| schedule 4 minute read | label Product Information Management

5 Product Information Management Use Cases For Industrial Companies

5 Product Information Management Use Cases For Industrial Companies

Industrial businesses across the globe are facing a huge moment of disruption. 

With global supply chain issues still very much persistent, inventories have reached their lowest levels in decades. This makes meeting customer demand near impossible, and as a result, business revenue and growth continue to be significantly impacted. As more companies try to ramp up production, they require more agile processes to eliminate constraints and deliver a greater return on investment (ROI) for their efforts. Find out what challenges PIM can help with:

1. The streamlining of content management 

Daily operational tasks such as product content management can be time-consuming and labor-intensive when you’re still using manual systems like Excel sheets and Dropbox folders. Think of a scenario where products get a feature upgrade or price update and the workload that comes with changing the information. Capturing content this way is inefficient and typically leads to errors or missed information. To fix this, you need to streamline data management to protect the integrity of your product content. A PIM system can help industrial product managers automate and fast track the process of adding and updating product attributes, descriptions, features, specifications such as materials, colors, sizes, digital assets, and other related product data. With PIM, the content is managed in a single location, is accessible at any time and on multiple devices. 

Automating data processes frees up resources, time, and increases productivity. 

2. Ability to easily expand product ranges 

Adding new products to a product line is a great growth strategy to increase turnover. By maximizing the potential of an existing customer base (and, now, a new audience), you can provide a variety of options. But it’s not nearly enough to have produced a great new product. So, you'll have to clearly communicate how customers can benefit from this addition. You have to approach the content in a way that helps customers envision themselves using the new variants. 

Doing this manually would be a time-consuming and resource-demanding nightmare, which can slow down your time to market. However, with PIM software, this process can be fast-tracked as you’ll simply bundle the variant with the existing parent product. Then, ensure the content is optimized and enriched. 

3. Improved team collaboration and productivity 

Working in silos costs businesses money. It also threatens team and business success. A study shows that the average team wastes more than 20 hours per month due to poor collaboration and communication. “That’s 6 working weeks per year that teams are not being productive.” And that’s why 84% of employees believe that businesses are missing opportunities by not moving to modern tools.

Modern solutions like PIM software foster collaboration in cross-functional teams and drive a smooth sailing process from product development to the time it hits the market. That’s because PIM systems are designed with multiple user capabilities to encourage collaboration between teams. This enables team members across departments to work together on creating, updating, and optimizing product data. Plytix PIM, for instance, is a highly collaborative PIM tool that enables you to add unlimited users. All without the need to pay additional fees for adding more users. Cost-effective option? Absolutely! 

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When teams have access to the same content, all team members can be on the same page. In addition to that, approvals and other decisions can be made in a shorter period of time, allowing for the next phase of the project to move forward. 

4. Enhanced supply chain management 

Tracking inventory manually is a time-consuming and inefficient affair that can lead to errors, missed information, stock shortages, or overstocking. Too little inventory can hurt your profit and customer relationships. But on the other hand, too much can cost you in terms of storage. So, you need a system that tracks these accurately so you can plan your inventory in a way that won’t hurt you in any way. 

If you’re already using Enterprise Resource Planning (ERP) software, you’re one step ahead of the digital laggards. But it doesn’t just stop at having an ERP; you have to be a bit more proactive than that. You have to build a resilient supply chain strategy that will guarantee products are developed, produced, and out to market within the desired time frame. The key to achieving this is through an integration of an ERP system and PIM. Together, these intelligent systems can keep you in the loop about everything related to your inventory, help you to overhaul your fulfillment rate, and prepare high-quality content for teams.

In unity, they form an all-in-one solution where you can collect and share information with everyone in your supply chain. This allows transparency that enables everyone involved to proactively identify and resolve any issues that may cause a breakdown in the supply chain. Plytix PIM for supply chain management can easily integrate with any ERP system. Not only that, but creating marketing and sales collateral is but a walk in the park. With our Product Sheets and Brand Portals modules, you can create sleek product sheets and product catalogs in minutes, that keep your customers informed about products in real-time. 

5. Product analytics for data-based decisions 

Demand forecasting can be a big challenge when you don’t have insights to work with. You may fall into the trap of increasing efforts in the production of products that are not in high demand, meaning you’re making more products than you can sell. But when you know exactly which of your products customers buy the most, you’ll know which products to make more of. To get this kind of information, you need to have a product analytics tool. It can provide you with all kinds of information that will help you better understand your customers. Adopting PIM that is integrated with product analytics capabilities will make this an easy task. 

A PIM for your industrial needs

Being slow to respond to market demands can cause you to lose your competitive edge. With Plytix, you can enjoy streamlined content management at all times. You can expand your product lines without worrying about juggling a lot of information in old-school systems. Also, your teams can effectively collaborate in product catalog management tasks to ensure that you reach your time to market goals. Most importantly, you can stay on top of your inventory to ensure that you deliver your products to customers at exactly the timeframe within which they expect. 

Read our free white paper on The Power of ERP and PIM to learn more!

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