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| Product Information Management |
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A Product Information Management (PIM) solution ensures that a company's product attributes are accurate and complete - regardless of how or where they are used across the enterprise.
Product information is stored in various enterprise applications throughout different geographies, operating units and departments ranging from manufacturing to marketing and customer service. Information may vary from location to location, creating discrepancies that must be resolved to enable smooth business-to-business electronic commerce. PIM is a foundational infrastructure component that provides your organization consistency and discipline to drive a competitive advantage.
A PIM solution solves the problem by gathering information from all locations, integrating it into a consistent format, and storing it in a centralized internal repository that is updated as information changes. Workflow-enabled business processes enable the company's information creators to enter and modify product information as needed to keep information current.
PIM solutions ensure that all product information is kept consistent across all information channels while also offering the important benefit of retaining departmental autonomy. The result: a single version of product truth.
The main objectives of PIM are to:
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Enable the utilization of product information to the right user at the right time across your enterprise |
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Remove duplicate product information throughout the organization |
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Provide Business Process discipline and relevant structure to product information within a company and across their value chain |
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Manage the product centric information and relationships of customers, suppliers and the enterprise |
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The product information market is gaining a great deal of attention and investment due to the explosive growth of global data synchronization initiatives. Industry exchanges and rising interest in RFID are generating a demand for timely and accurate product information across the supplier and retailer demand-driven supply network.
According to a recent study by Capgemini, more than 50 percent of the items in company systems contain incorrect data. The analysis found that half of consumer units were incorrect and one-third of traded units were inaccurate. It also reported that nearly 75 percent of suppliers of consumer units had incorrect items, and 57 percent of suppliers of traded units had errors. The report further stated: "The use of new enabling technology such as EPC-enabled RFID tags, which will provide previously unimagined visibility across the supply chain, simply will not bring their promised benefits unless they are built upon a foundation of quality information."
Manufacturers and retailers that provide current and accurate product data to efficiently manage their exchange initiatives position themselves to increase revenue and market share. Companies can differentiate themselves by building value-added, rich product information that enable them to stand out in an electronic world. |
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