How to Effectively Manage Product Information in Big Companies

Ram Tumuri “How to Effectively Manage Product Information in Big Companies”

CEO Ram Tumuluri “The job of managing a company’s information falls under management information systems: users, hardware, and software that support decision-making. Product Information Management (PIM) allows you to collect, organize, and enrich product information, develop a product catalog, and deliver it to sales and eCommerce channels all in one location. The main goals of the management strategy are improving product planning, team collaboration, and communication between all the parties involved. For that, there are different types of software, but it’s also essential to have a good mix of basic skills. In this article, we are going to see them both”.

Ram Tumuluri, “A product information management system, is crucial for both fast-growing businesses and traditional businesses looking to improve their performance and make the leap into the future”

Consolidate All Product Information to Manage Product Information Easily

Consolidating all product information across your business in a single location is the first step in developing a solid infrastructure for managing product information. Team members can access, manage, and distribute information to one or more locations from a single location. Other than consolidating all of this data in a single location, it’s also important to create consistency in how that data is formatted.

Build Processes to Create Speed and Efficiency to Manage Product Information

A Product Manager should be familiar with the product from the start, gathering data and impressions during the design phase and before manufacture. By implementing processes and utilizing technology to expedite those tasks, you can significantly decrease the amount of time spent managing product information. Because each retailer’s product management challenges are different, there is no “one size fits all” strategy to developing these processes. Secondly, the processes themselves should take priority above any technologies that enable those processes.

How to Choose the Perfect Product Information Management System

A good starting point for PIM selection is to figure out who will be using it. This could help determine which features you need in your PIM system. Estimate how many people will use the PIM as soon as it is implemented, as well as how many more you might add in the future, based on your growth objectives. You must also be very clear about the quantitative and qualitative aims of the company and what they want to achieve with this software.

You’ll also need to put in a specific number of training hours to bring your teams up to speed, regardless of whatever solution you choose. Based on your budget, you will need to decide on the complexity of your solution, the existing technical skills of users, and the learning curve for each PIM solution.

That being said, here are some softwares that guarantee product information control:

ERP (Enterprise Resource Planning) – A professional ERP system is necessary to guarantee an efficient organization and backup copies in case of an emergency.

CMS (Catalog Management System) – If a business has a lot of channels, this software can control prices, sales, stock and inventory, data and communication with shipment companies, and customer feedback.

DAM (Digital Asset Management) – A DAM system is the type of software that keeps all files organized and makes it easy to locate them quickly.

PLM (Product Lifecycle Management) – Product Lifecycle Management is a transversal process of monitoring, controlling, and scrutinizing the life cycle of a product. It’s a useful process that contemplates the entire life of a product and checks the status of every phase.