A recent Gartner study estimated that poor data quality costs companies an average of around 12 million dollars a year, while the adoption of PIM (Product Information Management) solutions improves operational efficiency by up to 75%. %.
“The product is an absolutely central element in the life of a company, because the activities carried out by the various functions revolve around it and also because in the event of incorrect or insufficient valorisation of some information related to the product there could be repercussions on the turnover and on the quality of work – explains Vincenzo QuartaProject Manager of Axiante –. An inadequately carried out analysis of information linked to the product, in fact, takes up time for employees, not allowing them to concentrate on activities with real added value”.
When it comes to product information management, what are the challenges that companies face?
“A first critical issue can be identified in the classification of this type of information, which arrives from different systems and is of a different nature: all information must be shared, enriched and categorized in a homogeneous manner. Each function contributes to enhancing certain attributes and, considering that within each function we find multiple people, it is extremely easy to encounter human error.
Another problem is linked to the fact that information and data are stored in obsolete ways, such as spreadsheets, preventing their sharing.
Furthermore, information must be managed in a harmonious manner and this is complex if we think about the fact that each company also interacts with a vast range of suppliers, each of which has its own different product coding and has different needs.
An interesting case is that of seasonal products, such as sportswear: at the beginning of each season we see the launch of new collections which sell out within a few months. Here the time to market becomes fundamental, the time between when the information relating to the product is available and when the product is placed on the market, once the classification has been completed.
Then think about the fact that today the vast majority of companies also sell on online stores, therefore, information must be managed correctly and differentiated on different channels. In relation to online sales, the issue of reviews also becomes fundamental, which is why having a correct classification and presentation of information on the various channels is essential for customer satisfaction, otherwise the consumer may return the product (with a consequent reduction in turnover). and in turn write a negative review that gives bad publicity to that product.”
The scenario therefore appears quite complex: there are truly many variables and elements to take into consideration. What role can the adoption of PIM software have in supporting people working in this area?
“PIM is software created specifically to solve problems relating to the quality of product data. It works by storing product information in a single place which gives visibility to all functions, avoiding the creation of silos.
It then becomes possible for all functions to have this information, read it and modify or correct it.
In addition to centralizing information, PIM software quickly processes large quantities of data and can establish rules with which, for example, to enhance some attributes that are not found in the product registry, and can also assign roles to people so that each field remains relevant of a specific function, such as marketing, production and so on, so that it is possible to establish who is responsible for what”.
What are the concrete advantages of adopting PIM software?
“The main advantage is certainly that of having greater data quality. And also the speed with which the system is able to work on enormous quantities of data, relieving people who can thus dedicate themselves to more core activities. Furthermore, time to market inevitably reduces.
The final objective is customer satisfaction which translates into an increase in sales and a reduction in returns.”
What is the strategy for ideal management of product information, so as to make the company more efficient and minimize risks?
“I underline that the first thing to do is absolutely not the selection, often left to chance, of a PIM software, but rather the need to create a framework to understand the real needs of each individual reality. We need to talk to the various functions, make them communicate and try to understand what tools they currently use to enhance the attributes of the product and what critical issues they encounter.
Once the specific needs of each individual reality have been identified, the objectives must be set.
It is important that this analysis phase is carried out by the customer with the support of impartial partners because it is obvious that each company function will try to impose its needs as priorities. The presence of someone who can have a broader and more global vision from the outside is therefore necessary.
Only after carrying out this type of analysis can we proceed with identifying the most suitable PIM software, because each PIM software has different peculiarities that intercept different needs.
Another element for the strategy to be successful is to proceed step by step: first work on the function that shows the greatest criticality and then progressively move on to the other functions in order of priority. We also keep in mind that employees often frown upon the introduction of new tools and having positive feedback from the functions that have already implemented it first can greatly simplify the adoption process.
The third fundamental element is that the PIM is used continuously over time, in order to gradually enhance the work that has been done”.
Within this strategy, what tools can help improve operational efficiency?
“The PIM must be a tool that fits into the company infrastructure without major difficulties, it must be intuitive to use and must have key rules for defining roles, i.e. who can change what. Another important element is to have reports available to measure the quality of the data which are then made available to the various functions so that each, based on their own expertise, can intervene to correct or enhance those attributes that the system has not been able to correct or enhance automatically”.
How does Axiante fit into this discussion? How do you go about supporting companies that embark on this path?
“As I said before, companies need an impartial partner during the analysis phase and then for all subsequent phases. Axiante has embraced this step-by-step approach in its entirety, keeping in mind that we are not tied to a particular PIM and can therefore identify the software that best matches the needs of each client company. For Axiante, customer success comes first and I would like to remind you once again that the choice of the product to implement is absolutely not the first step to take, but comes only after a careful phase of analysis and identification of the most suitable objectives and tools for each reality, within tailor made projects”.
What is the added value of Axiante? How do you differentiate yourself in relation to your product information management strategy?
“Our strong point is certainly the extensive know-how gained over years of experience alongside companies, which gives us the possibility of guiding customers step by step in identifying the path best suited to their particular needs. Our wealth also comes from working with companies from different sectors and this broadens our experience as system integrators by being able to bring real added value to each individual project.”
