The fierce competition in the market today drives companies to launch new and innovative products faster than ever before. Companies often struggle with this increased pace of innovation, finding it hard to control the product quality and managing the product information surrounding these - all at the same time.
With the right system support, it can be done.
A Product Lifecycle Management (PLM) solution helps control the product development, engineering and purchasing processes. The PLM system gathers the requirements and information about the products from inception, and follows the products through all the stages of product design to product retirement or replacement - giving easy and fast access to technical and development-related information on any product. However, a PLM system is not helping the syndication and creation of marketing-related product information, nor does it help when it comes to working with marketing and publishing the products and content to all channels and markets.
Being faster in developing new products brings a lot of benefits to a company. Products collecting dust on a warehouse shelf because they lack product information and marketing-related media do not. Supporting the syndication, enrichment and commercialization of products, a Product Information Management (PIM) system enables the adding of images, specifications, categorization, texts, translations, videos, documents, and much more before a product is published to all the market channels from the same single source of truth.
inRiver Product Information Management (PIM) and Product Lifecycle Management (PLM) form together an excellent combination, where each solution serves a different purpose, but jointly forms the perfect end-to-end information supply chain. A PIM system greatly enhances the value of a PLM system by handling the crucial commercialization of the products in the product lifecycle. The high-quality information that is produced in the PLM system when designing and purchasing products is exactly the information that marketers need - being able to re-use and re-purpose it for the marketing channels with a PIM system.
Enriching the high-quality product information collected and syndicated from a Product Lifecycle Management system, ERP system and suppliers, inRiver PIM provides a faster and more agile go-to-market process that reduces the time-to-market for products and creates consistency of information across all marketing channels. PIM also helps creating a richer product experience, resulting in higher sales and more satisfied customers. Having efficient tools like inRiver PIM and a PLM in combination provides for a more successful and profitable product lifecycle that positively affects your sales and turnover rate, while maintaining a complete overview of all products at a reduced cost.