What Is an Example of Product Information Management?
by Lumavate | Last Updated: Nov 8, 2023
by Lumavate | Last Updated: Nov 8, 2023
A PIM system refers to how a company stores and manages its product data. As product databases balloon and companies expand, PIM software has become the preferred way to organize and catalog product descriptions, pricing, benefits, dimensions, SKUs, and functionality. Improvements in product information management technology have made it possible to lay out this information, so it’s easily found by employees. When there are endless questions about how products can be used and what they can be adapted for, the right PIM system can put key details front and center, so there are fewer miscommunications and returns.
In addition to standard product information, product information management software is also available with built-in Digital Asset Management (DAM) functionality. DAM allows companies to add owner’s manuals, demo videos, product photos, and spec sheets to the product profile, giving everyone a more comprehensive understanding of how the product works. As the details of products change, multiple users can log into the software and make updates in real-time. The data is then updated across relevant channels so there are fewer inconsistencies to reconcile.
The ultimate goal of a PIM solution is to have it be a single source of verifiable truth about all the products in a catalog. PIM systems have been more than a breath of fresh air from the spreadsheets of yore; they’ve helped companies keep track of endless product SKUs while simultaneously boosting revenue.
The purpose of PIM software is to reduce inefficiency in the company’s product management systems. When product data is often stored on various spreadsheets and data platforms, there are inevitably more workarounds than decision-makers anticipate. For instance, you may have several spreadsheets that catalog different products with some crossover. Or you may have outdated spreadsheets that employees still use for one-off events. This is time-consuming at best and counterproductive at worst. Employees end up left to their own devices every time product data changes, which can lead to certain sources changing while others remain the same.
With a PIM solution, the data can be managed across different profiles. Employees and customers will not only trust the information they’re seeing, but they’ll also be able to understand the 360° view of the product, whether it’s a digital catalog, a product page, or the final step of the payment process. PIM systems are designed to improve customer loyalty while saving a company's resources. Every product a company makes, regardless of how similar it is to other products in the database, can be distinguished by its unique characteristics (even if it’s a fractional shift of the product's dimensions).
Product information management software and Digital Asset Management (DAM) software can serve as a central reference point for a company. It can also be adapted based on the company's branding. This has been particularly valuable when manufacturers are launching new product lines. PIM software can help introduce new products in a way that intrigues and inspires the customer while still remaining consistent with the company’s values. In the past, this would have been a more difficult line to toe, resulting in product lines that might look as though they’re made by separate companies.
There are numerous product information system examples on the market, including Plytix PIM, Pimcore, Salsify PIM, Inriver, Catsy, Acquia PIM, and Lumavate. It’s a competitive landscape for PIM tools in market, and it’s led to some dramatic breakthroughs in this niche industry. The catch is that product management systems often look like they offer the same functionality from the outside when there’s more to the story behind the scenes. For instance, some software solutions don’t include digital asset management, meaning companies will need to find other avenues to store their videos, manuals, photos, etc. When it comes to PIM software examples, this separate cataloging can confuse after a while, particularly if the Digital Asset Management protocols are less robust than the PIM protocols. Or you may come across PIM software companies that advertise DAM functionality only to find the feature is available through a vendor. The two companies may have originally integrated the software so it all flowed together as one, but over time, you may find that miscommunication on software updates between the two platforms leads to a disintegration of the system.
With Lumavate software, the goal is to streamline product experience management, allowing customers to access everything they need. With DAM and Digital Experience Platform (DXP) capabilities, customers and employees can view relevant information so they can make a conscientious decision about which products are right for them. If they have questions about what a product can do and what kind of effort it will take to implement it, they can either answer it themselves or work through the problem with the help of an employee.
When a PIM solution can range in both cost and functionality, Lumavate is often 75 percent more effective than competitors right out of the box. Rather than bloat your systems with unnecessary functionality or confuse your employees with too many customization features, the goal is to streamline product management in a way that delivers daily value with each product lookup.
A product information management system is designed to store and centralize product information, including product specs and digital assets. A Content Management System (CMS) helps companies create, edit, and publish online content. While some of your product information will be online content, the CMS doesn't provide the same capabilities as our product information examples do. A CMS can help you build any type of site, including blogs and eCommerce websites. If you need to integrate APIs or analytics, the CMS can support these efforts as well.
A CMS can display product information for a small product range, but the reality is that its functionality is very limited for companies that want to go beyond the bare bones of their product lineup. Even as CMS software improves, it will never specialize in PIM. The right PIM solution will be able to store all the details of the product, making it perfect for large product catalogs that may vary based on region, audience, or industry. From data governance regulations to new touch points, PIM software can deliver more value for companies and manufacturers that can't afford to mix up product details. The best product information system examples are built to scale with growing product databases, so companies can continue using the same software year after year.