The product information lifecycle starts at the source with the manufacturer or the supplier. Sometimes the information stays at that source and does not travel any further, creating difficulties for other companies down the line. Our most recent PIM research shows that only 30% of the surveyed companies is satisfied with how their suppliers hand over product information.
Product Information Management (PIM) is challenging for a lot of retail and wholesale companies. An example are companies that invested in a webshop and are now confronted with a growing demand for accurate and complete product information. The onboarding of product information is becoming a huge time-consuming bottleneck.
There are several ways to exchange product information between supplier and customer. Think of advanced datapools like GDSN, 2ba or Icecat. Companies can also opt to exchange data via a supplier portal, use Excel templates, or simply provide forms in PDF or similar file types. In most cases, a mix of these methods is applied. And although advanced technologies are available that can help improve the process, for many companies the daily way of collecting information remains browsing websites and using Google. It is like taking photos, measuring dimensions and illustrating product features by hand.
However, our observations show that this is changing. The importance of product information is recognized more and more. Our PIM research indicates that almost 90% of the respondents value high-quality product information. Companies are looking for smart ways to streamline and automate these processes more than ever. This is partly because of the simple fact that a growing number of people are starting to understand how important product information is for primary processes like sourcing, logistics and sales. Yet more stringent local and international regulations are also contributing to the appreciation of better product information. The General Food Law, for example, leaves no room for errors anymore. Transparency is key. As is a streamlined way to quickly and accurately onboard data.
Do you want to learn more about the growing appreciation of accurate product information in organizations and the importance of flawless data onboarding?
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