Tag Archives: data governance

How a Low-Cost PIM Strategy is a Winning Strategy

Managing product content across the e-commerce landscape has never been easy, but the highly competitive nature of today’s market and the complexity of global product sourcing doesn’t help.

Accurate and timely product information helps instill trust and customer loyalty in the interchangeable and complex world of retail. Therefore, competing with trusted product content consumers can rely on is critical.

PIM Is Uniquely Positioned To Be Your Product Insights Hub

As a result, most large suppliers invest in a PIM (Product Information Management) system.  PIM systems are mission critical to create a single “source of truth” to aggregate, validate, maintain, and syndicate product data. The result is high-quality data, efficient data governance processes, and automated data syndication.  

But if you are a small or medium sized supplier, how do you stack up against the big guys?

1WorldSync & Innovit: Introducing PIM Lite for Product Content Syndication

Long-time partners, 1WorldSync and Innovit, recently joined forces to introduce PIM Lite.  PIM Lite is a pre-configured, entry-level PIM system for:

  • Small to medium suppliers (revenues under $1B) – Organizations that do not have the budget to afford a complex, highly-configured PIM system
  • Large suppliers where budget is gone – Organizations with limited funds left in the current budget cycle
  • Suppliers that prefer OpEx vs. CapEx – Organizations that desire a lower cost software subscription model with predictable cash flows

For more details on PIM Lite, click here!

Say Hello To “PIM Lite” – A PIM System For Suppliers With A $100k Budget

Join us for a compelling webinar on April 24 at 11 am EST, hosted by 1WorldSync & Innovit, where we will discuss how creating a three-pronged PIM strategy can help a small to mid-sized supplier address evolving consumer expectations, scale growth opportunities, and deliver cost efficiencies in a dynamic digital world.

Key takeaways include:

  • Investing in systems that help you excel at accelerating innovative products to market through different channels without compromising data quality.
  • Scaling online presence with rich product content does not mean stretching your budget for PIM systems to match what large enterprises spend.
  • Focusing on cost-effective solutions and time to value.
  • Achieving compliance at low cost with flexible PIM solutions that support both omni-channel commerce and regulatory initiatives.

Throwback Thursday: Let’s Take It Back to Anatomy Class

According to a recent Shotfarm report, 30% of abandoned carts were due to bad product descriptions.

Examine Your Product Descriptions

Your company’s main goal is to sell your product; in order to do that you must give your customers a thorough and accurate of the product they are scoping out. And how do you do this, you ask? You can start with focusing on your product description attributes. Adopting this best practice will allow you to set your product apart within the flooded world of Ecommerce, ultimately maximizing the opportunity in increase sales.

It is no surprise that the ecommerce marketplace is the #1 way that consumers research and shop for products. And guess what? Even your products that are not sold on within a virtual space are often still represented on web. So no matter what your product intentions are, your product descriptions can be the difference between success and failure.

That being said, it is time to get schooled! To help, we are hosting a webinar on Wednesday, January 31st at 10am CST.

The Anatomy of an Effective Product Description that Boosts E-Commerce

Do your users or recipients complain they can not find your products? Have you ever wondered why there are so many description attributes in the GDSN and if they apply to your company or products? Do you know if the descriptions provided are even what the recipients were expecting?

This webinar will educate you on how to make your product more discoverable and avoid costly data quality errors. Topics will include:

  • The Cost of Bad Search Results
  • GDSN Descriptions Breakdown & Best Practices
  • Steps to Launch a Successful Data Governance Program

Say Hello To “PIM Lite” – A PIM System For Suppliers With A $100k Budget

“Data is King!”

Product data is one of the most valuable assets that a supplier owns.  Today we live in an e-Commerce world where suppliers must provide their product data to dozens, if not hundreds, of trading partners.  These trading partners take-in the product data, repurpose it, and display it on numerous channels for end-consumers to view, research, and purchase.  

Suppliers often have limited control of “how” trading partners display product data (beyond a supplier’s own website), but suppliers must have control of “what” gets displayed.  This is extremely important because the quality of product data, or often the lack thereof, directly impacts the brand image in the eyes of a buyer.  

Consumers today expect – not just appreciate – rich and trusted product content regardless of where they view it.  Suppliers that invest in providing rich and high-quality product data benefit by creating a “good” customer experience – leading to brand loyalty and more sales.  Remember that “Data is King” but also that “Data is Your Brand”!

Challenges of Providing Quality Product Data

Many suppliers understand the importance of product data, however, most struggle with managing it.  A Forrester study showed 86% of brands want to excel at customer experience, but only 27% of brands qualify as “good” in the eyes of their customers (Forrester – The US Customer Experience Index, Q1 2015).  A “poor” customer experience is usually the result of poor product data.  So why is product data so hard to manage?

Here are some common challenges that suppliers experience when managing product data:

  • Stored in an ERP system intended for transactional data, and not designed to manage and maintain product data
  • Stored in many disparate systems that aren’t integrated
  • Stored and maintained in Excel spreadsheets
  • Updated using manual processes that are susceptible to human errors
  • Manually validated or not validated at all
  • Department updates using manual internal workflow processes
  • Manually uploads for syndication to data pools (such as 1WorldSync Item Manager) and other trading partners
  • Not associated with rich assets like pictures, videos, brochures

What is a PIM?

