What is the Product Information Management (PIM)?
The challenges of product information management
The highly competitive and global market in which the Fast-Moving Consumer Goods (FMCG) industries or retailers operate pushes them to innovate and launch new products as quickly as possible. Managing an ever-increasing volume of information in less time represents a real challenge. But a wrong product information management leads to many risks, such as:
- Scattered and duplicated data in different locations
- Mistakes in the design process of the new product: erroneous document updates, information retrieval, etc.
- Lacking precision to meet regulatory requirements, eg.: correctly filling the Product Information File (PIF) while launching a cosmetic product.
- Inconsistencies between the product information and the information displayed on the website
For industrials as for retailers, product information is often held by several services. They each have a piece of it, or even worst, a duplicated part. Thus, it seems obvious that product information must be consolidated to get a global picture of the product data, which has to be diffused both inside and outside the company: sales catalogs, e-commerce, advertising, etc.
To prevent these risks, professionals need tools able to centralize and structure the product information. The solution for effective product information management lies in a central repository that offers a “single version of the truth”, providing continuity throughout each step of the product lifecycle.