What do businesses care about most?

These days, the answer seems to be customer experiences.

Business leaders know that if they want to deliver an exceptional customer experience, then automation is a must. Investing in an innovative product information Management solution with rich Pim Features is the smart move. PIM acts as a central hub for storing, updating, and sharing data, allowing you to effortlessly distribute optimized content across various sales channels.

To expand and stay ahead of their competition, companies in a variety of industries have been investing in and implementing emerging technologies such as PIM.

With numerous options available out there, it’s very difficult for businesses to choose the right solution with right PIM features. Each one has its own pross and weaknesses, so it’s important to find a solution that fits your needs now and in the future.

5 PIM features that you should consider for your business in 2024:

Here’s a list of 5 PIM features that you should consider before implementing a solution in 2024:

1. AI for Product Description

In the era of automation, artificial intelligence (AI) is at the forefront of revolutionizing how product information is managed. The AI product description generator PIM feature allows you to Automatically create high-converting product descriptions for thousands of products.

Different channels require unique product content. Whether you’re selling on Amazon, Walmart, eBay, or more, use AI to generate product descriptions that are customized for each of your sales channels, effortlessly.

Our AI tool does the work for you and generates compelling descriptions with all of your accurate and up-to-date product information. How the feature benefits your business:

• Save hours of work by automatically generating compelling, high-quality content.
• Write SEO-friendly product descriptions to boost your search engine rankings and drive more organic traffic to your website.
• AI allows businesses to effortlessly generate tailored product descriptions that cater to the specific requirements of each channel whether it’s Amazon, Walmart, eBay, or other platforms.
• Expand your reach by automatically translating your product descriptions into multiple languages.

Fact: According to a survey by Gartner, businesses that leverage AI for product descriptions experience a 25% increase in customer engagement.

2. The Ability to View Data by Channel

The Ability to View Data by Channel is a crucial feature within a PIM system that empowers businesses to manage and present product information consistently across various marketing channels.

An effective PIM system should provide a comprehensive view of product data across various channels. This feature is indispensable for businesses with a multi-channel presence, enabling them to maintain consistency and coherence in product information across websites, mobile apps, marketplaces, and other platforms.

How the PIM feature benefits your business:

• Centralize repositories for product information, consolidating data from different sources and departments within an organization.
• Product details, such as descriptions, images, prices, and specifications, remain uniform across all channels.
• Customize and optimize product information for each channel’s unique requirements.
• Simplify the process of updating and modifying product information.

3. Automate Repetitive Tasks

Automation is a game-changer in data management, especially for tasks that are repetitive and time-consuming.

The feature of “Automate Repetitive Tasks” in a Product Information Management system is one of the most important PIM features designed to streamline and expedite routine, time-consuming tasks associated with managing and maintaining product information. This feature leverages automation to enhance efficiency, reduce manual errors, and free up valuable resources within an organization.

How the PIM feature benefits your business:

• PIM Equipped with automation can significantly reduce the need for manual data entry and automate repetitive tasks extends to bulk editing and processing.
• Automatically validate and standardize data according to predefined rules and criteria.
• Integration with external systems to communicate with other business systems, such as ERP or CRM platforms.
• Tasks that need to be performed regularly or at specific intervals, such as data backups or updates, can be scheduled for automated execution.

Fact: A study by McKinsey found that businesses that automate repetitive tasks witness a 30% increase in productivity.

4. AI-powered Automation to Streamline Workflows

Beyond just automating tasks, AI-powered automation in PIM systems can streamline entire workflows.

The PIM feature of “AI-powered Automation to Streamline Workflows” in a Product Information Management (PIM) system is a powerful capability designed to optimize and accelerate various processes associated with managing product information. By integrating artificial intelligence (AI) into workflow automation, this feature enhances efficiency, reduces manual intervention, and ensures a more seamless and intelligent handling of data. How the feature benefits your business:

• Automated AI-driven categorization to automatically categorize and enrich product data.
• Perform advanced data quality checks, identifying inconsistencies, errors, or missing information.
• AI can be integrated into workflows to trigger specific actions or alerts based on predefined conditions. For example, sending notifications for low stock levels, upcoming product launches, or data discrepancies.
• Automated relationship establishment to intelligently match and link related products, attributes, or components within the PIM system.

5. Real-time Analytics for Data-Driven Insights

Real-time analytics within PIM systems empower businesses with data-driven insights.

The feature of “Real-time Analytics for Data-Driven Insights” in a Product Information Management (PIM) system is a crucial capability that empowers businesses to gather, analyze, and act upon real-time data related to product information. By providing instantaneous access to key metrics and insights such as monitoring product performance, customer behavior, and market trends in real-time, this feature facilitates data-driven decision-making and ensures that businesses can adapt swiftly to changing market conditions. How this PIM feature benefits your business:

• Real-time analytics in PIM allows users to access up-to-the-minute information regarding product performance, customer engagement, and other relevant metrics.
• Monitor the performance of products across various channels in real-time.
• Real-time analytics enables the analysis of customer behavior as they interact with product information.
• Real-time analytics often includes customizable reporting features, allowing users to tailor reports to their specific needs.

Fact: A survey conducted by Aberdeen Group revealed that organizations using real-time analytics are 2.5 times more likely to improve their operational efficiency.

Other essential PIM Features you should have for your business

Simplified Data Importation:

Efficient data importation is a crucial aspect of PIM systems, especially when dealing with multiple devices, operating systems, and tools for storing data.

Bulk Editing Convenience:

Editing data scattered across multiple locations can be challenging. The best PIM software offers bulk editing capabilities, allowing you to make cumulative edits effortlessly.

Adaptable Data Structure and Taxonomy:

A flexible data structure is essential in today’s rapidly changing business landscape. Businesses need to adapt to evolving needs to remain competitive.

Powerful Search and Navigation:

A flexible data structure and well-defined product catalog categories facilitate easy searching and navigation through product information. Enhanced searchability saves time and effort.

Multilingual and Multicurrency Support:

For global eCommerce, where you target diverse regions with various currencies, a PIM solution allows you to manage multiple stores in numerous languages and currencies.

Efficient Workflow Management:

Workflow management is one of the most crucial PIM features  for organizing and accurately managing data throughout the process.

Roles and Access Control:

To enhance product data quality, understanding who is updating product information is vital. PIM systems allow you to create roles for employees, departments, service providers, and business partners, with varying levels of access.

Product Relationship Management:

This PIM feature supports selling strategies based on studying online store user behavior. By defining complementary or substitute products, you can establish links between various products, categories, and product-category relationships in your PIM system.

Wrapping Up

We navigate the evolving landscape of data management in 2024 and beyond, the imperative for robust Product Information Management (PIM) features becomes increasingly evident. The demands of the modern business environment necessitate comprehensive solutions that not only address current challenges but also anticipate future complexities. By embracing advanced PIM features, organizations can fortify their data management strategies, ensuring agility, accuracy, and scalability in the dynamic marketplace.

Sometimes, you might need features for your business that need customization. Connect with our PIM experts to learn how Credencys can elevate your product data management capabilities and drive sustained success in a rapidly changing landscape.

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