According to the International Date Centre (IDC), a technology research company, the amount of data doubles every two years, which is why organizations have more and more data at their disposal. The data needs of organizations are increasing rapidly due to the fast growing technology industry. In order to generate value from this data as a business, you need new technologies and tools that can manage and analyse all the data. One of the new trends in technology for businesses is the use of Artificial Intelligence (AI). In this blog we will discuss what the three main benefits are for your business, by means of Smart Product Data Management.
What is Smart Product Data Management?
Smart Product Data Management is about making your product data management processes more efficient with the use of smart technology or artificial intelligence.
For example, if your business sells furniture, it is recommended to have the product specifications of each product present on your e-commerce website. This type of information is required, in order to be able to meet your customer’s needs. By implementing Smart Product Data Management, the process of presenting your customers with the correct specifications, product texts and alternative products or up- and cross-sell products will be made a lot easier. By using smart solutions, like texts generation tools, your business can save time on writing sufficient product descriptions and increase sales by providing customers with the correct information. In the following section we will elaborate on three main benefits of Smart Product Data Management.
Cost saving
In order to make the right decisions as a company, it is essential to have a clear overview of your own data. As we have mentioned before, the amount of data nowadays is increasing enormously at the disposal of companies. If there’s no clear overview of the data, your company will spend loads of work hours searching and managing. Besides that, it is commonly known that people make mistakes, especially when it comes to a lot of data. To avoid this and to save money in working hours, a smart strategy in product data management is necessary. For example, there are tools that can help to automatically improve your data quality and quantity. Imagine selling cans of paint, the content of the can is from importance to the customer. In your data there are cans of 1 litre and 5 litres. Due to, probably, a human mistake there is also one can of paint of 50 litres in your dataset. Smart algorithms can find these outliers in no-time, while now many companies invest a lot of resources in manhours of data stewards.
More Revenue
Customers mostly land on your product detail page from search engines like Google. If this page does not contain the product, or product data, to satisfy the needs of the customer, they just as easily leave your website and continue searching via the initial search engine. Now, if you provide customers with the correct specifications, product texts, alternative products, variants, and up- and cross-sell products, everything the customers could possibly need is present on the product detail page. Therefore, there will be more conversion of your products, and thus more revenue for your company. By implementing Smart Product Data Management, product detail pages like this are within reach, without the need of large investments in costly manhours.
Customer Satisfaction
Implementing Smart Product Data Management ensures that everyone has access to the same data, e.g. the people from marketing, sales, customer service, finance, research and development. This allows each message to be better communicated and enhances the customer journey. The customer can find out what the specifications of a product are, which leads to satisfaction at the time of purchase since it met the expectation. Apart from this, as a business you can make better decisions based on concrete data. Your business can predict beforehand what it should focus at in the coming period, in order to continue optimizing entire customer experience.
Customer satisfaction is achieved by implementing Smart Product Data Management. Customers are assisted in their purchasing decisions by having the right data delivered in such a way that it can enhance the purchase decision. For example, when an account manager wants to buy a new phone, it is useful to mention the working memory in the product detail page. Consumers who are looking for products will decide to buy them once they have seen the texts and images. Every consumer has their own wishes and needs, so it is important for you as a company that your product information is as extensive and as clear as possible.
Thanks to our PowerSuite tools, we can improve product data management processes and offer various solutions using smart AI algorithms. These include generating marketing texts and category texts with high SEO value, which promote the purchase of your products by consumers and thus lead to higher conversion.
We at Squadra Machine Learning Company help companies build intelligent and automated solutions, by means of artificial intelligence, tailored to your problem. Besides that, we also help companies with standard software solutions with our PowerSuite. PowerSuite is a group of SaaS Software products, which aim to improve your product data management processes. By using smart AI algorithms within different processes of product data management, the PowerSuite can easily help saving time and costs, increase productivity and create customer satisfaction.
Interested? Let’s talk and discover how we can help you!