Is Product Information Management (PIM) Part of Your Digital Transformation Strategy?
What’s all this talk about Digital Transformation - hasn’t this been going on for years? The answer to the question is yes. At least partially. Most companies work on ways to automate processes and make it easier for clients to interact with them. On the other hand, most companies don’t have an overall Digital Transformation Strategy and work on projects with an enterprise view. Exceptions to this are General Electric, who adopted a Digital Transformation strategy in 2012.
So, what is a Digital Transformation Strategy?
Per the NAW Institute for Distribution Excellence research project, digital transformation must:
- Incorporate strategies to transform all your customer experiences
- Reengineer all your core business processes
- Redesign your approach to investment and returns
- Incorporate intentional innovation
- Develop differentiating marketing content and methods
- Identify the technologies to empower all of it in a highly integrated and efficient technology ecosystem
Digital transformation is a huge project for even small companies. So where do you start?
After an assessment of your strengths and weaknesses, you need to prioritize your next steps to have a high level of impact early in your strategy deployment. Doing this will help create buy in from your team since they all will know the strategy is extremely important to the company and not just another “strategy of the month”.
One area that many companies are beginning to target as low hanging fruit is Product Information Management. PIM is a function that is very painful for most companies with product data being housed in numerous databases, including spreadsheets with duplicate information. Since Product Information is oftentimes distributed to clients, dealers, distributors, retailers, etc., it’s critical to include PIM in your Digital Transformation Strategy.
Not only can you digitally transform your client relationships by automating the flow of this information, but you can also achieve some important internal goals:
- ELIMINATE product information errors by developing a single, centralized trusted data source
- SYNCHRONIZE product information across all digital touchpoints thru integrations; change once, update everywhere.
- ELEVATE Cross Sell or Up Sell efforts by improving B2B e-commerce customer user experience
- ACCELERATE new product launch speed-to-market
- PUBLISH marketing materials faster than ever
And you might even achieve a competitive advantage. That’s vital in today’s competitive landscape.