What Is a PIM Company?

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by Lumavate | Last Updated: Oct 10, 2023

Product Information Management (PIM) companies do more than collect and store product information. Part of their focus is ensuring information accuracy to reduce errors and inconsistencies that often occur when data comes from multiple sources.

For example, product development uses a specification to engineer a widget. During development, features are dropped or adjusted to meet delivery schedules; however, no one updates the specifications or informs product managers of the changes.

When the marketing team is tasked with creating product materials, they talk to the product managers who give them the original specifications. Marketing spends time and money creating product information that may not be accurate. It's only after engineering sees the published material that marketing learns that some features were dropped during development.

Friction results. Engineers are upset by inaccurate information. Product managers are frustrated because they weren't kept in the loop. Marketing is looking at a possible budget overrun. Customers are confused, and sales targets are not met. PIM companies reduce that friction.

What Is PIM Software Used For?

While PIM software serves as a hub for storing, organizing, and distributing product data, its uses go beyond simple cataloging. A PIM solution can provide the following:

The right PIM solution allows organizations of all sizes to manage their product information and maximize their data for consistent information distribution.

What Kind of Data Is In a PIM?

The best PIM software organizes product information throughout its lifecycle. It should be able to process the following types of data:

These are examples of the data types PIM software vendors support.

What Is a PIM Company?

PIM software companies deliver software solutions to help businesses manage and optimize their product information. They may offer PIM solutions as a service (SaaS) with monthly or annual subscription fees or as standalone applications that are deployed in-house. PIM software vendors offer solutions designed for small businesses and global enterprises. Some of the key characteristics are:

A PIM company offers solutions that help an organization grow while meeting the changing needs of its customer base.

What PIM Software Is Best?

The global market for PIM software is projected to grow to $12.91 billion by 2029, with a compound annual growth rate of 23.1 percent. That means an increasing number of PIM providers will enter the market. In a growing market, determining the best PIM software can be challenging. Organizations can choose from emerging solutions or established providers such as Salsify, Lumavate, Pimcore, and Plytix. That's why it's essential for businesses to answer the following questions before evaluating possible solutions.

With answers in hand, organizations are better equipped to identify the best solution for their needs.

Because Lumavate offers complete Product Experience Management (PXM) functionality, companies have access to more than a Product Information Management (PIM) solution that centralizes product data. Their platform delivers Digital Asset Management (DAM) functionality to store product-related digital assets for easy access. Its Digital Experience Platform (DXP) builds digital product experiences that range from text messaging to interactive product catalogs. With a comprehensive solution, Lumavate minimizes your technology stack while providing a robust tool for managing the information your digital experiences are based on. For many businesses, Lumavate is 75 percent more cost-effective than competing solutions. Why not schedule a demo to see how the platform can help your company grow?

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.