How Manufacturers Use Product Data To Enhance Business Results

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How Manufacturers Use Product Data To Enhance
Business Results

• In todays digital world, without accurate
  product information and digital content,
  manufacturers are leaving money on the table. As
  manufacturers expand their digital footprint
  through increased web traffic, online
  engagement, mobile applications, new online
  channels, and a variety of other customer
  touchpoints along the way, they need to have a
  centralized platform where they can collect,
  manage, and enrich all of their product-related
  information and digital assets.
• Therefore, Product Information Management (or
  PIM) is assuming greater importance and is
  quickly becoming a must-have for successful
  manufacturers. Globally, according to a study by
  Mordor Intelligence, the PIM market was valued at
  9.88 billion in 2020 and is projected to grow to
  33.78 billion by 2026. Whether youre selling
  B2B or B2C products, todays manufacturers
  continue to face challenges like increasing
  time-to-market, lack of product visibility, no
  single source of truth, and incomplete/insufficien
  t product information.

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Manufacturers need to have access to accurate and
complete data to make informed business decisions
about product development, pricing and
promotions, and supply chain to improve the
customer experience, conversion rates, and
ultimately revenue and margin growth.
Effective product information management can
solve most of these challenges and offer the
following benefits Total Control Over Product
information For Consistent Branding With a
strong PIM system, manufacturing companies can
manage all product information from a single
centralized source. Using this source, they can
obtain a wide range of product information
metadata which includes product name and
description, product specifications, and product
warranty details to name a few. Manufacturers
also need to share all or some of this product
information with their distributors and even B2B
or B2C eCommerce retailers. With PIM, they can
maintain consistency in product details and
branding across distribution channels while
ensuring data security. Faster And Easier
Information Publishing To Accelerate Time To
Market Manual handling of data from
heterogeneous environments can increase the time
taken to market the products. These product data
silos also delay data integration efforts. With
a PIM system in place, organizations can publish
product information to their various channels
such as direct-to-consumer websites, email
marketing programs, product catalogs, social
media, or brochures directly from their data
repository.
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For example, if a company wants to scale its
manufacturing operations across countries, it
will need to conduct business in the local
languages and currencies. A PIM system could be
used to quickly update and publish product data
across various global markets with additional
localized content. Real-Time Analytics To Make A
Product, Category, Channel, And Campaign
Decisions Be it manufacturing or any other
sector, an improved customer experience cannot be
achieved without actionable analytics and
insights. PIM systems can fuel real-time
analytics and insights that are integrated with
systems like ERP, CRM, and other channel-specific
marketing tools. All of this helps companies to
take action and make better decisions faster and
more confidently than ever before. EnFuse
Solutions Can Help You Successfully Leverage
PIM Driven by the importance of having accurate
and complete product data, the product
information management market is set for
explosive growth in the digital era. As discussed
above, manufacturers are leveraging PIM solutions
to enhance the collection, classification, and
distribution of product data and content to
improve their business results. Finding it
difficult to manage your product data and digital
content? Want to know more about how your
business can leverage PIM systems? Not sure where
to start? EnFuse Solutions provides customized
solutions in data tagging, data labeling, data
annotation, and PIM to ensure you always have the
right data to quickly and confidently take action
and make informed business decisions. Contact us
today to learn how we can help you and your
organization succeed. Read more How Retailers
Leverage Product Information To Improve Business
Results