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| Product Information Management |
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Product Information Management (PIM) is a strategic foundational component that is fast becoming a mission critical initiative for manufacturers and retailers alike. The reason is that product data is the DNA of your organization and your organization’s value chain. Without product data, no trade could take place. How enterprises create, store, associate, consume, distribute and manage product data directly affects their bottom-line results. Yet, enterprises traditionally isolate product data inside departments.
PIM is not another information silo. It is a business process that helps you better collaborate internally. Much attention is around collaboration and external data synchronization, when the real strategic value lies within your four walls. PIM is the business process foundation for internal collaboration.
The impact of poor product information has differing effects throughout the organization:
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Marketing: Inaccurate segmentation results in poor market planning, misguided campaigns, and wasted mailing costs. |
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Sales: Sales effectiveness limited due to incomplete understanding of all sales, service, accounting interactions divisionally & globally. |
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Finance: Duplicate records hide proper revenue recognition, inaccurate reserves for bad debt, credit & collections risk, write-off’s. |
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Corporate Governance: Unclear enterprise-wide customer revenue and profit reconciliation exposes attestation risk for officers (every 90 days). |
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Contracts: Difficulty in re-negotiating profitable contract renewals due to hidden customer interactions and costs. |
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Service: Customer relationships harmed due to duplicative, incomplete, non-personalized interactions which often result in stock outs, incurrent invoices and charge backs. |
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Strategic Planning: Unknown product usage and interest by segment causes poor product lifecycle planning, channel penetration and reduced ROI. |
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