Leverage PIM as a Foundational Element of Digital Transformation Strategy in 2023
As digital transformation becomes necessary to stay ahead in the game and stay relevant (read: stay in business), industries and enterprises are making sweeping changes to their functioning and technology stack. A large part of digital transformation is also about bringing changes to the deep-seated, and entrenched legacy work culture practices, as without having all key stakeholders on board, nearly no transformation is possible.
Right from understanding your needs (and competitors’ moves), envisaging and co-creating a roadmap, structuring execution, controlling the implementation as per the plan, and finally incubating and ramping up the operations—digital transformation is a process that has many layers. And one of the layers wrapped underneath is the organizational and technological transformation of data within a company’s ecosystem.
Often organizational data needs significant changes in the way it is handled, along with many systemic modifications. And that’s where the genius of a system like Product Information Management (PIM) lies. It has the capability of streamlining and redefining enterprise processes. Here are a few valid reasons why PIM proves to be a vital ingredient in digital transformation for enterprises:
Building collaboration and interactivity among systems is the first step to achieving transformation in data. And PIM does its part perfectly well to facilitate communication between any number of legacy systems, homegrown applications, or 3rd party platforms. The fact that PIM acts as an overarching system that undertakes the entire product data management ensures that the foundation of data-driven digital transformation is laid properly.
PIM sees to it that data is collected, accumulated, and enriched at a single source by interacting with all the platforms and applications present in an enterprise environment and finally syndicating product data to various channels. So, whether it’s a legacy ERP (Enterprise Resource Planning) software or a homegrown OMS (Order Management System), PIM drives the needed collaboration.
Efficiency in Operations
While collaboration lays the foundation of efficiency in operations, actual efficiency is brought in through automation enabled by PIM. Often, data is handled manually through email trails, spreadsheets, people-to-people transfer, and sent across in hard drives. Multiple versions are created that are owned by numerous people and reside in various systems. This not only slows down operations, killing the momentum but sets the stage for grave errors.
By automating the entire process from data ingestion to dissemination, PIM guarantees that product information remains untouched by people and that no human intervention ends up compromising the sanctity of data. Therefore, every department gets to use the single, most up-to-the-minute, and trusted version of the product data. And all the processes across the value chain work in perfect harmony.
Ensures Scalable Digitalization
The greatest challenge enterprises face with the systems they already have is whether those systems are equipped to scale when the time comes (i.e., when the amount of data increases) and whether it would support product information management across multiple geographies. True digital transformation is only enabled if systems are readily scalable and foster expansion and global collaboration instead of posing restrictions.
PIM offers enterprises the capability to scale their product and digital data by leaps and bounds in tandem with enterprise growth and expansion goals. This scalability underpins the flexibility that enterprises need to respond to rapid changes, especially in industries like retail and manufacturing, where spikes in demand cannot (always) be predicted. Digital transformation also means readiness for any market environment, something that PIM effortlessly provides.
People and Collaboration
One of the most critical aspects of digital transformation is collaboration and bringing teams and people together; this facilitates higher productivity through more ease and accuracy, simplified and well-defined workflows, streamlined processes, and robust governance. PIM empowers employees and makes them a stakeholder in achieving enterprise goals and objectives. It also makes them a part of product information management in a highly inclusive manner.
Besides, through eliminating manual processes, employees spend more time on the strategic aspect of their jobs, making their work more fulfilling and rewarding. This is a significant affect of Digital Transformation wherein employees do not feel or perceive working on PIM as a burden; instead, they integrate with what PIM offers in the truest sense.
The real purpose of any transformation cannot be complete without taking into account the effect on the end-user; how they get impacted is the ultimate reward for any enterprise since it affects their bottom line. In a world where omnichannel has become a differentiating factor for brands, dynamic and up-to-the-minute product data have a unique role. The ease with which customers browse data and pick up from where they left on a different device is the power of digital transformation that is perceptible to the customer and decides their engagement with the brand. And PIM facilitates it beautifully.
Gartner’s recent survey of almost 2,000 CIOs revealed two focus areas for customer digitalization: more use of digital channels to reach more customers and to speed up the introduction of new digital products and services to get to them faster.
|Also Read: How You Can Maximize Business Results from PIM?|
The ultimate aim of any digital transformation initiative is to connect and improve digital endeavors that work in favor of customers, employees, organizations, and the entire consumer ecosystem. It aims to earn stakeholders’ confidence, enhance employees’ satisfaction, and impact customer loyalty and advocacy.
There is an established relationship between PIM and Digital Transformation.
As PIM, by its very nature, steers business processes and ways of working, encourages innovation, addresses disruptions, and adapts to the changing times. The way product information management became significant during direct-to-customer (D2C), buy-online-pickup-in-store (BOPIS) during Covid-19 is a case in point.
In summary, digital transformation is inherently connected with data. And for industries like retail, manufacturing, or CPG, streamlining of product information is an inseparable part of Digital Transformation.
Want to know how to choose the right PIM system for your business requirement? Schedule a FREE demo with Pimcore consultants.