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R3 Consulting Product Information Management (PIM) webinar
Product Information Management (PIM) systems allow companies to centralize product data and content in order to improve online shopping experiences. PIM systems are important because 44% of retail sales are influenced by online product content. PIM systems manage critical product information like images, descriptions, pricing and more. Implementing a PIM system can provide benefits like reducing data errors, decreasing time to market, and increasing sales. Companies should consider a PIM system if they manage a large number of SKUs, frequently change product offerings, or have multiple people updating product data from different sources.
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Overview of PIM and its significance in modern retail and business.
PIM is vital as 44% of retail sales influenced by online content; detailed product info can attract customers.
Historical perspective on product information management and its current state in commerce.
Definition and components of PIM solutions; serves as a central repository for product data.
Comparison of PIM with MDM highlighting user-friendliness, integration, and data management.
Explains additional data types managed by PIM, including marketing and relationship data.
PIM encompasses not only technology but also the people and processes involved in utilizing it.
Overview of PIM benefits focusing on central repository, process structure, and strategic realization.
Highlights improvements in data quality, consistency, and customer experience through centralization.
Details on efficiency in product management and faster market access with PIM.
PIM enables international expansion, market strategy deployment, and opens new business opportunities.
Key questions to determine if PIM is right based on SKU management and data handling.
Outlines how to create a business case supporting the need for a PIM solution.
Examines the high potential costs of data errors and inefficiencies without PIM.
PIM's direct and indirect influence on various KPIs related to product management and sales.
Guidance on finding the most suitable PIM solution tailored to business needs.
Series of important factors to assess when implementing a PIM solution.
Describes initial steps to implement PIM including planning and assessment.
Final remarks and contact details for further inquiries on PIM solutions.
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R3 Consulting Product Information Management (PIM) webinar
- 1. Why PIM? WhyNow? Product Information Management What you should know. Presented by:
- 2. © 2015 R³Consulting Partners Why is PIM of growing importance? • 44% (or $1.8 Trillion) of all retail sales in 2013 were influenced by online product content • 30% of US adults (online): would consider buying from an online retailer they had never previously purchased from if the retailer offered detailed product information It manages one of the most critical elements of online and omni channel business… Images Attributes Features Pricing Description Copy Key Words Comparison Video Reviews Specs HierarchyPRODUCT CONTENT Sources: Forrester Research Inc.
- 3. © 2015 R³Consulting Partners Product Content in Today’s Commerce Past Today
- 4. © 2015 R³Consulting Partners What is PIM (Product Information Management) solution? The central repository for all things related to product data (structured and unstructured) • Core Product Data • Product Attributes • Product specifications, dimensions, warranty and packaging info • Product related metrics • System triggers and business rules • Product copy • Product Digital assets/media • Supplier Information (basic) • Multi-language content
- 5. © 2015 R³Consulting Partners The Difference between PIM and MDM • User Friendly interface • Workflow management • Single view of product information • Product visualization • Detailed and mass data update/refresh functionality • Integration with content and publishing tools • Multi-domain management PIM (Business User) MDM (IT User) eComm Platform OMS CRM WMS POS Inventory Allocation & Replen Mobile CMS Marketing/ Promotions Original Data Source (PLM, Supplier portal, etc.) ERP BI • Multi-domain data modeling • Data integration • Data quality, matching and governance • Metadata management • Multi-platform support
- 6. Marketing and MerchandisingData Operational Data and Attributes Core Product Data. Extended Product Data Hierarchies and Relationship Data PIM PIM: Beyond Core Product Data
- 7. © 2015 R³Consulting Partners PIM is more than a system solution PIMs are not just about the technical system solution but also the people and processes implemented to use it.
- 8. © 2015 R³Consulting Partners What are the benefits of PIM? Central Repository Process Structure Strategy Realization
- 9. © 2015 R³Consulting Partners Central Repository Provides a single view of product data Improves data quality Improves setup, control and management of product data Reduces errors Provides a more consistent customer experience
- 10. © 2015 R³Consulting Partners Process Structure Allows bandwidth for assortment growth Gets products and information to the market faster Reduces manual process inefficiencies Saves time and resources
- 11. © 2015 R³Consulting Partners Strategy Realization International expansion Rapid, large assortment expansion Rapid assortment transitions in time sensitive markets Enable multi-domain strategies Opens the door to new business opportunities Deploy personalized market strategies
- 12. © 2015 R³Consulting Partners Is PIM right for you? Do you manage or plan to manage a high SKU count? Do you transition your SKUs frequently? Do you have multiple people touching and manipulating the product information? Do you have redundant or manual product setup processes? Do you collect your product information from multiple sources? Do you need more product attributes to personalize your cross selling and/or marketing? Is your product data unorganized and hard to manage? Do you have or plan to offer complex fulfillment and delivery options or solutions?
- 13. © 2015 R³Consulting Partners How can you build a business case for a PIM solution?
- 14. © 2015 R³Consulting Partners What is the cost of not having a PIM? Without a PIM: Companies have estimated data error rates between 15-30% Implementation of a PIM: Companies experience… • Reduce time to market by up to 400% • Increases in sales from 15% to more than 50% • Up to 23% less product returns • Up to 27% less customer inquiries Sources: Product Information Management, Jorij Abraham (2014); A.T. Kearney; Aberdeen; Gartner Research; Multichannelmerchant.com (2013). What is the cost to your company in: • Labor • Employee Job Satisfaction • Lost sales • Customer Loyalty • Time
- 15. © 2015 R³Consulting Partners Measurable Key Performance Indicators PIM Improves KPIs directly impacted Time to Market Cost / Product Setup SKU Setup / Resource New Customer Acquisition Return Rates Product Information Availability & Visibility Product Information Management Product Setup KPIs indirectly impacted Revenue / Customer Conversions (Traffic, Campaign, Cross Sell) Gross vs. Maintained Margin Spread AOV (average order value)
- 16. © 2015 R³Consulting Partners Finding the right PIM solution for you
- 17. © 2015 R³Consulting Partners What do I need to consider and take into account when implementing a PIM? Does a PIM take priority over over system initiatives?
- 18. © 2015 R³Consulting Partners What do I need to consider and take into account when implementing a PIM? Can I implement at the same time as other systems?
- 19. © 2015 R³Consulting Partners What do I need to consider and take into account when implementing a PIM? Are there systems that should be implemented before the PIM?
- 20. © 2015 R³Consulting Partners What do I need to consider and take into account when implementing a PIM? Do we need to clean our product data prior to a PIM?
- 21. © 2015 R³Consulting Partners How do we get started? Build a plan to implement Implement Assess Plan Design Start with the current state Requirements, partner selection, configuration Implement, integrate
- 22. © 2015 R³Consulting Partners Wrap Up
- 23. Proprietary and Confidential©2015 R³ Consulting Partners info@r3consultingpartners.com 1-844-867-R3CP (7327) www.r3cp.com Heather Raines, Partner heather@r3consultingpartners.com Stephen Rogers, Partner steve@r3consultingpartners.com …strategic insight and planning to tactical execution and delivery R3 Consulting Partners