Find the original article in Retail TouchPoints here.
Ask any retail executive and they’ll say, nothing good happens when products don’t move.
All too often, this is caused by sluggish internal processes, outdated technology and inaccurate data that stall products from getting to market quickly. And in many cases, traditional product information management (PIM) systems are one of the main culprits. The heavy lift of manually entering information into a traditional PIM can overwhelm digital teams across an organization, causing a tremendous slowdown — not to mention the risks of errors and incomplete information that can result from manual entry.
Consider, for example, a drugstore chain that has a new OTC drug coming to market in time for allergy season, and the product’s release is tied to a national advertising campaign. That item needs to have product information and offers up and running to support the campaign. Digital teams can’t afford to delay the process by manually entering vital ingredient information and dosage instructions into a PIM.
Yet that’s exactly what happens across much of the retail industry today — resulting in unnecessary slowdowns, large digital teams and the risk of inaccurate data.
Modern PIMs can Speed Products to Market Faster
Advancements in cloud-native and AI technologies over the last several years are automating tasks and contributing to the rise of modern PIM platforms. Speed to market matters, and native AI systems can upload data at scale and validate it to ensure accuracy, all in near-real time.
However, there’s more to a modern PIM than simply layering in an AI component. To meet the needs and speed of today’s market, a next-generation PIM should embody features such as:
Automated workflows that enable digital teams to move faster. Managing product information manually or with outdated systems inevitably leads to inefficiencies, errors and wasted resources. A modern PIM addresses these issues by automating processes such as product categorization, attribution and enrichment. This enables digital teams to move faster, ensuring that product launches are timely and that a retailer can move in sync with market trends.
Clean, consistent data across all channels. Inconsistent product data can result in lost sales, damage to a brand’s reputation and an erosion of customer trust. Modern PIM systems with AI not only ensure clean, consistent data but also can pinpoint missing and inaccurate information in near-real time. For example, one retailer had six versions of the same product, all with conflicting product descriptions; GenAI quickly identified the product data, enabling consistent information across all channels.
Automatic generation of product copy. Many brands are turning to native AI PIMs because of their ability to auto-generate product copy in a company’s brand voice, from product descriptions to marketing copy and even personalized recommendations. It’s another way that modern PIMs can save hours of manual work and enable digital teams to focus on more strategic initiatives.
Modern PIMs Enable Seamless Flow of Information Throughout the Enterprise
The attributes listed above are some of the most common for modern PIM systems. However, modern PIMs really prove their value when clean, accurate and up-to-date data flows seamlessly to other enterprise systems, from merchandise financial planning to assortment planning, pricing and promotions, and more. When this occurs, each department can be assured they’re working with the correct information.
For example, accurate, real-time data can help ensure that merchandise financial planning has the information it needs to meet its target margins. Then, assortment planning uses the correct product data to produce optimal plans and quickly bring new products to market using the AI capabilities of the PIM. Clean data also helps ensure that the right quantities of products are shipped to the right stores, where they have the best chance of selling.
What if you’re not ready to replace a legacy PIM? For example, a grocer might have a PIM system that already unifies and funnels data to one source; however, it might need to layer in AI or generative AI functionality to speed up and automate product information workflows. The retailer can then leverage the generative AI solution to analyze data and create reports, prioritize a digital team’s onboarding activities, create alerts in case of conflicting product attributes and write product marketing copy. This can enable the company to move away from outdated manual processes and begin realizing many of the benefits of a modern PIM.
Modern PIMs Provide a Competitive Advantage
Omnichannel consumers expect retailers to run accurate and timely product information across digital touch points. A modern PIM system needs to stand up to that expectation and assist retailers in doing it quickly. The checklist for a modern PIM includes an ability to analyze data, create product assets and manage all items and information at scale.
Companies that rely on heavily involved manual PIM processes will fall behind the competition, frustrating loyal customers, decreasing product availability and discoverability online and missing out on profits. Companies with a modern PIM, on the other hand, can greatly enhance their operational workflows and ensure products and inventory keep moving.
Maximiliano Bruni, SVP of Product at Digital Wave Technology, excels at translating customer needs into innovative product solutions that drive business growth. His extensive experience in strategic planning and product development ensures that Digital Wave Technology’s next-gen solutions exceed customer expectations, fostering a competitive edge in the marketplace.