A Product Information Management (PIM) solution offers a single platform to gather, manage, and enhance product information. It also enables product catalogs creation and information delivery to e-commerce and sale channels.
Enterprises and businesses need to have the right information at the right place at the right time to be successful. You cannot rely on manual processes, legacy systems, and outdated toolsets to meet the already established benchmarks for PIM standards.
Most legacy PIMs available in today’s market were developed before digital commerce days. They were built to meet the demand of market sectors where the accuracy of product data was supreme. Think of the food and beverage industry with its stringent labeling requirements or the pharmaceuticals industry. Product information is highly regulated in CPG categories. A manufacturer must pay heavy fines if a single label detail is printed incorrectly. For such companies, product information tends to be highly static through time and channels. Legacy Product Information Management (PIM) are:
- Costly with slow deployment
- Lack collaboration, productivity, and workflow features
- Comprise of rigid systems
- Databases primarily store, organize, and handle volumes of highly structured product data
Limitations of Legacy Product Information Management (PIM)
- Poor integration within these systems and other systems.
- Cumbersome to collate information from these sources to other platform, while maintaining data quality.
- The data in the legacy systems are in multiple formats. Hence, it is challenging to interpret and transfer data from one PIM to another or from one format to another.
- Increased workforce costs as legacy PIMs use open-source code and require manual workforce to configure and maintain connections.
Reasons Not To Fix a Legacy PIM System
- Manual PIM Fixing
To cope with the evolving business needs, developing and growing companies manage multiple datasheets, maintain pivot tables, and cross-scripting SQL to manage large volumes of product information. Data management becomes challenging and is prone to errors. Also, while using several tools and workflows, there is a high risk of vast product-data gaps that burden back-office work and hinder data integrity.
- Customized PIM Fixing
It’s not easy to halt operations to replace or restructure existing technology systems. Though you build a customized PIM after ceasing your operations, there would be many challenges. With rapidly changing technologies, a customized approach will be outdated very soon.
- All-inclusive Platform Fixing
Specialization is the topmost concern with all-inclusive platforms. It results in overspending and under-utilization. You cannot derive the appropriate value with the features and functions that are not essential for your business. Also, the maintenance, speed, and agility may be detrimental to your speed and accuracy. You may also face challenges while customizing workflows and integrating with third-party apps.
Benefits of Replacing a Legacy PIM System
Considering how critical product information management is for business success and customer experience, investment in an efficient and effective PIM is worth it. Some reasons:
- Consolidated and Centralized Data
As a business evolves, all the product information must be consolidated and maintained in a single and centralized location to enable convenient access to customers. Also, to get a real-time picture of data, a business must centralize the process involved in managing product data. Consolidated and centralized data location enables to:
- Maintain consistent and qualitative data.
- Enhance business operations, deliver higher availability and optimum utilization of assets, and reduce costs.
- Customize checks on product information.
- Enhance security.
- Faster Go-To-Market
As a growing e-commerce store, you can enhance sales by distributing enriched content to aggregators, marketplaces, and retailers. Market timing is vital, whether launching a new product, restocking the most demanded product, or updating an existing product. Getting products in the market in time results in the following benefits:
- Reduced stock-holding times.
- Increased selling times.
- Improved marketing operations.
- Customer loyalty.
With Unbxd PIM tool, brands, e-commerce stores and retailers get the speed and agility to export and distribute their products to aggregators, marketplaces, and online. For information on how the Unbxd tool fulfills your faster go-to-market goal, see https://unbxd.com/pim-channels/
- Integration and Deliver Data
Customer relationship management systems (CRM), enterprise resource planning systems (ERPs), order management systems (OMS), and so on are integrated with a PIM solution to get a 360-degree view of a business’ product data. Other transaction systems combined with a PIM solution results in:
- Collection and understanding massive amount of data through automated workflows and verification processes into the product range.
- Connecting, monitoring, and managing commerce engines with marketing for transparency in product data management.
- Publishing information directly from the PIM solution.
- Legacy PIMs were designed before digital commerce days. Legacy PIMs can’t be relied on for business transformations.
- Limitations of legacy PIMs include poor integration, difficulty converting data from one format to another, transferring data from one PIM to another, and one system to another.
- It is not a great idea to fix the legacy systems as it brings many challenges and disadvantages.
Do you plan to move to a modern AI-based PIM solution? Talk to us today. Click here