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Reduce your time to market with PIM!

Reduce your time to market with PIM!
Reduce your time to market with PIM!

Change has become a cornerstone of our modern world: we live in an era where the only constant is constant change. Everything is changing very quickly: markets, products, technologies – and therefore customer expectations! For businesses, this means staying alert to potential shifts in the market so they can respond swiftly and incorporate these changes into the heart of their product innovation strategy.

In this context of constant competition, the concept of ‘time to market’ lies at the heart of most of these companies’ development strategies.

What does ‘time to market’ mean? Why should we aim to reduce it? How can we achieve this? Here are some clarifications.

The term ‘Time to Market’ is used to refer to two different concepts corresponding to two key stages in the product life cycle.

This refers to the time elapsed between when a product idea is conceived and when it is brought to market. It encompasses all phases of product development: from the specification phase through to production or the product being made available to users.

Result: a new product is launched on the market.

In this context, time-to-market refers to the time between a product arriving in stock and the information about it being made available to users. This timeframe includes the creation of product descriptions (text, photos, technical details, etc.), their cross-selling and upselling, their adaptation for different distribution channels (e-commerce site, shop window, marketplace, printed catalogue), and even their translation. The result: a product is thus made known to its potential buyers.

Whilst ‘Time to Market’ corresponds to two different realities depending on the product’s position in its life cycle, it always involves various phases and workflows, some more time-consuming than others, the duration of which can vary and create bottlenecks. It is therefore logical – and a sign of efficiency – to seek to shorten it.

Minimising friction and reducing time-to-market is a crucial challenge for businesses. When developing a product, the company’s aim is to launch it quickly before competitors get hold of it, in order to benefit from first-mover advantage and seize growth opportunities. Being the first to offer the product will indeed enable the company to establish itself as the benchmark in this field, both amongst its future and current customers.

Once the product has been launched, it is essential to make information and data about it available swiftly and without delay. This information must be readily accessible, whilst being tailored to the target audience and the medium through which it is presented, as it forms a key pillar of the buyer’s decision-making process.

However, in both cases, the company’s staff face the same obstacles:

  • information overload, fragmentation and lack of context,
  • unnecessarily repetitive tasks, administrative red tape and inadequate information management.

So how can we reduce these lead times and optimise time-to-market?

There are three operational levers that can help accelerate time-to-market:

PLM is a tool designed for teams working on product development (R&D, engineering, marketing, quality, design, production, etc.) to track the various stages of ideation and design. Most commonly implemented in high-tech industries, it is used, for example, to track all documentation stages involved in the creation of a rocket or smart cards. The various stakeholders and their contributions are clearly identified, and PLM enables the design phases to be optimised and validations and simulations to be planned in advance, efficiently.

PIM (Product Information Management) is the ideal tool for managing the process of making product information available, by streamlining the work of teams responsible for sales, content, photography, translation, marketing and e-commerce… For a fashion brand, for example, PIM software enables the management of product descriptions, the association of the correct visuals with them, the management of translations, the deployment of information across various sales channels, and even the generation of a printed catalogue for the new collection for your client or clients.

RF

Renaud Falys

CRM Project Manager, RTBF

Reducing time-to-market through PLM to get a product to market faster cannot be achieved without simultaneously reducing time-to-market on the PIM side. When the two are not managed in tandem, the so-called ‘tunnel effect’ occurs: the product exists, but potential users are unaware of it because the product-related information is not yet available.

This is all the more essential for companies that:

  • frequently update their product range or produce large volumes of content: PIM will make it easier for them to complete product descriptions by speeding up approval processes;
  • are entering new markets, particularly overseas: translations are managed within the PIM, and each market can retrieve appropriate product content in its own language;
  • wish to open new sales channels targeting specific audiences – in which case the PIM allows them to select the content to be made available on each channel and automate its distribution.

Time to market can be a real competitive advantage in your market. PIM is one of the innovative projects and essential tools that will help you accelerate it, by facilitating the provision of product information in the right place, at the right time, with the right content. Whatever your sector, a product strategy, however well-designed it may be, cannot be competitive unless it is supported by the right tools to reduce your time-to-market. As a result, your product launches are well ahead of schedule, costs are reduced, resources are optimised and customer relationships are strengthened.