Combine PIM, DAM & AI/ML To Make The Most Of Product Data - Pivotree
Product data is an essential asset for organizations with an online presence, no matter what they sell and where. It adds value to products and drives growth. However, dealing with a large amount of data that vary in format and type from multiple sources and systems could be daunting, error-prone, and time-consuming. No business can transform into a data-driven organization without doing data management right. This is where an integrated PIM system comes into play.
With an effective PIM, you can provide customers with accurate, complete, and relevant information that facilitates a frictionless buying journey. This results in higher retention and happier customers. A product information management (PIM) system is a software system that has a central library where you can source, store, edit, organize, and enrich product information in a single location. It provides organizations, their teams, and business partners with reliable and readily available product data that drives business results and improves sales and market share.
Product Data Management and Associated Challenges:
The data itself is the biggest challenge. Moreover, systems, people, and processes dealing with this data make matters more complicated for businesses with a multichannel presence and complex product information in bulk.
Companies aim to leverage end-point data available in many forms (text, audio, video, images, PDFs, etc.) at various points of the data supply chain to take on digital transformation. This data resides in silos, including spreadsheets, file folders, ERPs, CRMs, and various internal and external systems. The bigger challenge is that this data is usually unusable and inconsistent and does not benefit different teams within the organization. These silos are a universal problem for most companies. For instance, 72% of respondents in a 'Forrester Report' reported that managing data across silos was moderately to extremely difficult.
Since data resides in silos, companies lack a comprehensive view of data and fail to track the data complexities required by various business operations. Manual interventions to clean up this data leads to delayed time-to-market and loss of potential sales.
PIM to Drive Product Data Value
Product Information Management or PIM provides enterprises complete control over the end-to-end product data cycle. PIM gives centralized visibility and control over product data at various touchpoints. Everything, from product onboarding to enrichment and distribution, is easy, quick, and convenient with PIM software at work. Â
The system makes product data available in the most up-to-date version, so teams need not worry about moving back and forth across multiple systems and file folders to work with data. It also enables organizations to track changes, automate validation, and govern processes to ensure consistent and top-quality data reaches the end user.
PIM as a Multi-domain MDM System
The single-domain system fails to provide value to organizations looking to eliminate silos that hold them back. This is where PIM provides immense value. It enables data interoperability and connects disparate domains into centralized, integrated sources of master data. PIM functions as a multi-domain MDM system as it sources data from multiple systems and prepares it to serve business objectives. Furthermore, it standardizes it for different users, applications, and channels. The system also eliminates data fragmentation across layers of ERP and CRM while also reducing costs, complexity, and time-to-market.
PIM/MDM and AI/ML for Sustained eCommerce Growth
PIM/MDM gives organizations centralized visibility and access to product data. However, a high volume of data takes a lot of time and effort. While ingesting this data, businesses must ensure it is complete, accurate, and up-to-date and meet varied standards and channel requirements. Enriching this data is another challenge along the way. It takes tireless hours to ensure that products have the right information and are placed in the correct taxonomy with the required attributes. When done manually, the process prolongs time-to-market.
This is where AI and ML come to the rescue. It mitigates this challenge by automating repetitive and redundant tasks, enabling teams to devote their time to other value-added tasks. AI/ML helps companies leverage product data to gain insights and make more informed decisions. AI/ML algorithms can analyze large volumes of product information to identify market trends, buyer preferences, product performance, and anomalies humans might miss. AI and ML capabilities can also automate complex tasks, such as taxonomy and schema attribution, image recognition, and writing descriptions.
Combine PIM, DAM, and AI/ML to reap the following benefits:
Cost reduction: Improved efficiency and reduced technical debt decreases the cost
Faster time-to-market: AI-driven data management on PIM and DAM accelerates time-to-market
Better governance: Improved customer experience built on personalization
Consistent product experience: When integrated, PIM, DAM, and AI/ML improve product experience across sales and marketing channels
Integrating PIM, DAM, and AI/ML empowers businesses to maximize their product data. They can centralize their product data, manage digital assets more efficiently, and leverage AI/ML to gain insights and improve decision-making. The result is increased sales, reduced costs, and improved customer satisfaction.
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