What Is a Company PIM?

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by Lumavate | Last Updated: Dec 14, 2023

What Is a Company PIM?

Companies today need to connect their employees to a central source for product data to ensure that everyone has the same, accurate information. Spreadsheets might have worked for small companies with limited inventory in the past, but with larger and more varied stocks and workers in multiple locations, the old methods won't allow for profitability anymore.

The solution is a product information management software, also called PIM. A company PIM offers a single location, accessible by all authorized employees, to access correct, updated information on products.

Data stored and managed in a company PIM includes pricing, SKU, product descriptions, features, benefits, functions, and dimensions. Not all PIM solutions offer the ability to handle digital product data, such as videos and photos. However, a PIM with a built-in digital asset management (DAM) system also can manage and store all digital assets related to a product, such as how-to videos, owner's manuals, photos, specs, and much more.

Regardless of add-ons, PIM software lets multiple people access the software at the same time and change product data to keep it updated in real-time. So, someone in marketing can access product features and benefits as soon as the information goes into the PIM system.

Giving everyone in the company a single source of product information reduces problems caused by miscommunication and misinformation.

Why Do Companies Need a PIM?

Having scattered sources for product data wastes time and money. Trying to collect information on a product from spreadsheets stored in separate user hard drives, multiple servers, or various file folders requires more time than any company can afford. Additionally, a user has almost no way of knowing if the product information they find in one of these far-flung locations is the most current.

Businesses will save money and time when using a PIM solution for their product data handling. This software solves the problems introduced by using separate locations for product information and makes collating data and using it simpler.

Anyone in the company can access the latest product information from a single, centralized location. This data accessibility ensures consistency in brand marketing. Product managers no longer need to bear the burden of being the only individual capable of updating product information. PIM software allows any user in the company to update and access the data whenever they need it.

With a PIM solution to centralized product data, sales revenues increase, workers save time, and accessing product information becomes easy for anyone in the company.

What Is an Example of a PIM?

Multiple PIM software companies today compete in the market. These various solutions all provide the core ability to centralize product data and facilitate management.

A few common PIM software companies include:

Among the PIM platforms, some have added features to make them more robust options or to specialize their function better for some types of businesses. However, not all PIM software companies provide businesses with all the features they need. The best PIM software includes the functionality that companies need to make the most of the system.

What Is the Best PIM Software?

When comparing various PIM tools in market, one option stands out for its numerous features and usefulness, Lumavate.

The Lumavate product information management solution offers a robust solution for PIM users. The following are some of the features that elevate Lumavate to the position of the best PIM software 2023 has to offer:

Lumavate's robust offerings set it above the other options that may only have one or two features. These functionalities make Lumavate easy enough to use for small businesses and powerful enough for large companies.

Sign up for a demo to sample the Lumavate product information management solution for your company.

See Lumavate in Action

Meet with one of our experts to see how easy it is to centralize your product data, manage digital assets, and create digital product experiences. Trust us…you’re going to be wowed.