Inventory Updates With Product Information Management
The rate of product invention and production has accelerated rapidly, resulting in shorter product life cycles than at any point in the history of manufacturing and sales. Every link in the supply chain depends upon centralized, constantly updated, and standardized inventory data. Product information management (PIM) systems are the best tools available to ensure that product producers, suppliers, and retailers share the same necessary data and details and that this relevant information is passed on to consumers. Accurate information is necessary for correct ordering, successful sales, and customer satisfaction.
Innovation and Information
The continuous introduction of new products to an ever-expanding marketplace in addition to updated models or versions of existing products makes PIM systems a necessity. The provision of accurate information from producers to suppliers and retailers is of utmost importance. At the final stage in the supply chain, merchants need to be able to ensure that their inventory includes suitable quantities, varieties, and versions of products in order to satisfy customer demand. Standardized product information is imperative to prevent incorrect or insufficient labeling that results in returned orders, customer complaints, or overstock that is difficult to move.
Accurate Product Data
The accuracy of item descriptions is especially important when merchants stock multiple releases or versions of certain products. There may be significant variations in specifications or pricing between items that appear relatively similar. Two products of the same brand may be distinguished only by refinement between production cycles or generations. PIM systems can account for these minor distinctions all the way down the supply chain. Merchants can be sure that they are stocking and offering the correct version of a product for the proper price and avoid confusing or dissatisfying customers.
When it comes to differentiating between newer and older versions of products and accounting for the fact that the latter may become overstock, having appropriate inventory data can allow retailers to accurately depict and price different versions. Some customers may be interested in purchasing discontinued products, possibly at a discounted price, which still result in sales. It is all the more important that newer products or versions can be easily distinguished from older stock through accurate and updated product data.
Successful Product Launches
Whether a vendor is stocking an entirely new product or a new version of an existing product, PIM solutions can play a pivotal part in a successful product launch. Standardizing product descriptions, pricing, and other details off the manufacturing line can allow for efficient distribution and sale. Accurate product information increases retailers’ ability to effectively promote new stock to potential customers and facilitate conversions or purchases.
Updated information plays a crucial role in today’s sales ecosystem, which still spans the digital divide. The synchronized updates made possible by PIM systems allow for standardization across every stage of the supply process. It is important that dead-end branches off of these centralized and consistent systems are prevented whenever possible, as these can result in sinks for inventory and profits. The benefits of accurate and consistent product information accrue to all companies involved, and ultimately to consumers.]]>