R3 Consulting Product Information Management PIM webinar

1. Why PIM? Why Now?
Product Information Management What you should know.
Presented by:

2. © 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
HierarchyPRODUCT CONTENT
Sources: Forrester Research Inc.

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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

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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

6. 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

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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

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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?

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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)

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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?

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What do I need to consider and take into
account when implementing a PIM?
Can I implement at the
same time as other
systems?

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What do I need to consider and take into
account when implementing a PIM?
Are there systems that
should be implemented
before the PIM?

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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

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Wrap Up

23. Proprietary and Confidential© 2015 R³ Consulting Partners
info@r3consultingpartners.com
1-844-867-R3CP (7327)
www.r3cp.com
Heather Raines, Partner
heather@r3consultingpartners.com
Stephen Rogers, Partner
steve@r3consultingpartners.com
…strategic insight and planning to
tactical execution and delivery
R3 Consulting Partners