How to make the business case for PIM
blogOctober 2, 2023
Is your company ready for PIM? Inriver's Lisa Quinn helps you make the business case for PIM within your organization.
Focus on PIM’s expanding organizational value
PIM brings all product-related data into one central location. From there, brands and manufacturers can manage, enrich, distribute, and analyze this data to extract the most amount of value from product information across all sales channels. Although largely seen as a sales and marketing tool, in reality, this single centralized location for product data brings a wealth of benefits across the organization. Indeed, by removing the information siloes that can cause delays, errors, and miscommunication, PIM can bring significant added value to the internal processes of any business.
“PIM is really starting to come into its own,” notes Lisa, who’s seen the landscape evolve over her 5 years with inriver. “However, one of the key benefits remains this single source of truth and the effect this has across the entire organization. It may sound obvious, but our customers always tell us just how impactful this single source of truth is. For example, the inriver platform has helped make Hamelin’s product launches eight times faster, while Black Box has seen an 80% time reduction in their supply chain processes. These are significant numbers.”
Understand the full potential of PIM
If you’re making the business case for PIM, it’s important to fully understand that PIM is an organization-wide solution. This can be seen in the many new PIM use cases that have emerged recently, such as the role it can play in an organization’s compliance initiatives. The data transparency PIM provides throughout the value chain means brands and manufacturers are well-placed to meet evolving regulatory requirements, such as those related to sustainability.
“Many companies are now having to think about compliance from day one of their product’s journey,” explains Lisa. “Initiatives like the EU’s upcoming digital product passports (DPPs) are really changing the conversation, even for those manufacturers based in North America. But DPPs are just the start. We expect more regulations on data transparency to follow, and inriver can help give our customers a competitive advantage in this area for the years to come.”
Appreciate the value PIM brings to every team
As well as the organization-wide benefits of PIM, the right product information management solution can bring significant value to the individual teams within a company. As Lisa notes, “PIM is a truly transformational software solution for many teams within an organization, not just the sales and marketing teams that are often associated with PIM. When making the business case for PIM, it’s important to stress the benefits for these other teams, and the added value the right PIM solution can bring.”
Here are just some of the ways PIM impacts teams in your organization:
The single source of truth is the foundation for more effective marketing. With PIM, your marketing team can easily achieve complete alignment and brand consistency in their omnichannel messaging. Everything from imagery and branding to the smallest detail about a product can be taken care of with the touch of a button.
A PIM solution brings the true omnichannel experience to life, even with in-the-field sales teams. By digitalizing even the most complex product catalog, including the entire ecosystem of parts and attributes around each product, PIM provides your sales team with easy access to the information customers need to make a purchase.
Legal and Compliance
As the number of regulations for products increases, PIM is becoming an increasingly important compliance tool. By providing transparent and accessible product information, your legal team has access to all the documentation they need to ensure your products comply in every marketplace and in every geography.
A PIM with the right integration capabilities can easily fit into even the most complex tech stack, giving IT teams flexibility, dexterity, and limitless possibilities for further expansion. Also, with a cloud-based and multi-tenant PIM like the inriver platform, your IT team doesn’t have to worry about maintenance downtime or budgeting, freeing up their time and resources.
With a PIM that supports omnichannel sales, your e-commerce teams can rely on the tools they need to execute even the most complex digital shelf strategy. The inriver PIM comes with API-based syndication and digital shelf analytics built-in, giving e-commerce teams complete control over every channel.
Champion PIM across your organization
As with any new software integration, it’s important to have an internal champion who can help support the process from within. This individual could be part of the senior leadership team, or someone who works closely with the implementation process. Whoever they are, this person plays an influential role in explaining the benefits of PIM, answering any questions teammates may have, and driving the project forward.
“Every PIM implementation process benefits from an internal champion,” shares Lisa, who has spent 2023 working on two exciting new inriver capabilities, inriver Inspire, and inriver Brand Store. “When making the business case for PIM, I recommend focusing on the benefits that PIM provides your internal stakeholders. For example, if I were speaking to a colleague in e-commerce, I would share the impact of AI-powered content creation when opening new markets and languages. It is explaining these types of tangible benefits that can really make the difference when selling PIM to your organization.”
Know the importance of change management
As discussed, PIM is an organization-wide software solution and any such organization-wide transformation requires alignment and planning to be successful. A part of this planning and alignment is the process of change management. When it comes to PIM, this can include a range of initiatives aimed at helping your internal teams get to grips with the new software.
“Empowering your organization to get the most out of their new PIM solution is a key part of any implementation process,” says Lisa. “Our solution offers freedom and flexibility for all internal teams, and with the right onboarding process in place, you can ensure they start reaping the benefits of PIM from day one. That way, when the next product launch or market expansion comes, each and every individual has the knowledge they need to execute their role seamlessly.”
inriver: The power of PIM for the whole organization
Not all PIM solutions are created equal. That’s why it’s so important for you to find the right solution for your entire organization and ensure all teams can get the very most out of this foundational software solution. Inriver offers the most comprehensive PIM solution on the market, with built-in API-based syndication technology, advanced data sharing, and digital shelf intelligence through our two in-built DSA capabilities. At the heart of the inriver platform sits our fully extensible data model, offering brands and manufacturers limitless flexibility for all their product-related operations. Want to see the difference the inriver platform could make to your business? Book a personalized, guided demo today.