September 26, 2020

Product Inventory Management in Retail- Why it’s necessary?

Read Time:3 Minute, 6 Second

A product information management system (PIM system) is a database application for storing and maintaining product information and then making it available to the various interest groups, Sounds pretty dry at first. But further in the text: Which interest groups are we talking about? The data can be a platform such as the online store or to an internal department, such as sales or marketing will be delivered. The aim of a PIM system is to create a central location for product information – this is often referred to as “single source of truth”. Classic examples for information in a PIM are product name, dimensions, variant, color, inventory and everything that describes the product in more detail. There are also online ordering platform for restaurants in Chandigarh are available so that people and restaurant owners can maintain social distancing.

PIM software such as FusionRetail is an external product database and mainly delivers product data to external locations that ultimately communicate with the customer. In PIM system, all data are included assets together as images or PDF files. A PIM system therefore belongs solely to the product data. As a result, it can concentrate exactly on what it was built for: Central product data maintenance for the best data quality that is precisely the strength of the system!

Find out why your business needs a PIN System

Because PIM is the cornerstone of a website, online shop, app or any application with product data. What would the systems be without information? Just a white page! And with inconsistent data? Not much better either! Because now the confusing information is even a reason for canceling a purchase. Not to mention the missing findability, because – you know what is coming – there is no information available for filtering the inventory. Once a PIM system is created and firmly anchored in the company, all channels are filled with the central database. And with long-term effect, because now there are rules and processes for how to maintain inventory and each new product.

  • From the customer’s point of view, a PIM usually represents a product list as a result, and can also be filtered and searched.
  • From a sales and marketing perspective, a PIM is a marketing database. Hard technical data is linked to marketing information, images, categories and other metadata.
  • From a sales and production perspective, a PIM provides an order in the form of a parts list or other data relevant to an order.

Ultimately, however, all data is kept in the same system and output in different, application-specific channels. 

That’s why a PIM System makes Sense

Gathering the knowledge of the company’s inventory and product range in one place in a structured manner is absolutely necessary these days and can make the decisive difference in a tight competitive situation. This breaks down silos in the minds of employees, creates new possible synergies in the existing data, and makes connections more clearly recognizable. In tight competitive situations, a sensibly structured PIM can give you the decisive edge: No more heterogeneous data, data chaos, distributed Excel sheets, assets/file storage, media breaks, and other annoyances of grown information structures. A PIM makes many things in corporate communication much easier and faster. For restaurants, Best restaurant management software in Ludhiana is worth installing. In addition, a low-threshold PIM system enables the entire company portfolio to be published on as many platforms as possible from a central point at the push of a button.

0 0