What Is a PIM Used For?
by Lumavate | Last Updated: Oct 12, 2023
Any business that makes, sells, or distributes a large line of products needs a solution to manage the complex product data that’s required. From e-commerce and retailers to manufacturers and distributors, each one deals with the myriad of unique data points associated with each product.
PIM System Meaning
A product information management (PIM) system is software that allows companies to store and manage complex product data and digital assets in a centralized location. It streamlines the process of updating and managing accurate product information across various sales and marketing channels.
PIM solutions are a central repository for all product-related information, including documents, pricing, specifications, and related products. PIM software eliminates the incidence of unorganized storage and ensures that all your product data is easily accessible in one location. By using a PIM system, companies can utilize a single source of truth to ensure that their employees have access to accurate product information.
What Information Is Stored In a PIM?
Product information management software stores a wide range of product data. PIM software centralizes all product data to promote efficient project management and collaboration across the organization. The types of information stored in a PIM system can vary depending on the needs of your company and the complexity of a product line. Examples of product information that may be stored in PIM software include:
Name
Images
SKUs
Dimensions
Specifications
Functionality
Price
Benefits
Size
Color
Replacement parts
Documentation
Some PIM solutions offer digital asset management (DAM) functionality. This enables manufacturers to create a wholistic product record that includes digital assets, such as owner's manuals, product photos, how-to videos, and spec sheets.
Who Needs a PIM?
PIM tools are a must-have for manufacturers. This is because they provide numerous benefits to the manufacturing process. Before PIM, organizations relied on traditional methods such as spreadsheets and siloed file storage to organize data, but these forms were full of challenges and limitations.
Here are some key benefits manufacturers enjoy when using a PIM system:
Centralized Product Data
PIM software provides a single, centralized location for all product data, including descriptions, specifications, images and other relevant information. This removes the trouble of browsing through a myriad of unorganized files and folders to find information, allowing data to be easily accessed and utilized when they are needed.
Brand Consistency
Centralized control over product information ensures brand consistency across all channels and platforms. This consistency is crucial for maintaining a strong and coherent brand identity among your customers.
Fosters Collaboration
PIM systems facilitate collaboration among different teams and departments involved in the product life cycle, such as production, marketing and sales. With a centralized system, staff members can share and work on documents collectively. Also, multiple users can access and update product data simultaneously.
Data Accuracy
By centralizing product data and reducing manual data entry, PIMs allow manufacturers to maintain accurate and up-to-date product information. This ensures that their staff members have access to the most current data, reducing the risk of errors and inconsistencies, especially when making crucial business decisions.
Data Security and Access Control
PIM solutions often include robust security features and access controls to protect sensitive product data. They also have built-in tools that ensure only authorized users can access sensitive information.
Automated Workflows
Many PIM systems offer workflow automation. This allows manufacturers to set up predefined processes for operations such as data screening, validation, and publishing. Automation of production processes helps to reduce the need for manual intervention and speeds up the data management processes.
Improved Marketing
By expediting data management processes, PIM systems help manufacturers bring products to market more quickly. This can be a significant competitive advantage, especially in industries with rapidly changing consumer demands.
Easy Scalability
PIM systems are scalable and can adapt to accommodate additional products and data without needing to make drastic changes or significant loss in management time.
Compliance
PIM systems can be set up to follow particular industry standards and regulations. With your PIM properly configured, you can be sure that you're not breaching any product regulations.
Which PIM Software Is Best?
There are many PIM solutions in the market today, introduced by different PIM https://www.lumavate.com/pim-software-companiessoftware companies. How do you know which of them is the best PIM software for your company? Here are five crucial questions you must ask before you make a decision:
What functionality do you 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?
Lumavate stands out as the preferred choice for those considering a new PIM solution due to its comprehensive Product Experience Management (PXM) capabilities. Within the Lumavate platform, users gain access to
A Product Information Management (PIM) tool for centralizing product data management
Digital Asset Management (DAM) features for storing digital assets related to products
A Digital Experience Platform (DXP) for creating digital product experiences swiftly
Text messaging capabilities to connect directly with subscribed customers
An extensive form builder solution that seamlessly integrates with the organization's system of record.
There are no other solutions available that match the breadth of Lumavate's functionalities, and it is about 75 percent more cost-effective compared to other solutions with lesser functionality. Book a demo with us today to get started.