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PIM Helps Businesses with Effective Product Management and Better Customer Experience – ReadWrite



How PIM helps your business

If you are a product-driven organization, you need to manage several product-related operations such as product inventory, prose, attributes, available quantity, required quality, and more. How do you manage such a large volume of data?

How do you manage your product data? You may use conventional ways like spreadsheets, ERP and PDFs — but these methods are becoming less efficient than they once were. The pace of business and data have evolved at such speeds that businesses are in a continual search for innovative solutions for storage.

What is Product Information Management (PIM) and how will it help businesses engage with its customer base?

Product Information Management (PIM) is a process of collecting, storing, managing, enriching, and distributing the product data as and when required. PIM allows you to promote and sell the products through different sales channels such as marketplaces, eCommerce websites, print catalogs, social media platforms, and more.

Every product-driven B2B and B2C businesses can leverage the PIM regardless of industry domains. Manufacturing, retail, distribution are the premier sectors that utilize the Product Information Management system extensively.

Manage Product Information

PIM allows you to store and manage the product data in a single platform to ensure that every page of your site delivers highly relevant information that addresses the customer’s needs. Moreover, you have the freedom to update your product description at any point in time.

Centralized Management of Product Data

Whenever you want to update any product data all you need to do is simply update the required information in your centralized database and push it to every page of your website and platforms where you are selling your products.

Digital Asset Management

PIM contains a framework of digital asset management where you can manage the images, videos, documents, and other resources that help your customer in making the buying decision. You can upload a number of images and videos as per your requirements.

Before considering any product information management platform, you need to know everything about PIM to judge how PIM is the best fit for your business.

How Product Information Management Systems Help Grow Your Business?

Improved Data Quality

Almost every product-driven business face data quality issues. This is a critical one as it impacts your customers’ buying decisions significantly.

If you own an eCommerce store or your market and sell your products on different marketplaces, you need to populate the product attribute values constantly to keep your product content SEO friendly, accurate, and relevant.

With the PIM, you can update the product information as per the changing regulatory and legal requirements. Also, it allows you to maintain compliance as global laws change.

PIM helps you address issues like inconsistent attribute values and incomplete attribution. With an advanced PIM, you can enforce data compliance and completeness with legal and regular requirements.

Enhanced Customer Experience

Using a PIM, you can display your products with better relevancy by managing massive amounts of data through a single source of through. Centralized management of product data allows you to distribute accurate product information across the varied sales channels and customer touchpoints by eliminating inconsistencies.

Moreover, it allows you to create demographic-specific and channel-specific product descriptions to create and deliver a more relevant experience to the customers.

PIM notifies you about the data error and helps you to improve the future customer experience by informing you about the data error, quickly correcting issues, and pushes the changes to all the channels.

Expand and Grow Your Business

PIM allows you not only to update the content as per your changing customer needs and business requirements but also to publish the content automatically to all the sales channels accurately and quickly.

Integrating your eCommerce website and ERP software with PIM, you can manage all your product information and website content in a centralized platform. As PIM is scalable enough, you can enhance it as your business grows.

In the future, when your business expands and you need to manage thousands of products with hundreds of attributes, PIM helps you to manage it seamlessly and effectively.

Moreover, if you want to establish your business in other countries and regions, PIM helps you stay relevant to your foreign audience by offering multi-lingual, multi-currency, and many other features like these.

Reduced Product Returns

With the help of PIM, you enable your customers with complete and accurate product information.

When customers have the correct information about the product, there are fewer chances that they mistakenly buy a product that they do not want.

This results in reduced numbers of product returns and fewer irritated customers. By providing up-to-date and accurate information, you can not only avoid the product returns but also reduce the overhead cost that your business pays for product return as well as you can deliver a better customer experience for your brand.

Leverage Upselling and Cross-selling

Along with product data management, PM allows you to group similar products together to make shopping easier for the users while they visit your website. The platform allows for data matching and data mapping features that allow you to show customers products that are similar to the one they are interested in.

Enabling shoppers with multiple options to address their same needs, you can help them in making the most cost-effective buying decision.

Improved Product Search

Buyers are becoming competent at conducting online research for any product purchases. Usually, people use search engines to start the product search.

There is cut-throat competition when it comes to eCommerce platforms. Just like you, many of your competitors have an online store or registered with leading marketplaces to promote and sell their products. It helps you stay ahead in the competition, you need to take care of all the SEO aspects.

PIM allows you to create SEO friendly product content that helps you to gain prime visibility on popular search engines. This improves the speed to market of the products as the customers can find your product quickly and make a buying decision instantly when you have a reliable Product Information Management system in place.

Create A Integrated Buying

Don’t forget that you are dealing with tech-savvy customers who access your product data from different devices for online shopping. Thus, it is very essential for you to deliver them a uniform experience across all the channels regardless of desktop or mobile. It empowers your brand image and makes your customers’ life easier than ever before.

PIM helps you create an integrated buying experience for your customers and encourage them to make a shop. The platform ensures that the same product information displays across all the customer touchpoints no matter what device buyers use to view the product. It helps you create a trustworthy and professional brand image.

How to Choose the Right PIM for Your Business?

If you check on any of the leading search engines, you will get a long list of Product Information Management platforms available in the market. But, you need to identify the best fit for your business that allows you to build a custom PIM solution by utilizing their different components as per your specific requirements.

One of the most trusted PIM platforms is Pimcore. It allows you to utilize Digital Asset Management, Content Management, eCommerce Platform, Customer Data Platform, Master Data Management, and Digital Experience Platform to create an end-to-end compelling experience for your customers.

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Sagar Sharma

Sagar Sharma

CTO @Credencys Solutions Inc.

Sagar holds the position of Chief Technology Officer at Credencys Solutions Inc., a Mobile App Development Company. He is responsible for all the technical operations, as well as leading the company’s revolutionary offerings. He is helping companies navigate the Digital journey in an Agile environment. Share your app idea at
Sagar has two main areas of focus – Technology and Processes. He has worked in leadership positions in various Fortune 500 companies and has been instrumental in driving success through digital transformation. He is also an enthusiastic Agile Coach.


Fintech Kennek raises $12.5M seed round to digitize lending



Google eyed for $2 billion Anthropic deal after major Amazon play

London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

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Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs



Deanna Ritchie

As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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UK seizes web3 opportunity simplifying crypto regulations



Deanna Ritchie

As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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