An efficientPIM and supply chain is the backbone of any competent sales team. Thus, it could also be argued that an efficient supply chain is the backbone of any viable business model — one that wishes to turn a strong profit with minimal losses. Unfortunately, not all supply chains are created equal. Each year, 3.5 percent of sales (roughly $40 billion) are lost because supply chains are inefficient. For businesses that wish to succeed, proper inventory tracking is crucial. Product information management software is ideal for this task — and many others.
Why Is Product Information Management Software Important?
Old-fashioned methods of inventory tracking are costly. They waste valuable company assets, including time and money. A manual inventory tracking system is obviously the worst option because it leaves too much room for human error and requires constant updating. However, even some basic inventory management software options aren’t robust enough to meet the needs of a growing company.
Businesses may look at other software that integrates inventory tracking. Accounting software, for example. The main issue here is that accounting software often isn’t accessible by all members of an organization, and it certainly isn’t available to customers who are looking for a certain product. If sales team employees need detailed information about a certain product, they may lack the credentials to see the information. In addition, key features—such as marketing campaigns—must be stored elsewhere, separate from inventory tracking, which makes for a clumsy organizational system.
Key Benefits of Product Information Software
Businesses often make the switch from one of these integrated inventory tracking programs to product information management software because it offers a much more comprehensive system. Key benefits of product information management software include the ability to:
- Gather data from numerous sources (there are often hundreds or thousands within one organization) into one easy-to-use source.
- Identify errors within data and correct them as necessary.
- Automate processes that employees once performed manually, saving valuable company time.
- Allow users to search or filter data as needed.
- Organize products via category selection or creation.
- Push products and corresponding information to the appropriate sales channels (retail, social media, marketing, etc.).
- Allow customers to find products via popular search engines.
- Integrate with other software, such as catalog management, business process management and data quality.
The Difference Between Product Information Software and Catalog Management Software
Purchasers are often confused because many industry professionals use product information software and catalog management software as if the terms are interchangeable.
However, product information management software is a “big picture” solution that offers a comprehensive, inclusive overview of all aspects of product data. By comparison, catalog management software is a more detailed approach to managing product presentation within the company’s catalog, allowing users to edit, add or modify product information. Both are incredibly helpful tools for any business whose biggest goal is an efficient, effective sales strategy.
Businesses are always striving for more sales, and technology is paving the way for more productive sales strategies. Product information management software helps sales and marketing teams organize products and use data in ways that no employee could ever do by hand. Any company that’s striving to overhaul a current sales strategy or implement a new one should consider utilizing one or both of these software systems to maximize sales and track inventory as efficiently as possible.