What Does a Product Information System Do?
by Lumavate | Last Updated: Nov 25, 2023
by Lumavate | Last Updated: Nov 25, 2023
Product information systems are becoming increasingly popular worldwide. The market, which was worth just over $3 billion in 2022, is set to be worth nearly $13 billion by 2029. Unfortunately, many manufacturers have yet to discover what a top-tier product information system (PIM) can do for their business.
Product Information Management (PIM) is the process of managing all the information related to the products you sell. The process typically involves storing all information in a single location and then updating it as you sell items, discontinue products, or create new product lines.
One product information example is a file cabinet that contains a folder for each product. Each product folder would contain images and text descriptions of each product, along with accompanying information such as owner's manuals, assembly instructions, and warranty policies. Another example of a product information management system is a database that contains a list of each item you sell. Another folder would likely have all the photos and videos related to each product, while an additional folder may contain manuals, instructions, etc.
The importance of product information cannot be overstated. Your products are what make or break your business. Information about these products will either drive sales or make potential customers want to go elsewhere. You need a good product information management system to store all your data in a central location, so you can share this data with potential buyers in the most effective, appealing way possible.
Thankfully, using a file cabinet or database program is no longer your best option. A PIM software solution is designed to make it easy for you to keep all information related to any given product in a single location. PIM platforms are cloud-based to allow all authorized employees to access and update data as needed. The platform can also send data directly to e-commerce sites to maintain brand consistency and ensure customers always have access to up-to-date information.
A product information system houses all relevant product data in a single location. Most systems offer digital asset management (DAM) functionality to allow you to keep images, videos, and file attachments together with text descriptions. PIM systems also have features to enable you to send information directly to e-commerce platforms. This information includes not just specifications about products for sale, but also custom product recommendations based on a consumer's purchase history or the type of pages that he or she has viewed on your site in the past.
PIM software companies offer a range of features and amenities with their programs. Some platforms have an AI text generation feature to create automated product descriptions. Others may translate product descriptions into other languages. Some platforms integrate with popular programs to make it easy for users to export data and create online and offline marketing materials. The services available on the PIM software examples listed above can also vary depending on the price plan you pick.
Many companies looking for the best PIM software 2023 have found that Lumavate is the platform of choice. Lumavate's PIM platform offers unlimited storage space and does not put limits on the number of products you can add to the platform. It comes with a Digital Asset Management (DAM) feature so you can store all information related to a product in a single location. What's more, the Lumavate PIM platform comes with a Digital Experience Platform (DXP) at no added cost. This platform has all the tools needed to create marketing materials ranging from product catalogs to company websites. It offers all the features and amenities you need to create a custom app that would make it easy for customers to stay in touch with your business. Lumavate's PIM is a "what you see is what you get" (WYSIWYG) platform, which means you don't need to know how to code to use its many features and functionality.
Even the best PIM software can't take the place of a PIM manager. While a PIM program can craft marketing materials, it can't write up product descriptions, take photos of your products, and decide which images to use in a catalog or online product page. A PIM program also can't do market research to determine which products would appeal to a particular target audience.
A PIM manager is in charge of ensuring that all product information is up-to-date at all times. He or she will likely also work with a marketing department to use the PIM program to create marketing materials. The PIM manager may also work with website designers to create or update a company website and/or microsites and/or speak with company management about brand management or customer service improvements.
The product information manager job description will likely be different in a small firm than in a large company. However, the role is no less important. A product information manager in a small company may have to do many of the jobs that would be outsourced to others in a large firm. He or she may need to update product information, help design the website, print marketing materials, etc. While others may help with some of these tasks, in addition to their other responsibilities, the PIM manager will likely have a hands-on role in making sure everything gets done.
Your data is one of the most valuable assets in your possession. Using a product information management system to manage your product data will enable you to do more with this data than ever before.
A PIM system helps you improve customer experience, which not only drives sales but also boosts brand loyalty. It also acts as a single "source of truth" which stores all information related to all company products for sale. Even so, every company also needs a PIM manager who can help the company use the PIM system to its fullest potential. Such a person may take on the role as a full-time job or in addition to other responsibilities. He or she may work with a team or do the job alone for the most part. What matters is that the PIM manager is committed to helping the company succeed and has the tools to do the job as efficiently as possible.
The Lumavate platform is perfect for the job because it offers a fast onboarding time, multiple features and amenities, and an easy-to-use interface. Get in touch with us to find out more or to book a free demo at your convenience.