The B2B of product information management
B2B commerce is under more and more pressure to meet the demands of a tech-savvy, digital-first consumer who has brought over all their expectations about service and experience from the B2C world, says Justin Thomas, VP Sales – EMEA North for Akeneo.
Unlike traditional B2B transactions that revolved around long-standing, in-person relationships and manual processes, the modern B2B buyer expects a seamless, informative and efficient purchasing experience. At the heart of this transformation lies a critical issue, the management of product information.
Akeneo’s 2024 B2B Survey Report shines light on the severity of this problem, revealing that an overwhelming 99% of B2B organisations face challenges related to product information management (PIM). These challenges range from difficulties in automating data processes to ensuring timely product launches and encouraging team collaboration. As a result, the need for robust, integrated solutions has never been more pressing.
Digital transformation growing pains in B2B
Digital transformation in B2B commerce is an issue of survival. The shift from manual processes to digital platforms has introduced both opportunities and challenges. On one hand, digital tools can vastly improve efficiency, accuracy and customer satisfaction; on the other, they require additional investment in technology and a shift in how product information is managed.
The research highlights a stark reality; despite the advantages of digital tools, a significant portion of the industry remains wedded to outdated practices. 40% of organisations still manage their product information manually. This reliance on manual processes not only lacks efficiency but also increases the risk of mistakes, leading to poor customer experience and potential compliance issues.
Moreover, the survey indicates that it takes an average of 16 days for companies to enrich product data, with some taking over a month. In a fast-moving market where time to market is critical, these delays can have serious consequences, from missed opportunities to losing out to more agile competitors.
The challenges of automation and AI in PIM
One of the most significant challenges identified is the application of automation and artificial intelligence (AI) in PIM. While these technologies promise to revolutionise the way data is handled, their implementation is far from straightforward. 37% of survey respondents cited this as their primary challenge, underscoring the complexities involved.
Automation and AI can streamline product data processes, reducing the time and effort required to manage large volumes of information. However, they also require investment and a skilled workforce capable of selecting, implementing, managing and optimising these systems. Furthermore, the integration of AI into existing workflows can be disruptive, requiring a cultural readjustment within the organisation.
Despite these challenges, the potential benefits of automation and AI are too important to ignore. By exploiting these technologies, B2B organisations can improve data accuracy, team efficiency, speed up product launches and enhance the overall customer experience. However, success in this area requires a strategic approach, focusing on the gradual implementation of AI tools and continuous reskilling of the workforce.
Team collaboration and timely product launches
In addition to the challenges posed by automation and AI, research highlights the critical role of team collaboration and timely product launches in effective PIM. 31% of respondents pointed to team collaboration as a significant challenge, while 28% identified the timely launch of products as a key issue.
Effective collaboration is essential for ensuring that product information is accurate, up-to-date and consistent across all channels. However, this is easier said than done. In many organisations, product information is siloed across different departments, leading to inconsistencies and delays. Breaking down these silos and fostering a culture of collaboration is crucial for improving the management of product data.
Timely product launches are another area where many B2B organisations struggle. Delays in launching new products or updates can have a ripple effect throughout the business, from lost sales opportunities to damaged customer relationships. By improving collaboration and streamlining processes, companies can reduce these delays and bring products to market more quickly.
Investing in integrated solutions
As the B2B sector continues to evolve, addressing the challenges of product information management will be crucial for staying competitive. Investing in user friendly and integrated solutions, such as PIM systems, is a vital step in this journey. These systems provide a centralised platform for managing product data, improving accuracy and ensuring consistency across all channels. When combined with AI and automation tools, PIM systems can significantly enhance the efficiency of product data processes.
Moreover, organisations must prioritise the continuous training and development of their teams to keep pace with technological advancements. A well-trained workforce is essential for maximising the benefits of digital tools and ensuring that product information management remains agile and responsive to market demands.
The challenges of product information management in B2B commerce are significant, but they are not insurmountable. By embracing digital transformation, investing in advanced technologies and fostering a culture of collaboration.
For more information on how B2B organisations can embrace digital transformation and thrive in an increasingly competitive market download the full 2024 B2B Survey Report.
