What Is PIM and Capabilities?
by Lumavate | Last Updated: Nov 27, 2023
by Lumavate | Last Updated: Nov 27, 2023
Bringing together all the relevant information about a given product can simplify the entire process of engaging leads and converting them, boosting your sales cycle. For those in the manufacturing space who want to find solutions for their product information management, looking at a PIM solution is an excellent choice. Those who have not used these systems before, however, likely want to know more about what the PIM system does and the capabilities it offers businesses like yours.
If you are new to PIM solutions, here is what you need to know about the benefits that these systems bring to your entire organization.
Product information management (PIM) is how you manage all the different types of product information that you need to effectively market, sell, and service your products. This type of management system will typically bring together all of this product information into a single location. This makes it easy to track and organize and ensure that multiple people in the organization can access the information whenever they need it. Keeping everyone working off the same sources of information ensures consistency and accuracy in all the interactions people have with your brand.
The best PIM software and solutions will bring together capabilities for storing and managing your product data as well as holding and organizing your digital product assets. A built-in Digital Asset Management (DAM) capacity also makes it easier to track and use the relevant digital assets throughout the sales cycle.
Keep in mind that the PIM software solution you select is just one part of building a successful PIM strategy. To use these product information management capabilities effectively, you also need to focus on building four main areas of your strategy.
Keep your product information up-to-date within the PIM. Allowing it to become obsolete will defeat the purpose of the system and make it challenging for anyone to use it effectively.
Create targeted product content for each of the audiences you want to reach. Know why the different segments of your consumer population need to find your product. Design content that answers these needs so that you can draw them into your sales funnel.
As you create your content and track all the valuable product data and information, make sure it is stored effectively in the PIM and that your employees know how to find the information they need. As your teams work through the sales cycle with your leads and customers, you want them to quickly and easily access the information they need to succeed. If key information is missing, they may start creating their spreadsheets and documents to fill in the gaps. When this information is not created according to the universal standard, this can quickly become problematic and lead to disjointed information and communications.
Maintaining the security of your PIM should be a high priority. Establish protocols that protect the information from unauthorized users.
As you begin to set up your PIM solution, you likely want to know what types of information and assets you should store in the system. Your PIM stores any relevant product information about every one of your business’s products. Some of the key types of information you likely want to include are:
If your PIM solution also has built-in Digital Asset Management (DAM) functionality, you can store additional assets as well. To maximize this portion of the tool, you will likely want to include assets such as:
Keeping all this information in a single location makes it easier for everyone within your business to access all the information and assets they need when they need them. You will find that your entire sales cycle operates more smoothly when everyone has the start sources of information.
As you start to investigate the PIM tools in market, you will quickly discover that several different options are available. There are several PIM software examples that businesses need to sort through as they look for the best PIM for their particular needs. Some of the most common options include the following:
To evaluate all of these different options and find the best PIM software 2023, it helps to look at what differentiates the PIM systems from each other. Each of these options offers the ability to centralize the management of your product data. Several also give you additional functionality as well.
For many manufacturing businesses, however, Lumavate remains the preferred solution because it offers a robust and powerful PIM as well as a Digital Asset Management (DAM) solution, and a Digital Experience Platform (DXP). These additional capabilities give businesses even more control over their product information management features and help them further reach and engage their leads.
To help you effectively operate your PIM solution, working with a PIM specialist is a helpful choice. A product information specialist or manager takes charge of obtaining and updating all the relevant product information. This includes information such as:
This professional will also work with product-related digital assets to manage the DAM side of the process optimization. This means they take ownership of:
Product spec sheets
How your company manages this role will vary from business to business. Some organizations will create a full-time role that focuses exclusively on this product information management. Others might have a few people who handle different aspects of this management responsibility.
Since your product information manager works so closely with all the information relevant to a particular product, they typically also function as the subject matter experts for the product or products they oversee.
The right PIM solution can highlight your products with a common source of information across all departments of the business. The convenience and accessibility these systems offer make it easier for you to market and sell your products, boosting the entire product cycle. When you build a solid PIM strategy through careful content management and use product information specialists to manage the information, you can create an effective way to keep track of all the relevant product information.
See the difference that an industry-leading PIM, like Lumavate, can make for your organization. Get started today discovering how you can put this system to use.