Digital transformation and the pillars of commerce

Guest blog post by Ritesh Keskar, director and senior PIM consultant, Perficient, sponsor of #PIMpoint Digital

Digital transformation has been one of the most popular business buzzwords for decades. History shows that digitization has been trending since the invention of microchips and personal computers in the 1950s. The objective in the early years was to convert analog and manual systems to digital systems to support accessibility and security around all the content we produce and information we consume. This journey evolved into a true transformation over the last decade, meaning we went from simply digitizing our systems to transforming our business processes with the help of these systems. 

What we mean by digital transformation

Digital transformation suggests the “transformation” of the business process, such as aligning the right people to those processes while leveraging support from technology. The key is to plan these transformations with customer needs and behaviors in mind. 

This definition applies to all types of businesses, including e-commerce. Companies must understand the pillars of commerce to transform their business processes, excel in their industry vertical, and rise above the competition. These pillars include experience management, commerce management, product management, and order management.

Each pillar comprises of both the people and processes supported by technology systems. 

Product management, for example, is comprised of a set of processes that takes raw data and transforms it into content tailored to channels and buyers. It helps identify, implement, and roll out changes within the organization while defining new and improved processes. In fact, this practice of introducing new processes and managing changes, rollout plans, the maintenance of raw data, as well as enriched product content, is made possible with a product information management (PIM) system.

Product information management systems are key

The PIM implementation process comprises of organizational change management, digital asset management, data management, data governance, and technical integrations to source data and distribute content. All e-commerce industry verticals can benefit from having a PIM system and processes in place, ranging from furniture, medical supplies, industrial equipment and parts, outdoor equipment, HVAC, grocery and agriculture, and many more.

Without a streamlined set of processes and governance, companies typically deal with multiple sources of product information and manual processes. These can cause errors, inefficiencies, and delays in time to market across various channels. A PIM system helps build efficiencies within the business process, such as creating a single source of truth for product content, reduction in errors, and a faster time to market. When companies implement these processes, these efficiencies then translate into revenue growth as well, as buyers receive more accurate product information, meaning there will be more orders placed through digital channels and fewer returns. 

Hence, PIM is a key pillar of a business’s transformation and commerce journey. When executives are looking to invest in their digital and business transformation efforts, a product management process and system implementation will be key to provide more accurate and relevant product information to buyers through various channels.

This year Perficient is a proud sponsor of #PIMpoint Digital 2020, so be sure to attend our speaking session, PIM: A foundational element of digital transformation strategy.