They say it takes a village to raise a child. Well, you could say the same when it comes to implementing a Product Experience (PX strategy) and building a best-in-class Product Experience Management (PXM) practice.
Bringing together the
right PIM team is the crucial first step for any successful PXM project, because implementing a Product Information Management (PIM) solution is a wide-ranging process that involves a wide swath of your organization. That means it’s critical to identify the key stakeholders and decision-makers in your organization early in the implementation process and help them understand the potential
benefits of implementing PIM.
To help you garner support for PXM across your organization and become an evangelist for the power and potential of great product experiences, we’ve collected three tips to help you ensure your organization understands the value it can bring.
1. Emphasize Return on Investment
Improved process efficiency, a more manageable workload, and fewer manual tasks through automation are all good things that are made possible by a robust PIM. Decision-makers and executives, however, are typically more convinced by its impact on the bottom line.
They want to know how much the solution will cost, as well as what benefits the company could see if they do make this strategic investment. Namely, they need to understand the
ROI, or return on investment, this solution holds. So, spread the word about the ROI of PIM by
tracking key performance indicators, from improved conversion rates, reduced returns,
improved time-to-market, lower enrichment costs, and even increases in average order volume.
Point to examples like
Midland Scientific, a scientific instruments and lab equipment manufacturer, and an Akeneo customer. They were able to reduce the cost of product enrichment by 5 times — from $5/SKU to $1 SKU — and accelerate product catalog production speed by 50% after using Akeneo PIM to take control of their product information processes.