What Does PIM Mean in Product Management?
by Lumavate | Last Updated: Jan 26, 2024
by Lumavate | Last Updated: Jan 26, 2024
Information about your products is critical to customers, vendors, distributors, and partners. Yet, without a clear and centralized solution to manage all of your product information, it is difficult for any organization to do so effectively and mistakes happen. A Product Information Management (PIM) solution is a system that centralizes and manages product data to ensure consistency and accuracy.. Any company producing a product needs a way to manage key information efficiently, and spreadsheets, the tried-and-true method, are no longer effective.
Consider the PIM system meaning. Product Information Management is a term used to describe a management solution for all of the product information that is necessary to market, sell, and service the products your company manufactures. It is the deep details of what the product is, the product’s function, and many other bits of information that are critical to selling that product.
With a PIM, it is possible to centralize and organize all of that information in one place, making it easy to find every bit of information, whenever necessary. It is critical, for liability reasons as well as overall product success, that this information be readily available and in a single location. Otherwise, it cannot be effectively managed or accessed by those who need it across the organization, nor by third-party vendors.
Most companies today assign product data management responsibility to their product managers. However, if your organization lacks a product information manager dedicated to this sole responsibility, the data is likely not being updated or managed accurately or effectively over time. This often means that the responsibility of product management falls on the shoulders of the marketing and sales team.
If the marketing and sales team does not have the most up-to-date and accurate information, they cannot do their jobs properly.
A PIM platform is used to centralize the management of all product information data. It allows for one location that will store all data properly and securely, which can then be shared with anyone who needs to know this information or have access to it.
The product data can be comprehensive but typically includes:
Pricing information and changes
Features of the product
Any data that is valuable to the selling, use, repair, update, maintenance, or customer support of the product’s functionality can be shared here.
Also, note that the product information can also include digital assets related to the product itself. That includes:
Videos of the product
Photos of the product
The best PIM solution will provide a single tool and strategy for managing all of that data in an effective manner. It can do this only if the PIM solution has a built-in Digital Asset Management (DAM) function to it.
The most effective PIM platforms make it easy for all of this information to be properly shared. To do so, they allow multiple users to log into the system’s software (with permissions granted) and then update the product data. This is done in real time, which means that anyone with access to that solution can see the most up-to-date information available. This allows the PIM platform to serve as a single source of truth for all product information.
PIM tools in market today can be used by multiple people and across various sectors of a company to communicate valuable information and achieve specific goals. Product Information Management software is typically used by:
Manufacturers of products
And any other company that needs to centralize data
Within a company, a PIM solution is often owned and maintained by the marketing team or the product management team if the company lacks a standalone team dedicated to managing product information management.
PIM software is managed by these organizations and then shared as appropriate. For example, the information can be shared with the marketing team, vendors, repair specialists, and anyone else who may need to use that information. Only those given access and permission to make updates to the content can do so, allowing for the safeguarding of the system’s valuable data no matter who it is shared with for the goal.
These may be some of the top 10 PIM software options available, but note that not all are the same in how they function and what they offer. Each one of these products provides a way to centralize the management of product data. Some of the solutions add more functionality and features to them to provide more enhanced, easier-to-use systems.
For example, Lumavate is the preferred solution for those who are looking for a more robust system that includes a PIM, Digital Asset Management (DAM) solution, and a Digital Experience Platform (DXP). Because it centralizes all of this data in one location, it provides a much better final result for users, and ensures more effortless communication and data sharing.
A Digital Experience Platform allows organizations to manage and create digital product experiences, allowing for even more effective management of the company’s products and services. This robust lineup of features helps organizations manage all of their product data and assets, as well as create marketing and other digital assets in a centralized location. That offers improvements in function, cost savings, and better overall real-time management of data.
When comparing PIM software companies, organizations must consider all of the resources and tools they offer and how well they provide all of the necessary features.
The best PIM software meets the company’s needs now and into the future as it grows. Lumavate is designed to do that for a wide variety of organizations, including manufacturing companies, CPGs, and medical device companies. The Product Information Management functionality offered by the program is often used by businesses to manage all product data in a cohesive manner, improving the company’s ability to meet expectations. Because of its more aggressive control and solutions — and its much more affordable price than competitors — Lumavate has quickly become the go-to solution.
Learn more about how Lumavate’s PIM solution offers a better product and how it can change the way you operate your business. Schedule a demo to see the Lumavate Product Information Management Solution (PIM) today.