Special report prepared by Ventana Research, a respected benchmark business technology research firm, proves that the best solution for effective management of product-related content is using one single Product Information Management (PIM) application.
How good is your product information?
Consistent product information is essential to any smooth-running, successful business. Despite the obvious evidence of a widespread need for accurate product-related content, the Ventana research shows that only half of all companies are confident in the quality of their product information. More importantly, far fewer said they completely trust their product information processes – internally (16%), for B2B purposes (18%), and for B2C product information management processes (23%). This lack of enthusiasm arises for a variety of reasons. However, the most important one is having multiple systems and thus, having the product information scattered across many places.
One tool instead of many systems
Unfortunately, having multiple systems is a common problem for today’s ecommerce businesses. Ventana report finds that fewer than 3 in 10 companies are using a single Product Information Management platform. One-quarter (28%) have 11 or more systems containing product data. Most (56%) companies have more than 5 systems. Meanwhile using too many tools makes it difficult (if not impossible!) to support a consistent version of product information. We strongly believe these issues can be dealt with by using one dedicated, fully scalable and easy to implement PIM platform.
Future of Product Information Management
The benefits of using one dedicated PIM platform is confirmed by the Ventana Research observations:
- 74% companies claim that having a single PIM software solution allowed them to eliminate errors and mistakes in product information
- 61% companies said it also improved the customer experience
- 58% claimed that PIM allowed them to gain competitive advantage through faster time to market with products and
- 58% said that PIM made the product information available in a consistent manner across all sales channels
- 55% confirmed that PIM improved the cross-sell and up-sell potential of products
Conclusion? Having a single PIM application provides unified product content which leads to increased sales in all market channels and cures the pain of maintaining product content.