Why is Product Information Management important?

Over the years, product information management has become increasingly more critical in many business areas, particularly for global brands. Product data is a precious asset that needs to be appropriately managed.

There are two main reasons why it is so essential: accuracy and speed. If you have accurate, up-to-date product information, you will make the best possible decisions about pricing, promotion, sales, and merchandising.

If you can act quickly to changes in the marketplace, you will be ahead of your competitors every time.

1. Accuracy

First of all, the product information must be accurate to be trusted by everyone involved in developing products and making marketing decisions.

Having accurate product information helps create an effective pricing strategy, for example, because it’s based on actual sales data.

Product information should also be complete and up-to-date so that there are no gaps or inconsistencies anywhere across your company.

2. Speed

The second reason why managing product information is important is the speed at which you can make decisions.

Having the correct product information means, you can make important decisions quickly and confidently, like whether to launch a new model or change the price of an existing one. The right product information management solution will help you accomplish these goals andmanage regulatory requirements.

It helps improve collaboration and communication with suppliers and distributors generate consistent global catalogs that can be used by all countries in which you sell your products, and ultimately reduce costs.

If having accurate and up-to-date product data isn’tcrucial to your company, consider the long-term consequences.

Factors to consider when it comes to product information management

There are various factors to consider when looking for a product information management company:

1. Analyzing business processes

Before entering into a partnership with a product information management company such as encode.eu, you should speak to the team and analyze how their services can improve your current business practices.

2. A flexible service that matches your needs

Your partnership with a product information management company is just that – a partnership. You should be able to talk openly about your needs, and the company should be able to offer a flexible service for those needs. It’s one thing to say you want something done quickly; it’s another thing actually to do them quickly.

3. Knowledge of your industry

It’s always best to use a product information management company that has experience with your industry. It can help the whole process go more smoothly because the team will understand how your business works.

4. Can handle all product-related data

Look for a partner that offers management of all types of product-related data, not just descriptions and images. It includes CAD data, material properties, product certifications, and much more.

Parting shot

Product information management is crucial to the success of your company. Ensure that it’sadequately managed so that everyone has the most up-to-date and accurate product data available at their fingertips. As we all know, this can make a massive difference in the speed with which you are able to manage your products and business processes.