Published On : 09 Nov 2018
Product information management (PIM) is a framework which enables organizations to store all crucial promotional and innovative information identified with a product. Utilizing product information management, this information is stored and coordinated safely. Global coordination, identification, and systems administration of software product information is encouraged with the support of PIM. Management and development of central database frameworks is additionally empowered because of PIM. Utilizing PIM, extraction of information with respect to any product is possible without trading off on the consistence requirement and information quality. It additionally lessens a time-to-market for recently propelled products. PIM streamlines the procedures for approving, creating, and broadcasting the client-ready products.
Simple Access to Storehouse of Information to be Important Factor in Growth
Increase in demand for centralized information storage of information with respect to products is driving the PIM market. It is helping organizations to effectively oversee and sort out every one of the information with respect to its products. Information sources are updated with a solo change in the centralized information storage, sparing cost and time required for information management. Additionally, verification and compliance are increasing because of the developing number of threats related to information security. PIM gives secure and safe access to information kept in the centralized database.
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Lack of Awareness Regarding PIM to Hinder Growth
PIM encourages speedy and simple access to the storehouse of information, in the meantime key information storage methods help in keeping up the information quality. Linking and indexing supports in decreasing the time required to finish different procedures with respect to information storage, improving the operational effectiveness. Marketing and offers of products are vital procedures to create revenue. Moreover, PIM empowers indexing of products to accomplish unanimous customer view and customer centricity. PIM gives a centralized system to enhance the proficiency of promotional exercises. The distribution channels are monitored successfully utilizing PIM solutions. Using of Big Data and business intelligence applications along with cloud offers gigantic development scope to the market. However, absence of awareness about the PIM is hindering development of the market. Additionally, information security concerns are as well likely to pull down the market development.
The global PIM market is categorized based on mode of deployment, service type, end-use industry, and software type. As per the service type the global PIM market is classified as system integration and training, consulting, support and maintenance facilities. On-premise and cloud-based are the two methods used to install PIM solutions. Single-domain PIM and Multi-domain PIM software are present in the global market. Sectors that are essentially utilizing PIM solutions incorporate healthcare, retail, energy and utilities, IT and telecom, media and entertainment, manufacturing, transportation and logistics, financial services and insurance (BFSI), and so on. In addition, based on geography, the global PIM market is divided into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa.
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