What is the ROI of Product Information Management (PIM)?
Product information management or PIM is a growing market across the world. The compound annual growth rate of the PIM market is expected to grow around 25.1 percent between 2019 and 2027. More and more businesses and organizations are seeing the benefits of PIM systems and adopting this technology. However, it’s certainly understandable if this is a business move about which you’re still on the fence.
PIM systems are an investment. Before you can move forward with a new system confidently, you need to know that the return on that investment (ROI) is worthwhile. Every company is looking to invest in products and platforms that improve their bottom line, either through cost savings, increased profits, or both. Here’s what to consider regarding the ROI of product information management.
Where to Find Value in PIM
Product information management systems offer many benefits, and thus, value through those benefits. Consider what happens if your product data is incorrect for any reason. Perhaps you have a frustrated customer who wants to return the product, which means you’re out the cost of shipping and restocking. Maybe they will complain to a friend who won’t buy from your company anymore, which means you’ve lost that earning potential, too. Perhaps inaccurate data leads to a fine because you’re out of regulatory compliance, or you failed to meet a service standard. Having accurate data via a PIM saves you all of those costs.
A PIM system also saves your team a lot of time handling manual data entry. If your company has to a) move every product attribute and piece of information from every source so that it connects to the product, then b) send that information along to the various channels that require the data, this adds up to c) wasted time and wasted opportunities. Think of all that you and your staff could do with that time if a PIM system were handling data for you!
One more significant area of return for a PIM is the potential to expand your sales and reach customers better. With strong, accurate product data, it’s easier to target customers with specific products, accommodate repeat business, and branch out into new distribution channels. This can give your business the chance to make more sales and build your network.
Because of the ways PIM benefits your business, like improved data accuracy, more productivity, or greater customer reach, it can be tricky to come up with figures for ROI. Our PIM ROI calculator can help you come up with solid numbers behind the reduction of costs, optimization of processes, and revenue increases that come with PIM and ecommerce.
Dynamicweb is pleased to offer our product information management and ecommerce expertise, tailored to your business, your goals, and your needs. Get in touch with us today! Email firstname.lastname@example.org.