Why Product Information Management is becoming critical and

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Why Product Information Management is becoming
critical and what are their benefits
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Single version of truth in digital asset
management is very important. This is because it
is essential to ensure that marketers, employees,
business partners and management are all using
the right version of data content. A company
having extensive product portfolios finds it even
more challenging to maintain product information.
A business that constantly tries to appeal to
number of niche markets finds its product range
increasing exponentially. This calls for a system
that can maintain all product information in one
central location without duplications.
Questudios Product information management, PIM
consists of several modules providing all the
features needed to create, manage and maintain
all product information in one central
repository.
Many business functions and technology systems
across the industry require product related data.
The systems typically range from an ERP system,
web content system, e-commerce, marketing system
etc. Most of the organizations end up with
numerous information systems across functions
because of the widespread need of data
management. Such a fragmented approach of
product information management can lead to
inaccurate data and thereby lack of customer
confidence. It also leads to duplicative process
and inefficient workflows. It involves excessive
spending thereby increasing the costs involved.
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A dedicated software application like Questudios
CatalogStudio PIM software is a powerful system
that includes content management, PDF catalog
publisher, reporting, work flow manager,
white-boarding, import/export tools and
security. With a PIM system in place, one can
experience the following benefits- Faster new
product introductions  A company that is looking
at diversifying its portfolio needs to have a PIM
in place. It enables faster new product
introductions with reduced timelines. It also
increases the opportunities of frequent new
product introductions by companies with reduction
in time spent on wasteful activities.
  Efficient supply chain  Supply chain
inefficiencies can prove to be costly in the long
run for a business. One can rapidly lose sales
worth billions owing to information anomalies.
PIM ensures that the data across functions and
multiple instances of data carry the same
information at any point of time. Quicker time to
market can be achieved with PIM in place.    
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• Reduced data complexity
•  Catalogs are a must have for any business to
  reach out to his customers. PIM ensures that
  attractive catalogs are ready in no time with all
  product information like image, descriptions,
  variants, sizes etc. PIM also enables efficient
  product search and navigation by customers.
• Increased transparency
•  An omnichannel customer demands that the data is
  consistent through all his shopping touch points.
  He needs to be assured that the company offerings
  remain the same irrespective of the channel he
  chooses. Erroneous data can result in losing out
  on valuable customers and customer trust.
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• Easy Integration
•  An organization usually has many legacy systems
  like ERP, CRM system etc. It is essential for the
  introduction of PIM software to be seamless and
  automatic. The PIM integration with the existing
  legacy systems becomes effortless with no special
  skills required.