September 13, 2022
With almost everyone predicting an economic recession looming just around the corner, managing your current assets becomes vastly more important than any attempts to expand. Businesses built around efficiency are more likely to thrive in poor economic climates, whereas enterprises that need big cash flow to be profitable, tend to struggle.
When it comes to the recession, I don’t believe anyone is predicting a 2008-style crash. Although, the implications of what the economy could do are still unknown – and if the latest predictions come to pass, this could be enough to throw some businesses into a downwards spiral. If not managed optimally, this could eventually result in these affected companies failing altogether.
What you’re hopefully asking is, ‘How can I maximise profit with reduced cash flow?’
Well, remaining profitable in these unstable times requires peak efficiency and good management. This means:
Taking these steps should enable the business to maximise profit from the current cash flow, which will be most likely reduced due to inflation and the rising cost of living, which trickles through to all businesses.
The Importance Of Robust Product Information Management
Businesses that rely on a basic product information management system, such as Excel spreadsheets, tend to be fine during good periods. But when efficiency and identifying weaknesses are required, this type of manual system shows its limitations. Generally completed with minimal data and inconsistency between different manufacturers’ data sheets, this approach can lead to lost sales if an advisor is unable to confirm the specifications of a certain component.
Without clear features and specifications to hand customers who can’t see the information they need, quite simply won’t purchase the item in question. Equally incorrect or missing information can generate and excessive amount of product returns and exchanges as customers end up purchasing the incorrect items. In turn this creates a dependence on customer services and logistics departments for businesses, which if managed poorly will need more and more funding, with no real ROI for the business. As you’d expect, reduced customer satisfaction levels and lower repeat sales will go hand in hand with these issues.
How A Proplanet PIM Can Help Boost Efficiency, Productivity and ROI
Reducing the strain on even one department will allow employees to prioritise jobs based on importance rather than time allowance. By expediting your product listings and editing processes, you can bring items to market faster, be the first to adapt to market changes, and ensure you have detailed and accurate listings at all times. Indeed, staying afloat in such a turbulent market generally means being the fastest to react. With Proplanet’s PIM solution, your ability to put your business in a position where you can be proactive rather than reactive becomes much easier.
When you choose the Proplanet PIM, you can integrate one or several product information classification models, such as ETIM, GS1, and UNSPC within the system, with the data being formulated to match your business’ preference and any required industry standards.
As well as aiding with comparisons to competitors’ products and internal sale comparisons, and enabling the availability of general product knowledge, using the Proplanet PIM means you can train your sales staff more quickly and provide a higher level of professional service to your customers.
Reducing the demand on supervisors and managers also switches the focus onto departmental growth, allowing them to be on top of different department requirements, so you can expect development and increases in efficiency over time. This helps departments to better analyse and address any weaknesses ultimately leaving your business in a much better position for sustainable growth.
Whether your aim is to boost the performance of your current ERP or eCommerce platform, or to swap from your current PIM solution, we believe that Proplanet’s PIM solution can be integrated successfully into any business and prove its benefits within a few months.
About the author
New to the business development team, Anthony Newcombe arrives with a background in e-commerce systems and developing online data portfolios. With new ideas and approaches, he knows what it takes to produce a modern online platform.
Having worked for an industry-leading web-only retailer, understanding how a back-end system can aid front-end growth is Anthony’s specialty.
Get in touch with Anthony by sending him an email on firstname.lastname@example.org