What Is PIM Application?

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by Lumavate | Last Updated: Mar 25, 2024

What Is PIM Application?

The investment in new marketing technology can help companies accomplish more, save time and money, and provide better customer experiences. The key is choosing the best tools to make that possible.

One core component is the use of product information management (PIM). It is a way to unify all of your product data in one place, creating opportunities for collaboration across your team, with distributors and vendors, and with customers.

Take a closer look at what PIM programs are and how they work.

What Is PIM Application?

Product information management is a way to centrally store and manage all of your company’s product information and data in a single place. This product data includes all aspects of product information, including:

It should be a comprehensive location for storing everything your company needs to sell, market, and services its products.

PIM programs can also include all of the related digital assets associated with your company or products. This includes:

This type of added functionality only occurs if the PIM solution incorporates a Digital Asset Management (DAM) solution with it. Not all products do this, but those that do, such as Lumavate, can offer incredible efficiency and performance.

A PIM solution will allow for numerous benefits in day-to-day operations. That includes allowing multiple authorized users to log into the software and update the product data. This is done in real time so that the data provided is always accurate and up to date. Any member of the team with permission can access the data, refer to it, and update it in real time. As a result of this, the PIM becomes the single source of truth, ensuring anyone that needs the most up to date information is capable of finding it no matter where they are.

What Is PIM Software Used For?

Product information management software is designed to effectively manage product data and other related assets, depending on the features included within it. With it, organizations have an up to date, comprehensive resource that has all related product information easily accessible for any person or vendor that needs access to it.

Who Uses PIM Software?

PIM software is used by many organizations. It is particularly beneficial to organizations with numerous products. This includes:

It can be used across all related fields and industries whenever a company needs a tool to centralize the management of its product data. It can be modified to include as much or as little of that information as needed and be used within the company, with sales teams, or with third-party vendors. This level of functionality makes PIM software highly versatile and effective for numerous companies.

When an organization invests in PIM software solutions, it is typically owned and maintained by the company’s marketing team. In some organizations, it is managed by the product management team, especially if the company does not have a standalone group of people dedicated to product information management. Larger companies may have this dedicated professional, but others will not and will allow various other teams to utilize and maintain this tool.

It is important to know that, as the single source of truth, the PIM can be used by multiple teams within the business for various areas and needs. For example, the sales team can use the PIM to manage digital assets and graphics, update information about new promotions, and keep logos and other content fresh. The company’s customer support team can use the PIM to aid with customer inquiries, finding replacement parts, updating and managing warranties, and providing customers with the information or guidance they need about the product or service.

Any team within the company that is given access to the solution can utilize it in a meaningful way. This allows the tool to meet various needs over time.

What Is an Example of a PIM?

One of the best ways to learn more about how a PIM can help your company is to find an example of them and explore more about how they work. The good news is that there are numerous options to choose from, but many of them are not equal in terms of function, cost, or value. This can make it difficult to determine which is the best for your needs.

With numerous PIM solutions available today, you have dozens of options to fit your needs. The following are some examples of PIM solutions that operate in different ways. The following are the top 10 PIM software options today.

The one thing all of these products have in common is providing at least the basic tools and features of being able to coordinate all of your product data in one place. These tools are all able to centralize the management of your product data overall. However, some of the best PIM go further, offering a better product by including more robust features.

One example of that is Lumavate. It offers one of the best PIM solutions on the market, competing heavily with each other product on the list. However, it does more. It includes a PIM, but also a Digital Asset Management (DAM) solution. This allows for companies to manage their entire line of digital assets for their company, such as graphics and photos. This makes it far easier for marketing teams within companies to be able to provide updated graphics and promotional material that could change from time-to-time.

In addition to this, Lumavate offers an additional tool, called a Digital Experience Platform (DXP). This tool provides even further added features including the ability to better create and manage digital experiences right within the tool.

Key Factors When Choosing a PIM Solution

Comparing the PIM tools in market can provide opportunities for organizations to make better decisions, streamline product communications and updates, and minimize the risk of mistakes in communication. As you compare PIM software companies and the products they offer, be sure to keep in mind the benefits these products can offer.

As one of the best product information management software options, Lumavate provides users with dozens of tools and benefits including:

Learn more about what Lumavate can offer to you — at a fraction of the cost of larger companies with far more features. Set up a demo now.

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