better understand 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 e-commerce platforms and marketplaces, minimizing the need for repetitive two-way data input and leading 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.
Using Strategies Based on Research Means Companies Can Drive Efficiency
Industries aim to achieve high accuracy and efficiency in manufacturing processes. With the vast amount of product information involved, PIM software plays a crucial role in managing and organizing this data. While PIM itself is not a research tool, it helps streamline product categorization and provides teams with structured information that can support decision-making. Insights from data analysis and integration with other technologies enable companies to enhance operational efficiency and optimize product management strategies..
How Enterprise PIM Helps Companies in Industrial Workflows
Enterprise PIM helps to keep and oversee large amounts of product information in business operations. Since manufacturers must manage many marketing background materials, simple data systems are helpful.
Through thorough research, companies identify the key data necessary to establish effective product categorization strategies. These are the main benefits you can get from using enterprise PIM:
- Updates on product listings are rolled out faster.
- Places where all information is gathered
- There is a decline in errors in different departments.
Optimizing How Operations Work by Using Information from ERP Analytics
Optimizing manufacturing operations with ERP-driven data analytics has significantly enhanced how these operations are managed. By analyzing product, sales, and supply chain data, manufacturers can make more informed decisions. When integrated with PIM software, ERP facilitates the enrichment of SKU data with critical eCommerce and product catalog information, enabling:
- A more detailed understanding of product performance across different sales channels.
- Enhanced resource planning capabilities.
- Faster response times to market demands.
Looking for the Appropriate PIM System
Different PIM systems offer other features and PIM tools. Manufacturers discover the best solutions for their company’s way of working and size by studying the details. This guarantees that the chosen system manages data and supports reaching future goals.
The use of good PIM software allows industry companies to accomplish important objectives. As a result, it is easy to handle data in several languages, which is required to sell products globally. It also makes it easier to handle product documentation, so important materials like manuals, datasheets, and certificates are never outdated and are available for use.
Improving how Company Products are Marketed
Keeping product data precise and organized is excellent for the company’s operations and very important for promoting products. Making product specifications and benefits clear and the same everywhere helps promotional campaigns be more persuasive.
Marketing teams can learn about what customers like and want they studying research. Such observation helps businesses tailor their messages to re-market needs, making marketing company products on multiple platforms much more efficient.
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 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
