Rapid emergence of omni-channel retailing and an ongoing uncertainty around the nature and quantum of digital disruption, have forced businesses to revisit their digital strategy. They need to devise a strategy that quickly unifies the physical store and the digital channels. As more sales channels for products get added, it becomes hard to manage product data and customer expectations across and within the various channels.
To surf this digital disruption wave, both retailers and manufacturers are looking at implementing Product Information Management (PIM) solutions. PIM refers to processes and technologies focused on centrally managing information about products, with a focus on the data required to market and sell the products through one or more distribution channels.
The concept of PIM is certainly not new. Retailers and manufactures have been using it to manage, govern and share complex product master data. Now they want to exploit the full potential of a product information management system. This is partly driven by the growing need to shape their digital strategy which requires a sophisticated product information management solution. In fact, the nature of what PIM provides means that many organizations rightly see PIM as a precursor to their broader digital transformation initiatives.
Companies can reap the true benefits of PIM through a comprehensive Product Data Transformation. Hence, retailers and manufacturers cannot afford to be reactive to the increasing demands of omni-channel. Incorporating necessary changes in the product information system based on proactive anticipation of the customers’ needs will be the key. Product data transformation starts with a thorough understanding and assessment of the organization’s current status and vision for the strategic role of product data. The transformation roadmap includes data acquisition, data governance, and process (re) design, task-technology fit, product data models, and product quality. Besides creating a vision, strategy, and transformation roadmap organizations should implement the new operating model and chosen technology and tools (PIM being one of them) to shift to an effective and efficient future state of product data management, which is powered by insights-driven reporting and analytics.
To help you ride safely the digital disruption wave, read more about Capgemini’s Product Data Transformation approach in our POV: The devil is in the (product data) details. The paper also gives you details about the key findings of research on the status of product data maturity of the top 30 retailers in the world.