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Optimizing time to market with PIM
In an increasingly competitive business environment, reduce time to market is decisive for the success of businesses. The Product Information Management (PIM) plays a fundamental role in this approach by allowing more effective management of product information. This article explores how PIM can Optimize time to market.
Find out how to reduce the time to market for your products thanks to PIM system from SolidPepper.
What is time to market?
“Time to market” refers to the time required to develop a product from its conception to its availability on the market. Reducing this time can significantly increase a company's competitiveness, allowing it to respond more quickly to consumer demands and market changes.
Example of TESLA, Elon Musk, to illustrate the importance of Timing and TTM
Reducing the TTM allows a product to be launched more quickly on the market and to gain an advantage over the competition. Launching your product more quickly on the market can give a considerable advantage and make it possible to become a market leader. Just think of Tesla, which launched its electric car three years before all other brands and thus built an image as a market leader in electric cars.
It was indeed the right one.” timing ” for TESLA to offer a car with a futuristic design. The other brands, BMW, Porsche and Peugeot, have invested a lot in marketing to catch up with Tesla. Tesla did not advertise, sell via internet, another innovative idea by Elon Musk, it is only thanks to his ability to innovate that he was able to invest mainly in the development of his technology and mega-factory.
What is the relationship with PIM?
Above all, PIM makes it possible to shorten the last phases before the launch of a product. The preliminary phase that goes through to introduce a product, long after the study, research, development, prototyping and testing. For these R&D phases, PIM is less interesting, better to focus on a tool such as PLM (Product Lifetime Management) for research and development.
What is the relationship between Timing and Time-to-Market
Timing and time-to-market are two crucial terms when introducing a product to the market. Concepts, timing and time-to-market, which are often confused, require more in-depth thinking.
The Timing - The Moment
Timing is the appropriate moment to introduce the right product on the market, responding to a concrete and known demand. Timing, “the moment”, comes from market analyses, or from lucid listening to the market and vision for opportunities, simply from the feeling of a visionary who controls his audience and listens to them.
The Time-To-Market (TTM)
TTM (time-to-market) is the time required to introduce a product or service to the market based on its idea or discovery. TTM is more of a process during which a product offering is created, built and prepared.
Time To Market for Manufacturers
For a manufacturer, the time required to market a product is divided into several phases: research and development, marketing, and launch. The R&D phase involves old technologies, analysis, design, technical development, prototyping and testing (trials). In the marketing phase, often called “packaging”, we see a mixture of staging, photography, 3D images, writing and storytelling. The use of PIM during these phases allows for a fluid exchange between the teams.
Thanks to the use of the Solidpepper software, information quality controls are more fluid and, above all, more structured, which is why it is interesting to use this software.
Time To Market for wholesalers and brands
For a wholesaler, the “time to market” is the time that elapses between the sourcing of the product (by purchase or knowledge of existence), information on the product and adaptation to the market. The data and completeness check phase that employees work on is very tedious and time-consuming. Automation and control tools contribute to reducing product time to market through automated processes, control rules and a system for validating product sheets. For example, product information can be put into the right computer format for various websites or marketplaces without any manual manipulation. Or the visualization of non-compliant product sheets using data quality control rules.
Factors influencing time to market
Several factors influence time to market. Product data management is a major challenge. Fluid internal communication is required, based on effective validation processes. If these aspects are poorly managed, the delays can be considerable.
Is Excel the solution to optimize Time-to-Market?
Too often, businesses use well-known tools like Excel to enter, complete, and verify data before importing it into other computer systems. Collaborating with an Excel file is difficult, because you have to send the xlsx files by email to your colleague, who in turn sends them to his collaborator. Weeks can pass before the file is returned to the quality manager, with the risk of losing information. You have to wait for the others to finish and send the file before you can complete your Excel file and complete the product sheet.
Building your product sheet with Excel is simply unmanageable!
The role of PIM in reducing time to market
Centralization of data thanks to PIM
La centralization of data produced via a PIM makes information available in real time for all stakeholders.
This allows a responsiveness immediate to market changes. Instant access to up-to-date data prevents delays due to inaccurate or outdated information, speeding up time to market.
Improving internal collaboration
PIM improves collaboration between business departments. It facilitates access to data, allowing quick and informed decisions.
It speeds up the product development, reducing time to market. By improving collaboration and access to data, PIM allows teams to respond more quickly to development needs. It reduces the time between designing And the placing on the market of the products.
All employees can intervene at any time, from anywhere and from any device. With the SolidPepper workflow, it is possible to assign access rights only to information that concerns the collaborator and to hide other information that does not concern him. This allows the person to focus only on the information for which they are responsible. For example, the logistics team does not need to know the price or selling points, but can fill in the dimensions and weight of a product upon receipt. With a cloud-based PIM, anyone who has a login, has access and can attribute to build their product offering.
Accelerating the go-to-market process
PIM simplifies and improves several key processes.
First, it ensures the accuracy of product data, which is critical for reliability and compliance.
