How can you build a product repository that will accelerate your sales?
Nowadays, companies are constantly updating their product catalogue, no matter what sector they are in. This race to innovate and diversify not only means an increase in the number of portfolio products but also an increasing amount of data linked to them. This is the very product data which will then be communicated to potential buyers, and whether it’s in the form of descriptive content, photos or videos, it plays an instrumental role in stimulating an act of purchase.
Organizing product data management is thus both key in handling product information efficiently throughout the different phases of its lifecycle, and in rationalizing the collective efforts of the departments which contribute to the creation process. The product repository is the base tool for this kind of work, as collaborators draw on it to shape and use key information.
What is the product repository?
The product repository is the central database where all the information linked to products sold by a company is integrated, stored and linked together. The teams working with it enrich it at each stage of a product’s life cycle. It ensures that information which has been qualified, unified, and normalized can be diffused with ease. It constitutes a unique, reliable and comprehensive base for contributors working with product information.
Why take special care of your product repository?
When a company has a wide product portfolio and / or one which is constantly evolving, the amount of data linked to products never ceases to increase. Centralizing and standardizing data becomes a necessity to gain in efficiency and reliability, and make it easier to manage the data overall.
A product repository allows you to reach this objective by concentrating all associated data in a flexible and transversal tool. With it, you can unite data, ensure it is coherent, and mesh it together to create a purposeful product network for users and end customers.
By setting up a product repository, a company guarantees itself a number of benefits:
- Having just one unique company-wide source for product information helps to reduce errors.
- Historical modifications and different versions of data are rationalized, thus guaranteeing information transparency.
- It becomes easier to share product information, which helps to accelerate the diffusion of products on sales channels.
- Having reliable product information which is exhaustive, consistent, and easy to share means internal communication and partner relationships are homogenized.
A product repository should enable a company to gain efficiency at every stage of the product life cycle. The key to successfully unlocking its many advantages however, lies in its implementation.
How can you build an impeccable product repository?
your repository is important from the moment a product is born. Different teams intervene throughout the conception phase to get the product ready for production: R&D, design, planning…. their collaboration has to be efficient to enrich, configure and adapt product data for the production phase. PLM (Product Lifecycle Management) facilitates this section of work by simplifying the collaborative process and enabling the company to be more responsive and agile.
Once the product is ready for sale, PIM (Product Information Management) kicks in for managing the information used to enrich product pages. As the information required can differ between sales channels, the PIM has pre-settings enabling it to be adapted to each one.
Some companies manage hundreds, even thousands of products every day. By integrating a product repository into their strategy from the very beginning, small and large companies alike can be sure to significantly improve their operational efficiency.
Having a better vision for product information and how to manage it from the conception phase through to sales helps to improve internal processes and processing times. Ultimately, the whole company shifts towards better management of products and their associated data. Implementing a more collaborative work form also accelerates sales.
The repository is a precious daily tool, which if used properly, will rapidly impact ROI in a positive way!