r3 consulting product information management (pim) webinar
TRANSCRIPT
Why PIM? Why Now? Product Information Management What you should know.
Presented by:
© 2015 R³ Consulting Partners
Why is PIM of growing importance?
• 44% (or $1.8 Trillion) of all retail sales in 2013 were influenced by online product content
• 30% of US adults (online): would consider buying from an online retailer they had never previously purchased from if the retailer offered detailed product information
It manages one of the most critical elements of online and omni channel business…
Images
Attributes Features
Pricing
Description
Copy
Key Words
Comparison
Video
Reviews Specs
Hierarchy PRODUCT CONTENT Sources: Forrester Research Inc.
© 2015 R³ Consulting Partners
Product Content in Today’s Commerce
Past Today
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What is PIM (Product Information Management) solution?
The central repository for all things related to product data (structured and unstructured) • Core Product Data • Product Attributes • Product specifications, dimensions, warranty and
packaging info • Product related metrics • System triggers and business rules • Product copy • Product Digital assets/media • Supplier Information (basic) • Multi-language content
© 2015 R³ Consulting Partners
The Difference between PIM and MDM
• User Friendly interface • Workflow management • Single view of product
information • Product visualization • Detailed and mass data
update/refresh functionality • Integration with content and
publishing tools • Multi-domain management
PIM (Business User)
MDM (IT User)
eComm Platform
OMS
CRM
WMS
POS
Inventory Allocation & Replen
Mobile
CMS
Marketing/Promotions
Original Data Source (PLM, Supplier portal, etc.)
ERP
BI
• Multi-domain data modeling • Data integration • Data quality, matching and
governance • Metadata management • Multi-platform support
Marketing and Merchandising Data
Operational Data and Attributes
Core Product Data.
Extended Product Data
Hierarchies and Relationship Data
PIM
PIM: Beyond Core Product Data
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PIM is more than a system solution
PIMs are not just about the technical system solution but also the people and processes implemented to use it.
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What are the benefits of PIM?
Central Repository
Process Structure
Strategy Realization
© 2015 R³ Consulting Partners
Central Repository
Provides a single view of product data
Improves data quality
Improves setup, control and management of product data
Reduces errors
Provides a more consistent customer experience
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Process Structure
Allows bandwidth for assortment growth
Gets products and information to the market faster
Reduces manual process inefficiencies
Saves time and resources
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Strategy Realization
International expansion
Rapid, large assortment expansion
Rapid assortment transitions in time sensitive markets
Enable multi-domain strategies
Opens the door to new business opportunities
Deploy personalized market strategies
© 2015 R³ Consulting Partners
Is PIM right for you?
Do you manage or plan to manage a high SKU count?
Do you transition your SKUs frequently?
Do you have multiple people touching and manipulating the product information?
Do you have redundant or manual product setup processes?
Do you collect your product information from multiple sources?
Do you need more product attributes to personalize your cross selling and/or marketing?
Is your product data unorganized and hard to manage?
Do you have or plan to offer complex fulfillment and delivery options or solutions?
© 2015 R³ Consulting Partners
How can you build a business case for a PIM solution?
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What is the cost of not having a PIM?
Without a PIM: Companies have estimated data error rates between 15-30% Implementation of a PIM: Companies experience… • Reduce time to market by up to 400% • Increases in sales from 15% to more than 50% • Up to 23% less product returns • Up to 27% less customer inquiries
Sources: Product Information Management, Jorij Abraham (2014); A.T. Kearney; Aberdeen; Gartner Research; Multichannelmerchant.com (2013).
What is the cost to your company in: • Labor • Employee Job Satisfaction • Lost sales • Customer Loyalty • Time
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Measurable Key Performance Indicators
PIM Improves
KPIs directly impacted
Time to Market
Cost / Product Setup
SKU Setup / Resource
New Customer Acquisition
Return Rates
Product Information Availability &
Visibility
Product Information
Management
Product Setup
KPIs indirectly impacted
Revenue / Customer
Conversions (Traffic, Campaign, Cross Sell)
Gross vs. Maintained Margin Spread
AOV (average order value)
© 2015 R³ Consulting Partners
Finding the right PIM solution for you
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What do I need to consider and take into account when implementing a PIM?
Does a PIM take priority over over system
initiatives?
© 2015 R³ Consulting Partners
What do I need to consider and take into account when implementing a PIM?
Can I implement at the same time as other
systems?
© 2015 R³ Consulting Partners
What do I need to consider and take into account when implementing a PIM?
Are there systems that should be implemented
before the PIM?
© 2015 R³ Consulting Partners
What do I need to consider and take into account when implementing a PIM?
Do we need to clean our product data prior to a
PIM?
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How do we get started?
Build a plan to implement
Implement
Assess
Plan
Design
Start with the current state
Requirements, partner selection, configuration
Implement, integrate
© 2015 R³ Consulting Partners
Wrap Up
Proprietary and Confidential © 2015 R³ Consulting Partners
[email protected] 1-844-867-R3CP (7327)
www.r3cp.com
Heather Raines, Partner [email protected]
Stephen Rogers, Partner [email protected]
…strategic insight and planning to tactical execution and delivery
R3 Consulting Partners