What Is the Difference Between PIM and Product MDM?
by Lumavate | Last Updated: Feb 28, 2024
The investment in the right type of software to manage digital assets and product information is critical, but it's not always a straightforward process. There are numerous product types out there and various names to consider. For example, you may want to consider product information management (PIM) and the difference it brings to the table compared to product master data management (MDM). The two are different, and for some companies, making the wrong decision here can prove to be costly. Let's break down the differences so you can see which fits your needs best.
What Does PIM Mean in Product Management?
Product information management is a process that allows for the proper management of product data. That seems like a straightforward statement, but what does it mean in real-world applications?
Product information is all the details about a product, from what it does to what it's made of. The PIM tool creates a way for all of that data to be properly and easily organized so that it can be used at various stages of the product's lifecycle and the customer experience journey. The PIM is used to market, sell, and service products — all data necessary to achieve these goals is done through this method.
Product information management software provides a solution to centralize all of a company’s product information into a single location. By doing this — and keeping it up to date — it is possible to easily and effectively manage and access the data at any time when it is needed. Some platforms are designed to efficiently enable multiple people in the organization to manage product data.
Many times, the product information manager within the organization is tasked with managing the creation, updates, and uses of the product information. Sometimes, this falls on others in the organization. The product information management is, ultimately, a tool that needs to be used by the marketing team and sales team. It provides each of those parties with valuable information they need so they can properly — according to brand standards — market the product and ultimately sell it.
What Is PIM Used For?
PIM software is used for multiple purposes, but when used properly, it will effectively and efficiently improve the management of product data and all related digital assets to that data. Imagine all of the bits of information about a product, including digital assets like product spec sheets, how-to pieces, and marketing images. Many of these are digital assets, especially when used for marketing applications.
With the best PIM software, it is possible to have a single source of truth. That is, it is possible to have one location for any member of the team or any third party with access to the digital tool to find the most up-to-date and accurate information to solve their problem.
There are numerous PIM options available today, and the best PIM software must be robust enough to meet all needs. Some of the available PIM software tools include:
Pimcore
Inriver PIM
Acquia PIM
Plytix
Salsify PIM
Catsy
Lumavate
With so many PIM tools in market, it can be challenging to choose which offers the best resources to meet your individual needs. Some of these solutions offer the ability to centralize the management of product data. Some solutions provide additional functionality beyond this.
For example, Lumavate is the preferred solution because it offers robust functionality. It includes PIM, as well as a digital asset management (DAM) solution and Digital Experience Platform (DXP). This makes it one of the best PIM software options for those looking for a comprehensive tool that meets all objectives and information management in one place.
What Is the Difference Between PIM and Product MDM?
Now, consider how PIM differs from master data management (MDM) solutions. As noted, the PIM is designed to centralize the management of product information. That includes all product data and digital assets related to it. This information is then used across a wide variety of online and print product experiences. It can be used to meet needs for:
Sales materials
Product packaging and much more
What is the MDM meaning in this situation? Product material data management allows for the central storage of all of the organization's information. It creates a single source for all information across the entire business. That is, it goes much further than what PIM does, by offering much more than just product data.
An MDM solution will typically include an enterprise-wide deployment process. This is an extensive and lengthy process best done by professionals with ample skill in this area. While beneficial when that type of access to data is important to the organization, it takes a lot of time, investment, and overall management on an ongoing basis to keep it up to date. For many companies, this is inaccessible right away.
However, a PIM solution tends to be a much easier and more useful implementation option. It is specifically designed to address the needs of the marketing and sales team and allows for greater flexibility because it is managed by the product information manager. MDM platforms like Stibo have their place, but a PIM tends to be a more efficient option for many applications.
What Is the Difference Between PIM and PCM?
Another important consideration is how PIM is different from product content management (PCM) solutions.
A PIM solution is designed to centralize all of the management of product information. This includes all product data and all digital assets for that product. This information is then used across a larger variety of online and print product experiences where the customer comes into contact with the product. This includes:
Product and sales catalogs
Websites
Sales materials
Events information
Product packaging and more
A product content management solution will manage the creation, storage, and distribution of that data and information. That includes the distribution of product content, videos, how-to guides, and other information. Most often, a standalone PCM solution is not necessary since the PIM solution typically will have a built-in Digital Asset Management (DAM) system. This type of functionality will allow for better management of digital assets, including documents, images, graphics, and videos.
Some product experience management (PXM) solutions like Lumavate offer even more. They offer a built-in Digital Experience Platform (DXP) that will allow for the creation and management of content that can be tied to the PIM and DAM.
The Use of a PIM Solution Simplifies the Process
For efficient, easy implementation and outstanding results, trust Lumavate with your PIM solution. You can find out how it works by taking a demo of it right now.