To address these common issues, most large suppliers invest in a PIM (Product Information Management) system.  PIM systems are mission critical to create a single “source of truth” to aggregate, validate, maintain, and syndicate product data.  The result is high-quality data, efficient data governance processes, and automated data syndication.  These are huge benefits that ultimately help improve brand image and customer experience – things any supplier would be pleased by.  Unfortunately, PIM systems traditionally cost $400k to millions.  This has made it cost prohibitive for most suppliers to reap the benefits that come with a PIM system.  

Until now…

Introducing PIM Lite for Product Content Syndication

What is PIM Lite?

Long-time partners, 1WorldSync and Innovit, have joined forces to introduce PIM Lite.  PIM Lite is a pre-configured, entry-level PIM system for:

  • Small to medium suppliers (revenues under $1B) – Organizations that do not have the budget to afford a complex, highly-configured PIM system
  • Large suppliers where budget is gone – Organizations with limited funds left in the current budget cycle
  • Suppliers that prefer OpEx vs. CapEx – Organizations that desire a lower cost software subscription model with predictable cash flows

What are the benefits of PIM Lite?

PIM Lite brings immediate value by helping suppliers improve product data management processes. Benefits include: 

  • Eliminating spreadsheets, manual processes, and redundant data entry
  • Establishing a “source of truth” for product data and content relationships to manage and maintain product data in a single location.
  • Automating import of product data
  • Improving data quality with pre-configured validation rules.
  • Advancing data governance with basic PIM/MDM workflows and automating processes such as new products and product changes.
  • Syndicating validated product data thru an automated M2M XML connection to 1WorldSync Item Manager, and easily exporting product data to XML, Excel, PDF, CSV.

What is the cost of PIM Lite?

Fully installed, pre-configured PIM Lite system starts at $100k for Year 1 (includes implementation, software and “hybrid cloud” hosting), and $45k for subsequent years (includes software and “hybrid cloud” hosting).  

Implementation time is typically 8-12 weeks.  

Additional details available upon request.

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References

  1. The US Customer Experience Index, Q1 2015 – Forrester.” 6 Oct, 2016 <https://www.forrester.com/report/The+US+Customer+Experience+Index+Q1+2015/-/E-RES117482>

4 Steps to Delivering High Quality Product Information Using the GDSN

The need for product information is on the rise; everyone wants it and everyone needs it. From your procurement officer to your end consumer, product information is impacting your business’s bottom line. Whether that impact is positive or negative is greatly dependent on the quality of your product information. Enabling your business to deliver high quality product information sets your business up for success in today’s market place. As the global leader in enabling trusted product information exchange, 1WorldSync has identified 4 key steps to delivering quality product information to trading partners:

  1. Understand what information is needed to support your products
    a. Discover what information is needed to register your items within the Global Data Synchronization Network (GDSN)
    i. Some required information needed to register your items in the Global Registry includes:
    1. Global Location Number (GLN)
    2. Global Trade Item Numbers (GTIN), make sure to follow the GTIN allocation rules
    3. Understanding how to build Product Hierarchies
    b. Visit the Landing pages of the Recipients you wish to publish data to in order to understand the specific content requirements each recipient is looking for on your products.
    i. Understand what Top-off attributes are needed to ensure a complete item record is published to your recipients. These may or may not be part of a standard GDSN attribute set.
    ii. Some of the Recipients have provided a portal for you to see their entire requirements. An example of this is Kroger’s VIP Portal access.
    iii. Utilize tools like The Attribute Graph (TAG) to gain further insight into the requirements across multiple recipients at one time.
  2. Build up a process for information gathering and governance to ensure you product records meet the information needs of your recipients.
    a. Gather the needed information or attributes of your product discovered during step 1. These attributes may be stored in several locations across your organization.
    i. GDSN Core
    ii. Recipient Core
    iii. Recipient Extended information sets
    iv.  Digital Assets
    b. Instituting a foundation of Data Governance at the start
    i. Understanding who owns the information or attributes and values within your organization
    ii. Is there a cleanup processed needed on your information to ensure it meets all requirements discovered in Step 1?
  3. Determine the right distribution method to get your content to your recipients through GDSN
    a. Automated information uploads and publications utilizing XML
    b. Manual Portal entry
    c. Select a data loading service
  4. Maintain and Support your product information. Once you synchronize your information to the recipient, the process has not finished.  There may be specific clarifications or inconsistencies that you need to address.  Also recipients are continuing to expand their need for information on your products.
    a. Review Data Accuracy Score Cards provided by recipients to highlight information challenges.
    b. Stay up to date on the latest recipient requirements
    i. Landing Pages
    ii. TAG
    c. Utilize the business and governance processes put into place during step 2.
    i. Information is constantly changing as marketing and brand owners continue to customize and position their products towards specific end consumers. These changes in information need to flow to your recipients to ensure the highest level of customer satisfaction for your products.
    ii. Digital Assets are the face of your product in a digital world. If there are changes to the package, a new image is needed.

Read more about how global industry leaders are leveraging 1WorldSync to enable their businesses for trusted product information exchange. Click here to learn more.

GDSN® all grown up…

It’s been over 10 years since the first data was exchanged via the Global Data Synchronization Network (GDSN) and much has changed.  In my 10 years of involvement in product data exchange through the GDSN, data synchronization and information exchange has never been more exciting than it is now.  The ability to talk first-hand about “Big Data” at a cocktail party has never gotten so much attention.

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