What Are the Benefits of a PIM System?
by Lumavate | Last Updated: Dec 9, 2023
by Lumavate | Last Updated: Dec 9, 2023
No matter what industry you're in, managing a large number of products and SKUs comes with its own unique set of challenges. Keeping information up-to-date and easily accessible can be especially difficult—but with the right Product Information Management (PIM) system in place, these issues can be a thing of the past for your business.
The main goal of product information management is to establish and maintain a single location to store any product information. Specifically, product information refers to any documentation, files, and/or media related to a particular product. Some examples may include:
dimensions and specifications
The best PIM solutions are effective in incorporating both a database for managing the product data as well as a built-in Digital Asset Management (DAM) functionality to easily manage images, documents, videos, and more. Lumavate is an example of a PIM that has built-in DAM functionality.
When a company can centralize and manage all of its product information in a single location, employees have an easier time accessing up-to-date and accurate product information. This, in turn, results in better customer communication, more informed purchase decisions on behalf of the customer, and more accurate product information being used by employees in marketing materials, sales resources, and training.
In many ways, effective PIM can also help your business make more sales. This is especially true when you consider that a part of your product data may include "related products" or "related accessories" that can help customers determine what additional purchases they may need to make even after purchasing the initial product.
Meanwhile, when PIM software includes built-in DAM functionality, a PIM system can also store related digital assets that include photos, how-to videos, owner's manuals, and other resources that may be useful for customers and employees alike.
Compared to other means of storing and managing product data, a PIM system may also make it possible for multiple users to be logged into the software simultaneously. From there, product data and files can be accessed, updated, and saved in real time—effectively serving as a single source of truth for all product information within a company.
Product information management tools, such as PIM platforms, serve several useful functions. However, these exact functions can vary from one platform to the next. This is why it's so important to shop around, compare features, and ultimately choose a PIM solution that will best suit your company's needs both now and well into the future as your business scales and grows.
At the bare minimum, a PIM platform should serve as a reliable and centralized space to house all relevant product data, including product descriptions, pricing, and features. However, some PIM platforms include added features, such as built-in DAM functionality that allows for the storage of product-related digital assets.
With a reliable PIM solution in place, companies can abandon outdated ways of tracking product data (such as spreadsheets) and enjoy housing everything in one accessible location. Other PIM solutions may also include a full Digital Experience Platform (DXP), which allows businesses to seamlessly incorporate data and assets into digital experiences that customers will find truly useful and engaging.
What are some product information management examples to consider? There are several solutions available on the market, all of which offer their unique features and selling points. Some of the more popular PIM platforms available today include:
There are so many PIM benefits that your business can start reaping by implementing the right PIM solution if you haven't done so already. Many manufacturers, for example, store most of their data in spreadsheets that may be located in various file folders across the company's computer network or even on individual employees' hard drives.
Unfortunately, this can make it extremely difficult or even impossible for employees to find and access the product information they need when they need it. Likewise, because there may be many different versions of the same file, employees may struggle to know whether the data they're looking at is the most up-to-date information or not.
With a PIM solution in place, every product-related file and asset is saved within the same centralized database—allowing all employees to find, access, and manage product data as needed. This, in turn, can boost employee productivity because workers are spending less time searching for files and more time using them. Meanwhile, employees can also enjoy the added peace of mind in knowing that the data they're accessing is the most up-to-date information available. This, in turn, allows them to perform their jobs and serve their customers with a greater sense of confidence.
Many outdated product information management systems only allow for one employee to access a data file at any given time, which can slow down processes (especially at larger companies with many employees). With a modern PIM solution in place, multiple users can be logged into the platform at the same time with no issues. At the same time, all users enjoy the convenience of having one centralized location for all product data. This, combined with added features like DXP and DAM functionality, improves brand consistency and reputation.
The best part? With the right PIM solution in place, like Lumavate, you don't even need to have extensive IT or tech experience to get the most out of the platform. An easy-to-use and intuitive PIM system will allow for a seamless transition with minimal training and support needed for your team.
Your business has so much to gain from the implementation of a great PIM solution. However, it's important to understand that not all PIM platforms are created equal—just as not all platforms are designed to seamlessly scale alongside your business. If you're looking for PIM software that will truly help your business maximize its productivity and create customizable experiences for your customers, Lumavate has you covered with a built-in DAM and DXP (among many other compelling features).
Get in touch with our knowledgeable and friendly team to learn more about what Lumavate can do for your business and to book your free demo. We look forward to empowering your company to reach its full potential with unrivaled product information management.