What Is a PIM Company?
by Lumavate | Last Updated: Oct 10, 2023
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.
Data Quality. PIM solutions ensure the accuracy and consistency of product information. They may include quality control features to minimize errors or inaccuracies.
Multichannel Delivery. As a centralized hub, PIM software helps businesses deliver consistent product information across all touchpoints. Whether it's a mobile app, eCommerce marketplace, or website, the endpoints draw from the same resource pool.
Version Control. PIM systems usually include version control features that track changes. It notes who made the changes when they were made, and what was changed.
Customization. For organizations that serve global markets or specific market segments, PIM solutions should manage product information according to customer-defined categories.
Search and Navigation. PIM systems should include search and navigation capabilities so users can quickly find the information they need.
Cross- and Up-selling. PIM software may recommend complementary products for those customers purchasing or browsing an online channel.
The right PIM solution allows organizations of all sizes to manage their product information and maximize their data for consistent information distribution.
The best PIM software organizes product information throughout its lifecycle. It should be able to process the following types of data:
Product Information. This category can include product descriptions, product specifications, SKUs, and product names.
Digital Assets. The data includes images, videos, and graphic files that illustrate or explain the product. It can include banners, social media ads, and marketing templates.
Product Variations. PIM software should track product variations such as size, color, or finish.
Custom Data. This group includes language-specific product information and regional- or country-specific regulations. It may include details regarding market segments.
Sales Information. This category might include customer reviews, brochures, marketing materials, and pricing.
Technical Data. Depending on product complexity, technical information could include design specifications, CAD files, compliance documentation, as well as dimensions, and warranty details.
These are examples of the data types PIM software vendors support.
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:
Integration. PIM software often integrates with other enterprise software. PIM often works with other technology such as content management solutions and collaboration tools.
Support and Training. PIM companies typically provide customer support, training, and resources to help users realize the full benefit of PIM software.
Updates. PIM software companies should provide regular updates for on-premise solutions to ensure their systems remain secure. As-a-service solutions should offer continuous improvement to meet ever-changing user needs.
Consulting. Experienced PIM companies often include consulting services to help clients maximize the benefits of a PIM solution.
Scalability. Cloud-based solutions are designed to scale. By taking advantage of cloud-native capabilities, PIM providers can offer solutions that meet the needs of a small business with a single product line to a global enterprise with multiple products cost-effectively.
Single Truth Source. Operating as a centralization hub for product information, PIM software ensures that consistent and accurate information is available across all channels and audiences.
Data Quality Tools. Data accuracy is an essential part of any PIM system. PIM companies should deploy technology that enables users to maintain consistent data throughout a product's lifecycle.
A PIM company offers solutions that help an organization grow while meeting the changing needs of its customer base.
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.
What functionality do you really need?
What other systems do you need to integrate with?
How will the product information be used?
What type of budget is defined for this initiative?
What is your timeline for implementing a solution?
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?