What Is the Main Goal of Product Information Management?
by Lumavate | Last Updated: Oct 15, 2023
by Lumavate | Last Updated: Oct 15, 2023
Data is your business's most valuable asset. Statistics show that 97 percent of companies use it to create opportunities while over three-quarters of business owners rely on it to build a business strategy. Product information, which is all the data related to the products a manufacturer sells, can propel a business forward if you know how to manage it right.
Product Information Management (PIM), as the name implies, is the process used to manage all the information you have related to the product you sell. While there are many options you can consider when choosing a management solution, the ideal option is to store all the data in a single location for ease of access. This enables you, as the business owner, to see all the important information related to your goods for sale at a glance.
Additionally, product information must be accessible to others in your organization, so they can keep track of inventory, provide good customer service, and know when new products launch. This is why many businesses use a cloud-based product information management software program that allows multiple users to access the program at once. As an added benefit, a cloud-based program protects your valuable information in the event of a natural disaster or IT equipment breakdown.
A company's main goal is to make sales and turn a profit. Thus, the end goal of product information management is to boost sales. A good product information management tool will not only serve this purpose but also lower your overhead costs.
Product information management platforms have a database that stores all information related to any product in a single location. When employees have access to this database, they can provide customers with accurate, up-to-date information. This boosts sales as you can compile accurate, compelling information for your marketing campaigns. It also enables you to offer improved customer service, which boosts customer retention rates and builds brand loyalty.
Furthermore, product information management tools can automatically update online stores when you create new products. This boosts sales by making products available at just the right time.
At the same time, product information management lowers overhead costs by making it easy for your company to keep track of inventory. You can see which products are already in stock to avoid ordering items you don't need right away. You can also see which items are out of stock without having to go to your storage facility and check products.
A PIM system is designed to enable businesses to store all data related to a product in a single location. Many systems also have digital asset management (DAM) functionality. This enables you to store digital assets such as images, videos, and document files along with text information. In short, a PIM solution is a go-to resource that contains all information related to any product you offer for sale.
Product information management software has multiple uses. It enables you to keep product information updated in real-time. It makes it possible for employees in multiple locations to access product data, so they can do their jobs quickly and efficiently. Many software programs track edits and changes to enable you to keep track of which products sell well. What's more, PIM software companies often offer features and amenities that will allow you to not only keep online sales platforms updated but also offer personalized product recommendations based on items searched for and/or past purchases.
Information stored in PIM software can include:
Information on product functionality
Product videos or walkthroughs
How-to manuals and videos
Granted, not all items for sale will have all the forms of information listed above. Consider the following product information example:
You run a furniture store and sell beds, tables, chairs, shelves, etc. Your product information platform shows the availability of items in certain colors and sizes. You have multiple items of each product, so customers can get a good view of what items look like from all angles. Each item has assembly instructions and how-to videos to make the assembly process easy for customers. You also have warranty information available for each product in case customers need to return or exchange an item. Your PIM software also automatically updates your online platform and offers custom product recommendations to new and repeat customers
Using a good product information management platform can improve in-house efficiency. It helps to boost sales and build brand loyalty. What's more, it can help you map out a successful marketing strategy as you can see at a glance which items sell well and which do not. That's why companies the world over turn to Lumavate to meet their product information management needs.
Lumavate's PIM solution is unique because it includes product information management tools, Digital Asset Management (DAM), and a Digital Experience Platform (DXP) to improve each customer's experience with any one of your products. The platform allows for an unlimited number of products and product types, so you can grow your business without having to buy a new PIM platform to accommodate an expanded inventory. Additionally, Lumavate's PIM solution allows an unlimited number of users to access your product information as needed. This increases information accuracy, so you always have an accurate picture of how your business is performing at any point in time. All these features and more are available at up to 75 percent less than it would cost to purchase an alternative PIM platform. Get in touch with us to find out more about how our platform works or to request a free demo at your convenience.