Outdated software can seriously slow your business down. Imagine searching endlessly for product details or constantly fixing errors – that's money slipping through your fingers!
For years, Product Information Management (PIM) systems were often overlooked. Companies didn't realise how much time and money they could save with better data management.
Now, if you're a major retailer, manufacturer, or distributor and you don't have a PIM system, you're missing out on a huge opportunity.
So, stay tuned, as we explore 7 ways a PIM solution can drive business value and boost your team’s productivity.
1. Streamline Product Launches and Updates
Launching a new product or updating existing offerings can be a logistical nightmare. Imagine marketing scrambling for images, sales struggling to answer customer questions, and e-commerce launches delayed due to missing product specs.
This chaos is a common problem for businesses that manage product information across different systems. Thankfully, PIM solutions offer a powerful remedy, streamlining product launches and updates for smoother execution and faster time-to-market.
With all product information readily available within one central management system, teams can collaborate seamlessly.
Marketing can create compelling product pages quickly, while sales reps can confidently answer inquiries, and your e-commerce platform stays updated in real-time.
Example of How PIM Can Be Used
An activewear company uses PIM to simplify seasonal launches. They upload product details, like images, size charts, and fabric info, ahead of time. This helps the marketing team prepare campaigns early, ensuring a smooth launch.
2. Reduce Errors and Improve Data Quality
Inconsistent product descriptions, inaccurate specs, and outdated pricing can all lead to customer frustration and lost sales. Maintaining product information manually across multiple channels is a recipe for errors.
PIM offers data validation tools to ensure consistency and accuracy. You can set up rules to automatically flag missing information or formatting inconsistencies. This reduces the time spent chasing down errors and allows teams to focus on more strategic tasks.
Example of How PIM Can Be Used
A leading building materials company replaced their outdated PIM system with Bluestone PIM. This scalable solution, with its focus on innovation, enabled faster product launches and improved data quality.
By integrating AI Enrich feature, the company automated data enrichment, saving time and resources while enhancing the customer experience.
3. Empower Teams with Self-Service Tools
Imagine empowering your marketing team to update product descriptions themselves or allowing sales reps to access high-resolution images for presentations without relying on IT. PIM makes this possible with user-friendly self-service tools.
Team members can easily access the information they need, update product details within defined workflows, and even personalise content for specific channels. PIM allows teams to become self-sufficient data stewards, ultimately leading to a more agile and responsive organisation.
Example of How PIM Can Be Used
A food manufacturer uses PIM to empower its marketing team to create localised content for different regional markets. They can access product information in multiple languages, update nutritional information according to local regulations, and even generate custom product flyers for specific retail chains.
4. Enhance Collaboration and Break Down Silos
Without a central repository, product information often gets siloed across different departments. This can lead to miscommunication and delays.
PIM makes teamwork easy by keeping all product data in one place. Everyone can see updates in real time, so there’s no need for endless emails or searching through multiple spreadsheets.
This transparency promotes collaboration and faster decision-making.
With high-quality product data, teams can make data-driven decisions faster and more efficiently. They can identify trends, analyse customer behaviour, and optimise product offerings based on real-time insights.
Example of How PIM Can Be Used
Starboard, a global water sports leader, struggled with managing product information across various systems. Bluestone PIM provided a central, user-friendly solution that scales with their seasonal needs and facilitates collaboration between its product development, marketing, and sales teams.
With easy navigation and integrations, Starboard now efficiently manages product data across multiple channels, saving time and enhancing their business.
5. Improve Customer Experience and Boost Sales
Accurate and comprehensive product information is essential for a positive customer experience. PIM ensures consistent and detailed information across all touchpoints, empowering customers to make informed decisions and increasing sales.
On the contrary, inaccurate information leads to returns and customer dissatisfaction.
Just to give you an overview, according to the National Retail Federation, returns are a major cost for retailers. In 2022, consumers returned a staggering $817 billion in merchandise, costing businesses an estimated $101 billion.
