In this article, we examine how the respondents evaluate different questions in the study 'The state of commercial product information management in Finland 2023'. Also read our previous story, where themes were discussed on a more general level.

According to the answers received from the survey, companies that already have PIM in use are generally more satisfied with the current state of product information management and the quality of product information. Even in these companies, however, it is felt that not all of PIM's features can be fully utilized yet, either due to a lack of resources or a lack of expertise. However, the findability and reliability of the information are already at a good level.

In companies that do not have a PIM, information is often in many different places and data maintenance is partly done manually, which is perceived as laborious. In some companies, for example, the use of Excel or ERP for product information management is seen as difficult. In the worst case, the quality of the product information may be poor.

Management and development of product information management

In companies that use PIM, they are quite satisfied with the management of product information management. In these companies, the strength of product information management is seen to be that the system is centralized and integrated. The staff's understanding of customer needs and continuous development work are perceived as strengths. In the future, these companies want to develop e.g. automation, integrations and processes. Artificial intelligence was also mentioned and, in addition, product information management would be wanted as part of the strategy. Companies that do not use PIM consider their strengths to be e.g. staff expertise and good products. The introduction of PIM is seen as the most important development area. In addition, we want to develop automation, systems, management and for product information management to play a strategic role.

Factors that help and hinder the development of product information management

According to the respondents, factors that promote the development of product information management include, for example, state of will, strategies, support of main users of product information, customer requirements and awareness of the necessity of the matter.

On the other hand, the inhibiting factors are, for example, lack of time, resources and expertise, resistance to change, financial issues, master data management and the fact that the importance of product information management is not understood.

According to the survey respondents, they should receive help and insight in the development of product information management, system management, expertise and integrations. In addition, it was pointed out that product information management should be included in the strategy, so that its effects on the entire business can be understood more broadly. Automation, process development, artificial intelligence, legislation, data enrichment and interfaces were also highlighted as development needs. Help would be needed to implement the system in those companies that do not yet have a PIM.

The importance of product information management as a future success factor

According to the respondents, the importance of product information management as a success factor has increased because the importance of the up-to-dateness and correctness of commercial information has increased. The importance of the digital shopping experience is also growing, and in addition, legislation and official requirements will become more specific and stricter.

In companies where PIM is not in use, it is also seen that centralized product information management would free up time for sales, product development and marketing. In addition, it would make operations more efficient and improve the quality image and profitability, because nowadays both customers and subcontractors demand information quickly.

According to the estimate of those who responded to the survey, the share of companies' turnover through digital channels/network will increase by 20–50% in the next few years.

Uniform product experience in different channels, customer experience and quality of product information

Although the importance of the digital shopping experience has begun to be emphasized in recent years, the respondents feel that the product and customer experience has weakened slightly. Based on the answers, the ability to offer a consistent product experience across different channels has decreased, as has the importance of improving the customer experience. The survey respondents were of the opinion that the quality of product information can be used to gain a competitive advantage; easily accessible product information increases efficiency and also frees up time for customer service. However, customer feedback related to product information is rarely asked, in some companies not at all.

The importance of responsibility factors and the use of artificial intelligence and technologies

According to the answers to the survey, responsibility as a theme in product communication has risen and is considered important. Product communication related to responsibility emphasizes the carbon footprint, its reduction or compensation, and carbon neutrality. In addition, in connection with product communication, EU directives, laws and certificates, responsibility labels, circular economy and recycling, origin and raw materials, as well as product life cycle, waste and automation are highlighted. Some of the respondents felt that responsibility is not yet a significant theme.

According to the respondents, the ability to take over new technologies is good, but often the ability to utilize them still requires work. The benefits of using technologies are not always understood. The need to promote digital sales and technologies is recognized, but challenges include resistance to change, a fragmented organization, variability in talent, resources and management reluctance.

According to the answers, the use of artificial intelligence in product information management is still limited, but its importance is estimated to grow. At the moment, artificial intelligence is used somewhat in the respondent companies in different stages of the customer's purchase path and, for example, in translations, but the use will probably expand.

What special features are associated with product information management in the manufacturing industry, the trade sector and the service business?

In the field of commerce, in the manufacturing industry and in the service business, it is felt that a PIM system can be of great benefit when information is updated or enriched. Organizations operating in the field of trade receive product information from many different suppliers, and manufacturers deliver it to several different systems or data banks:

Wholesalers

• 96% get product information from more than 5 suppliers.
• 91% get product information from more than 10 suppliers.
• Wholesalers make a lot of use of industry-specific product information services.

Importers/manufacturert

• 59% deliver product data to 1–10 retailers' systems or product data banks, and 18% to more than ten.
• 70% submit the data manually to Excel templates.
• They also make use of industry-specific product information services.

The benefits of the PIM system in service business

• PIM has brought significant process efficiency, and facilitated automation and the processing and filtering of the product mass.
• PIM offers an API interface that enables smaller semi-automations in addition to e-commerce integrations.
• Adding new products to the online store is faster and clearer. Enriching products is easier.

Benefits and challenges of product information management

The respondents evaluate the benefits and challenges of using centralized product information management as follows:

• The benefit is seen especially in the availability and up-to-dateness of information. In addition, it would facilitate sales work and updating product information, reduce manual work and improve quality.
• Building suitable connections, integrations and organizational challenges are seen as challenges. You should be able to specify the benefits clearly. However, according to the respondents, the challenges are not great.