The global consumer electronics manufacturing industry has experienced a number of difficult years. According to an IBIS World report entitled “Global Consumer Electronics Manufacturing: Market Research Report,” product saturation in mature markets, slow growth in global economic activity, and price decreases have contributed to small, annualized revenue growth.
Yet the manufacturing sector appears to be improving. Higher demand in emerging economies resulting from increasing disposable incomes and relatively lower penetration of many consumer electronic products is expected to boost revenue leading up to the year 2019, according to the report.
To capitalize on this pending growth, manufacturers need to automate processes that will translate into greater profits and a more satisfying experience for customers and partners. Despite this goal, the reality is that many are challenged to create the rich information and digital content buyers expect, and challenged in the ability to deliver real-time, highly accurate information to a growing number of channels.
Automating the supply chain with PIM
When creating an efficient supply chain, it is imperative that manufacturers take the time to link operational information among all necessary parties, including suppliers, distributors, retailers, and channel partners. Seamless collaboration among all groups will facilitate more cost-effective decision-making and create the ability to resolve supply chain issues so that manufacturers can quickly minimize the impact to customers and to their bottom lines. For today's supply chain, that means complete automation.
In an effort to streamline processes and feed the growing number of channels and systems, companies are leveraging Product Information Management technology, since it enables manufacturers to streamline the process for creating, versioning, and searching for product information. This improves collaboration and agility and accelerates time-to-market. As the volume of information about products, customers, and suppliers increases in both size and complexity, it becomes even more critical to manage the data proactively as it flows throughout the enterprise from procurement to service and support. With the right PIM strategy and solution in place, manufacturers are able to:
- Streamline the process of gathering information
- Establish a competitive advantage
- Support data consistency across online and offline channels
- Handle recalls quickly and transparently
- Ensure accurate product information is provided to customers across all channels
Let's face it, getting products to market faster enables manufacturers to generate revenue earlier, increase margins, and establish a competitive advantage. Richer and more accurate product information that is delivered on demand also helps to improve up-sell and cross-sell conversions.
PIM solutions can help manufactures gain critical marketshare in challenging economic times by streamlining product information and ultimately helping them prepare for a better future by automating processes and ensuring consuming systems are fed accurate, up-to-date information.