Retailers need to explore innovative solutions to streamline return processes, improve product information, and potentially implement stricter return policies (while maintaining customer satisfaction) to mitigate these growing costs. Improved data quality, a key benefit of PIM, reduces errors and returns, leading to a measurable ROI and a competitive advantage.
Example of How PIM Can Be Used
An electronics retailer utilises PIM to offer rich product experiences on their website. They use high-quality images, 360-degree product views, and detailed technical specifications in their product pages. This allows customers to thoroughly understand the products they are considering, leading to higher conversion rates and reduced returns.
6. Comply with the EU's Digital Product Passport
The EU is ushering in a new era of product transparency with the Digital Product Passport (DPP). This initiative, linked to the EU's Sustainable Products Regulation (ESPR), creates a digital record containing detailed information on a product's life cycle. From material origin and recycled content to repairability and disposal, the DPP empowers consumers and businesses to make informed choices and promotes sustainable practices.
To promote more sustainable retail practices, brands need to adopt a circular economy approach throughout the entire product lifecycle. This means considering environmental impact from material sourcing to product design, marketing, and end-of-life.
PIM solutions can empower brands in this journey. Since the software centralises product data, it makes it easier to track materials, their origins, and their environmental impact. This transparency allows brands to showcase their sustainability efforts to customers and investors. Additionally, PIM facilitates designing durable products and providing after-care instructions, encouraging customers to extend product lifespans.
Example of How PIM Can Be Used
A clothing brand can utilise their PIM system to record the origin and environmental impact of all materials used (organic cotton, recycled polyester, etc.). This allows them to source from sustainable suppliers and track their progress towards eco-friendly practices. Check also other examples of Digital Product Passport-like Initiatives.
The Digital Product Passport launches in 2026. Prepare now.
Discover how PIM can help you comply with DPP regulations.
7. Enable the Adoption of AI with Data Management
Bluestone PIM is an AI-powered leader in product information management, unlocking new levels of automation and efficiency.
One key area of impact is data enrichment. AI Enrich can craft accurate, relevant, and consistent product descriptions adapted to your brand's tone, style, and target audience.
Discover the cost difference between manual product data enrichment and AI-driven enrichment.
Number of products requiring description
Average Word Count per Product Description
Manual/Human Copywriting Cost per Word
Your Current Cost Estimation:
$ for human copywriting of words to create product descriptions.
You are just one step away from discovering how much you can save with AI in PIM!
The AI calculates costs based on the number of input and output tokens, with each token representing approximately four characters. The cost per token varies depending on the model used.
Basic GPT Model: Less powerful, lower cost, produces simpler or less detailed responses, and might be faster due to smaller size or fewer computations.
Advanced AI Model: More powerful, higher cost, produces higher-quality and more detailed responses, but could be slower because of increased computational complexity.
Pricing for AI models often decreases with each new release, making advanced processing more cost-effective over time.
Bluestone PIM AI Enrich estimation
AI also shines in data quality control. By analysing vast amounts of product data, AI Analyst can identify inconsistencies and missing information and boost data quality. This allows for proactive error correction, ensuring data accuracy across all channels.
Furthermore, AI Linguist can seamlessly translate content across multiple languages while preserving context and cultural nuances. It enhances the quality of text by refining grammar, style, and tone to fit your desired voice. AI also detects and corrects spelling errors with precision, offering suggestions that fit your writing style.
If you want to explore more ways in which AI is transforming the PIM industry, check out our latest guide on how AI boosts PIM.
Example of How PIM Can Be Used
A leading Nordic sports retailer overcomes challenges with their legacy PIM system. They needed a scalable solution that could integrate with modern technologies. Bluestone PIM's composable architecture and AI features, like AI Linguist, automated translations, reduced costs, and accelerated time-to-market, enabling the retailer to expand globally.
Key Takeaways
Is your product data stuck in the slow lane?
Bluestone PIM can help you leverage your product catalogue for maximum impact. To find out more about Bluestone PIM, get in touch with our advisors to discuss your needs, book a meeting to receive a demonstration, or watch our demo videos for a quick preview of its functionalities.
Editor’s note: This post was originally published in May 2024 and has been updated with the latest information.