Second, it organizes and structures product information allows all employees in the company to directly access this information. This makes it possible to know if the product exists or not and to rely on the present product.
In some cases, standards such as ISO or NF are extremely important to be able to sell the product, even sometimes mandatory. Often, products have to go through internal or external laboratories to confirm product compliance.
Third, it facilitates the distribution of product information to business partners, ensuring that all parties have the data they need for their operations.
Finally, it accelerates the launch of new products on the market, allowing a rapid reaction to market opportunities and consumer trends.
Strategies for implementing PIM effectively
Assessment of the specific needs of the company
Before choosing a PIM system, it is important to precisely identify the needs of the business to ensure that the chosen solution will effectively meet these requirements.
Selection and customization of a PIM system
Selecting a customizable PIM system is vital for efficiency. It adapts to the unique processes of each company, optimizing product data management, especially when it comes to products intended for export. Being able to translate automatically in a very human way is a big help. These tools save valuable time and ensure that products are brought to market more quickly, in line with the specific needs of the company and customer expectations.
Staff training and integration
The successful implementation of a PIM depends largely on the training and integration of the personnel who will use it. Ensuring that all users are competent in using the system is essential.
The ease with which the structure of the PIM solution can be adapted to the needs of the business is an asset. In English, this is called “onboarding”, literally “boarding a boat”.
Onboarding depends heavily on the ergonomics of the chosen PIM software. The problem is that some companies choose very complete and often complex solutions, which makes the training phase not only mandatory, but also long and boring. It is better to choose an ergonomic and friendly PIM so that the training is short and effective and may not even be necessary.
Challenges and solutions when adopting PIM for a better time to the market
Adopting a PIM system presents challenges such as resistance to change among employees and high implementation costs. To deal with it:
- Training and awareness-raising : Educating employees on the benefits of PIM can reduce their resistance to change.
- Transparent communication : Clearly explaining the reasons for adopting PIM and its potential benefits can encourage acceptance.
- Progressive implementation : Deploying PIM in stages allows employees to adapt gradually, minimizing disruptions.
- ROI analysis : Show the return on investment (ROI) can justify initial costs and encourage investment.
These strategies help overcome obstacles and optimize time to the market.
Future perspectives for time to the market and the framework for using PIM software
With the constant advancement of technologies and the changing dynamics of markets, the PIM system is becoming more and more of a necessity.
This system makes it easy toquick adaptation businesses with new requirements and market opportunities thanks to more efficient and centralized management of product information.
As PIM technologies evolve, they offer advanced features, such as the integration ofartificial intelligence to automate complex tasks and further reduce time to market.
These continuous improvements make PIM not only a tool for maintaining competitiveness, but also an obvious strategic lever to anticipate and react quickly to consumer trends and market innovations.
Conclusion
Reduce the Time to the Market is the key to staying competitive in the global market, and the PIM is a valuable tool for achieving this goal.
Businesses that adopt and effectively integrate PIM systems into their processes can expect significant improvements in their ability to meet market requirements, through the workflow to control the quality of information.
TTM goes hand in hand with Timing. It is useless to try to reduce the Time-to-Market, if the Timing is poorly chosen. It is better to understand your market and introduce the right product at the right time.
SolidPepper supports you for commercial animation using its PIM solutions. Request your free demo.
FAQS
What is PIM?
Product Information Management (PIM) is a system that helps manage all information related to a company's products.
How does PIM influence time to the market?
PIM accelerates time to the market by optimizing product data management and facilitating collaboration between departments. This allows for faster and more accurate updating and sharing of information, thus reducing the time to market for new products.
What are the main challenges in implementing a PIM?
Challenges include resistance to change, implementation costs, and the need for extensive training. You should know that the use of a PIM makes it possible to capitalize on the know-how of all the company's employees and to make product knowledge accessible to all. So beneficial for everyone.
Is PIM suitable for all types of businesses?
While PIM is beneficial for most businesses, its implementation must be adapted to the specific needs of each business. In some solutions, extensive training is required. The fact that Solidpepper PIM is very easy to use thanks to a professional UX design allows you to start with little or no training, by watching only a few tutorial videos.
What are the future trends for PIM and time to the market?
The integration of artificial intelligence (AI) into product information management (PIM) systems marks a key trend for the future of these technologies.
AI improves the efficiency and accuracy of PIM systems by automating complex tasks such as categorizing products, detecting and correcting data errors, and predicting market trends.
Artificial intelligence is very handy for creating product descriptions, filling in technical data, and classifying images. An interesting use, for example, is to remove the background from images.
These improvements allow businesses to respond more quickly to market changes and personalize their offerings to better meet consumer expectations.
In general, the more products and the more technical and marketing attributes to manage, the greater the value of using a PIM. The more numerous and repetitive the tasks, the more the Time-To-Market can be optimized, provided the right tools are used. Starting with 300 items with 25 attributes, it would be a good idea to start a PIM.
