What Is One of the Main Goals of Product Information Management?

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by Lumavate | Last Updated: Mar 21, 2024

A product information management method allows manufacturing companies and distributors to better manage valuable information in a meaningful way. Without some way to keep up to date on changing details or updated marketing for a product, it can be hard to create a cohesive brand and message that resonates with a customer and encourages them to make a purchase. Understanding how a Product Information Management (PIM) solution works to fit this goal is critical.

What Is the Purpose of Product Information?

Product information is a critical, comprehensive detailing of your product and any valuable information about it. It includes as much information as possible to describe your product, especially based on how consumers will use and benefit from the product. Some of the most common types of product information include:

In addition to this it can also include all digital assets related to your product as well. That includes product photos, owner’s manuals, how-to videos, troubleshooting guides, and other data that helps to communicate valuable information about your product.

What Is One of the Main Goals of Product Information Management?

The most important and primary goal for product information management is to create a single, highly effective, and efficient way to manage all product details. Having a single location with the most up-to-date information — called a single source of truth for a product — offers numerous benefits to companies and customers alike.

It should include all product information that relates to the product’s marketing or use so that there is a simple and straightforward way of gathering data when there is a need.

The best product information management solutions go further by providing a way to manage all key information, including all data listed above, such as pricing, features, and benefits, as well as more in-depth insights, such as troubleshooting guides and operator manuals. Additionally, the best solutions go further by incorporating a database for managing the product data as well as a built-in Digital Asset Management function. This tool, often called a DAM, allows companies to easily manage various digital tools, including images, documents, and videos, all related to each of the products they have.

What makes this method so beneficial is that, once a company has all of that product information in a single location, it is far easier for it to be maintained and updated when there is a need. If a product changes in any way, for example, in color, size, or even a marketing tagline, employees can easily update that information in one location. This is easier and ensures that all information is updated in an accurate manner.

It is easier to access product information by anyone that needs it. More so, it ensures that the user has the most accurate product information available to them. This includes all tasks related to the product like marketing and sales. All sales resources, marketing materials, and other data is all within one location.

What Is a PIM Tool?

PIM software is the tool you need to accomplish these goals. It creates a central location to store and manage all types of product data. As noted above, this can include all of the product data that relates to each one of your products, including its features, benefits, sizes, material makeup, parts numbers, and much more.

It can also include all of the digital assets related to the product. This includes the how-to videos, owner’s manuals, spec sheets, product photos, and much more. This is only an option if the PIM tool has a built-in Digital Asset Management (DAM) function.

The product information management system operates as a single source of truth for anyone that is given access to it. Teams can be assigned to manage and update the PIM software to include the most recent details about the product. Since it can be easily shared among multiple users, anyone with permission to do so can access the information, update it, or utilize the information for other needs.

This management tool is highly effective at keeping data accessible. From marketing and sales teams to troubleshooting techs after the product is purchased, there are numerous tools and resources available to gather this information and manage it efficiently and effectively.

What Is an Example of a PIM?

There are numerous examples of product information management system examples out there. They are not all the same, though they may all call themselves the same thing. Some of the most well-known PIM tools include:

Each of these solutions has the ability to create a centralized way to manage product data. However, only some of them offer additional functionality and features. As a company, it is best to take the time to compare products to determine which options are best suited to your specific needs and goals.

Lumavate is one of the preferred options available today because it provides the most robust level of functionality. It offers a PIM solution as noted, providing all of the advanced features that these tools can offer. In addition, it also features a Digital Asset Management (DAM) solution. This allows for all of a company’s digital assets to be managed within the PIM tool, keeping all of this information updated and accurately managed.

In addition to this, Lumavate also offers a Digital Experience Platform (DXP). This is one additional level of functionality that can provide companies with exceptional benefits, including the ability to create digital experiences within the same tool. A DXP makes it possible to easily manage data and create marketing tools and messages within the same system.

For companies looking for the best PIM software, Lumavate offers the most robust features within the most effective design. More so, when considering the top 10 PIM software options available, Lumavate is also one of the most affordable solutions available, often a fraction of the cost of other systems. It also only takes a matter of minutes to establish, and once in place, it provides numerous integrations with existing and other tools to help further advance its ability to meet company needs. These PIM software examples range widely in what they offer, but no other product offers as much.

PIM tools in market today are comprehensive and offer a wide range of benefits to users. Most of today’s manufacturers need to have and maintain PIM tools that meet their company’s specific needs. Yet, without a doubt, not all products are the same. Learn more about how Lumavate is providing better benefits and features at a fraction of the cost and with less frustration along the way.

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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.