Why manage product data?

News, Product Data

Digitalisation has dramatically increased consumers’ expectations for personalized offers. This sets completely new requirements for product lifecycle and product data management.Meeting consumer expectations does not  depend so much on production capacity, as it does on the product data flow in the supply chain.

 

What is product lifecycle management (PLM)?

Product Lifecycle Management supports the overall product development process from idea, design, development and sales support planning to product description and raw materials procurement. 

PLM combines all these processes into a single system, enabling better data access and more efficient cooperation in product development. Smooth flow of high-quality information significantly speeds up the whole process from the idea to the market launch.

 

What is Product Information Management (PIM)?

While PLM handles processes and information related to new product development (mostly within the producing  company), Product Information Management (PIM) solutions support processes related to sales and marketing by collecting and distributing product information to various sales channels. One can say that PLM processes create a product and corresponding data which is then clarified and enriched in PIM. 

PIM acts as a link between the supplier and the seller, aggregating all possible product information from all sources and providing the following benefits:

EFFICIENCY –  All product data is stored in one database and can be quickly and conveniently exchanged between different partners according to their requirements, at any time without additional work.

INTEGRITY  – One “golden database” to store and update all product information, images and certificates, keeping a comprehensive history of the entire product life cycle.

ACCURACY – Product information always meets the latest requirements. Because data is not copied between different bases and tables, the possibility of errors is minimized.

CONNECTIVITY – PIM database can be integrated with both supplier and buyer business software, so there is no need to re-enter, copy or email information.

SECURITY – Product information is modified and shared through secure channels by authorized users only. All activities will be logged, protecting data from misuse.

 

But can’t we do without managing product information?!

Today, only those to whom trading is a hobby, can think so. For example an old lady who sells onions somewhere on the road side.

Anyone who operates on a slightly larger scale and with different partners usually stores data in multiple systems. Without managing product information, they risk with the quality of their product data being insufficient (incomplete and faulty). This in turn leads to problems in business:

  • Incorrect orders and deliveries
  • Decreased delivery speed
  • Lost sales opportunities, especially in e-commerce, because consumers do not have enough information about the product.

The competitive advantage can be created with the help of Telema PDS (Product Data Sync) – a solution that allows wholesalers, distributors or manufacturers to create, store and administer all of their product data.

The development of Telema PDS is supported by the European Regional Development Fund through the Interreg program.

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