“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.
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.
- 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>