The ABC of Product Information Management

Investing in product information management directly affects both the company’s competitiveness and the efficiency of internal processes. At the heart of success is a management model that takes product information management into account as part of the company’s strategy and authorizes the loss of responsibility through clear processes. Product information management is managed with an open and long-term approach.

 

Product information management is not an IT project. It is a strategic choice, and requires leadership, implementation, and patience to succeed. What are the biggest pitfalls of product information management and how can they be avoided?

“Implementing product information management is a change process. The process usually starts where the pain is greatest, that is, where data management is at a concrete level. However, the change cannot be confined to one unit but must cover the entire company with its different levels. It requires a change in practices, but in particular, it requires the ability to lead change. The change must be led in the long run” says Minna Andersson, Canter’s Head of Sales and Marketing.

When a company’s mission is to create more impressive product experiences, it also materializes for the end user – through the implementation of organized product information management.

The importance of product information plays a major role in the customer’s purchase decision. As many as 76% of the respondents to the “Product Information Management in Finland in 2021” survey conducted by Canter and the research office Vastakaiku considered the importance of product information and product contents to be highly important for the customer’s purchase decision.

“Easy access to information also affects the customer’s place of purchase. Product information enriches content, creates new marketing opportunities and thus makes the company stand out from the competition,” says Panu Erola, Vastakaiku’s strategic research consultant.

 

Change is an opportunity for leadership

Permanent change requires long-term leadership. Good management is a prerequisite for success in the implementation and systematic use of product information management.

“As the process progresses, a wide variety of emotions arise. It can be a major crisis for a professional who manages an organization’s knowledge, a place of inadequacy for another, and a growth experience that inspires professional enthusiasm for a third. The awakened emotional states of all must be recognized and taken into account, as change requires mental endurance and encouragement. Only then can the organisation’s joint development in product information management continue,”Andersson explains.

Challenges posed by Covid19

 

Respondents to the Product Information Management in Finland survey estimate that sales of digital channels will double in the coming years. The biggest growth was in e-commerce, digital services, applications, websites and social media.

“Corona put the companies in the middle of a new situation. One had to learn to act quickly in a way that was only a goal for some companies within a few years. Dare to step into a new norm paid off. Online trading and virtual events became part of the everyday life of companies,” lists Katariina Tenhunen, CEO of Vastakaiku.

57% of companies with product information management in use experienced improved competitiveness during the pandemic, while only 33% of those without product information management felt that their competitiveness had improved. 84% of respondents consider centralized product information management to be a critical factor for future success.

The pitfalls of Product Information Management

Product information management must be based on a strategic understanding of what is to be done and what is to be changed. If the overall picture is not stopped, development becomes challenging and easily drifts into sub-optimization.

Another major stumbling block is the lack of understanding and support.

“There may be people within a company who are willing to drive change, but without the support of business management, the enthusiasm of those cannot be harnessed and implemented for others. Lack of support also automatically affects resourcing. When an issue is not seen as significant at the management level, it is also not allocated working hours or a budget,” says Andersson.

 

It is never too late to wake up to the current situation and strive for change in product information management.

Organizational attitude and understanding

Nothing comes by commanding or waiting. But with leadership.

Many of the respondents to the survey pointed out that their own desire to invest in the product information management process was dampened because other staff did not see the issue as important. When the overall picture is not clear, it is not possible to detect its far-reaching nature either. This, in turn, only makes the moment standing and tempos about doing. It is especially important to focus on what is being developed and with what mentality.

“Product information management should be at the heart of the business and have peace to develop. Perseverance and thematic advancement create the foundation on which to develop a strong future,” says Andersson.

 

How to influence the attitudes in the company and create commitment?

In a company where information is power, the introduction of product information management can cause its own challenges and a sense of being threatened by some individuals. Then it is paramount to communicate what is happening and why, how product information management helps everyone – including those responsible for information – and how many positive things it can bring to everyone’s job description as information sharing becomes open and transparent.

“An employee can get more pleasant and extensive work tasks when time is freed up from copying and reviewing information to other things. People are involved in change when they know how they can benefit from it,” says Andersson.