In the rapidly evolving world of retail, having a robust Product Information Management (PIM) system is crucial for staying ahead of the competition. Whether you’re replacing a legacy PIM or investing in one for the first time, the decision is not to be taken lightly. To ensure a seamless transition and optimal performance, here are 10 critical questions you should ask when assessing a new PIM.
1. What Are the Pain Points of Your Current PIM? Before diving into the world of new PIM solutions, it’s essential to identify the pain points of your current system. Are you struggling with data inconsistencies, inefficient workflows, or scalability issues? Understanding your current challenges will guide you in selecting a PIM that addresses your specific needs.
2. How Does the PIM Align with Your Business Objectives? Define your business objectives clearly. Whether it’s improving time-to-market, expanding to new channels, enhancing data quality, or increasing team efficiency with automation, your chosen PIM should align with and contribute to achieving these goals.
3. Can the PIM Easily Integrate with Your Existing Systems? Integration is key to a smooth operational flow. Assess the compatibility of potential PIM solutions with your existing IT infrastructure. Ensure that the PIM can seamlessly integrate with e-commerce platforms, ERP systems, and other critical tools in your tech stack. Prioritize an API-first, cloud native solution that is your product’s source of truth that updates downstream applications.
4. Does the PIM Offer Flexibility on What is Important for Your Business? Every business is unique, and your PIM should reflect that. Is the solution adaptable to your specific business processes and data requirements? One example is having a flexible workflow that takes into account what each team member is responsible for completing as part of the onboarding process.
5. What is the Total Cost of Ownership (TCO)? Understanding the financial implications is crucial. Evaluate both upfront and ongoing costs, including implementation, licensing, training, and maintenance. Be vigilant about hidden costs that may surface during the lifecycle of the PIM solution.
6. How Does the PIM Support Omnichannel Requirements? Modern retail operates across multiple channels and each of those channels has specific requirements that can be quite a challenge to manage. Ensure that the PIM can effectively manage product information consistently across all touchpoints and syndicate the information to each channel appropriately. This is especially critical in an era where consumers expect a seamless experience across various platforms.
7. What Security Measures Does the PIM Have in Place? Data security is non-negotiable. Inquire about the security features of the PIM solution, including encryption, access controls, and compliance with industry standards. Protecting sensitive product information should be a top priority.
8. What Level of Training and Support is Offered by the Vendor? Even the most advanced PIM solution is only as good as the team using it. Assess the training programs and customer support services offered by the PIM vendor. A vendor with responsive support and effective training programs is an invaluable partner in your PIM journey.
9. Is Native Automation with Artificial Intelligence and Generative AI Included in the PIM? Navigating contemporary retail is complex and creating a seamless customer experience across all channels is a must have. Look for a solution that uses AI / GenAI to automate manual tasks such as content creation and enrich product attributes to significantly increase your team’s productivity. Enable different departments and your vendors to collaborate in one central system, streamline content reviews, and get your product experience live faster.
10. How Scalable is the PIM Solution for Future Growth? Consider the scalability of the PIM solution. Can it handle the increasing volume of products, users, and data as your business expands? Interested in reaching new markets and geographies? Want to sell your merchandise on marketplace sites? Having a hard time managing multiple selling channels today? Investing in a modern PIM with Artificial Intelligence and Generative AI automation and an eye on future growth ensures that your solution remains relevant in the long term.
Purchasing a PIM or replacing a legacy system requires a thorough understanding of your business needs. By asking these 10 critical questions, you can navigate the PIM landscape with confidence, ensuring that the solution you choose aligns seamlessly with your objectives and sets the stage for success in the dynamic world of retail.
Digital Wave Technology
Are you looking for a PIM that provides all the items above and more? We will help you streamline your entire product creation process from data enrichment to content creation, with automation. In the new year do your goals include accelerating your time-to-market driving revenue faster, reducing returns, boosting conversion rates, and supercharging your team’s efficiency?
Contact Digital Wave Technology to see a demonstration. It’s the only PIM solution that employs native automation and artificial intelligence including generative AI to accelerate omnichannel growth and boost product experience. The AI-powered platform is designed to gather data from any format and source then aggregate, organize, and present it in a dashboard and workflow configurable to your company’s needs. Your AI co-pilot will write on-brand, rich product descriptions in seconds and automatically enrich product attributes, as well as identify products with inventory that are not online. Hear about these capabilities and more with a product demonstration.
Attending the NRF Big Show 2024? We will be at Booth #4262 on the 3rd floor. Going to the FMI Midwinter Executive Conference? Meet us at the FMI Tech table or set up an appointment in advance. We look forward to sharing the value our AI-powered PIM provides.