What Is a Company PIM?

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:

• Salsify PIM: Allows users to create a digital catalog of products and customize the data stored and managed in the PIM.

• Acquia PIM: Automated task formation and data entry streamlining in this PIM solution reduce redundant tasks in adding data to the PIM.

• Akeneo PIM: This PIM software handles massive amounts of data typically found in the largest companies in its enterprise PIM program.

• InRiver PIM: Users can access product data from a variety of sources, including phones.

• Plytix PIM: Workers in a company can collaborate within the PIM software to aid in product data management.

• Catsy PIM: Users can sync product information from multiple catalog sources.

• Lumavate PIM: Users of this PIM also have access to additional features, such as a Digital Experience Platform (DXP) and Digital Asset Management (DAM) software.

• Pimcore PIM: This software permits bulk imports and exports of data into the PIM.

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:

• No limits: Large and small businesses can use this PIM solution without limits on the number of products, product types, or customized data fields. Additionally, the program does not have a limit on the number of users who can access and manage the product data.

• Included digital asset management (DAM): Lumavate doesn't separate its DAM from its PIM. The two come packaged together for easier handling of all product information, including videos, photos, QR codes, logo images, and other digital assets.

• Digital experiences: Lumvate's digital experience platform (DXP) allows for tying the PIM to the digital experiences within minutes.

• No need for IT: Anyone can use Lumavate and create a website without the need to invest in IT or website developers.

• Customize campaigns: Use the DXP to create customized product campaigns, such as new product launches and more.

• Collate catalogs: Create a single, searchable digital catalog with all company products.

• Keep up with changes: The change log with the PIM tracks all data changes from all users.

• Link products for cross-sells: Connect related products effortlessly to recommend bundles and related products to customers to increase sales.

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.