What Is the Difference Between Product Master and PIM?

Many product managers use digital platforms to better manage business assets and product information. One of the most common platforms is product information management (PIM), a simple, efficient, and cost-effective solution for fast-growing businesses.

But there are other product management platforms on the market today. Many of them appear similar on the surface, but have different implications for the businesses they serve.

So the real question is: is PIM right for you?

The only way to find out is to weigh your options.

Let's start with some definitions — beginning with PIM vs MDM.

What Is the Difference Between Product Master and PIM?

Product information management (PIM) and product master data management (MDM) seem similar at first glance. But despite their similar-sounding names, they are very different platforms in practice. Understanding which option meets your needs is critical in creating an efficient data management practice.

The MDM meaning is relatively straightforward: it's a system that manages a broad range of business data, including products, logistics, expenses, and customers. Since it centralizes every piece of organizational information (not necessarily just product data), enterprises can use it to create a single source of truth. Note we said the word 'enterprise' here — master data management typically requires enterprise-wide deployment, which means it takes a significant amount of time and effort to implement.

The implementation of a PIM solution, however, is far less resource intensive. You don't need to manage multiple forms of data, and instead manage entire product catalogs in a simplified, streamlined way. It's also much easier to centralize physical and digital product assets, including catalogs, product packaging, sales materials, events, websites, and more. It's an intuitive system that provides both granularity and security to users in your business.

Starting to see the benefits of PIM? Thousands of product managers do too.

But before you make a final decision, let's compare PIM to PCM.

What Is the Difference Between PIM and PCM?

Of all the product information management tools you can find on the market, product content management (or PCM) is perhaps one of the most well known. This solution is designed to manage the creation, storage, and distribution of product-related content, including videos, how-to guides, infographics, and much more. You can think of PCMs like a standalone management system that only stores rich content related to your product.

But a standalone PCM isn’t always necessary for product management, especially since most PIM solutions (including Lumavate) come with built-in Digital Asset Management (DAM) functionality. This means you can easily manage product data and its digital assets in the same place, whether you're managing videos, documents, GIFs, and/or charts.

What's more, some product experience management (PXM) solutions come with a built-in digital experience platform (or DXP). This is extremely helpful if you're tying product content to your PIM and DAM. With a full-circle solution available in your PIM, it becomes difficult to justify the purchase of a separate PCM.

As you can see, PCM solutions may be superfluous in certain product data setups, potentially costing more time and effort than you need to expend. Connecting with a PIM unlocks the benefits of a PCM, then pairs it alongside a full product ecosystem with PXMs, DXPs, and DAMs.

What Is PIM Used For?

We've already described some uses of PIM here: to store and manage product data in a single, central location. This may include a variety of product information — think product descriptions, SKUs, pricing, features, benefits, dimensions, and functionality. If your PIM has a built-in DAM (like the one from Lumavate), you can also manage related digital assets like owner's manuals and spec sheets.

There are dozens of PIM solutions on the market today. A few of the most popular include:

• Plytix: A PIM designed for multichannel commerce. Keep in mind there's no additional DXP, only a DAM.

• Pimcore: This is an open-source PHP platform. Just be prepared for a steeper learning curve.

• Salsify: Salsify PIM specializes in Product Experience Management (or PXM). However, you do need many technical resources to implement this solution effectively.

• Inriver: Inriver PIM was designed for B2B and commerce companies. It does have a history of performance issues when importing bulk products.

• Catsy: Catsy is a newer PIM built in 2017. Despite its newer arrival on the market, many users complain of a counterintuitive interface.

• Lumavate: Our PIM can help everyone in your organization update product data in real time. Multiple authorized users can log into the software and get the right product info ASAP.

While each of these PIM software solutions have the ability to centralize product data, not all platforms offer the same set of features. This is why Lumavate is the preferred solution for many — it's one of the most robust platforms for building digital product experiences. You can tap into our functionality as a PIM, use our Digital Asset Management (DAM) solution, then connect with our Digital Experience Platform (DXP) to round out your tech stack.

If you're interested in trying PIM for yourself, Lumavate can help. Our data-driven platform can help you manage product information so you can empower collaboration among your business, campaigns, and stakeholders.

What Does PIM Mean in Product Management?

PIM is the very foundation of a successful product management process. It's an all-in-one solution for managing all types of product information, including those required to market, sell, and service your customers.

But how do you use it to its fullest potential?

By integrating correctly with the right PIM platform.

You can:

• Centralize your product information into a single convenient location. This allows multiple people in your organization to add or access information from anywhere.

• Collaborate with team members across your company. This generally includes marketers, sales professionals, and product managers — although many companies allow product managers to manage the day-to-day tasks of product data exchange.

• Supply marketing and sales teams with the highest-quality product information. Everyone on your team can use the same source of truth to effectively sell and market to the right audiences at the right time.

The most important aspect here is selecting the right PIM platform. Lumavate is one such provider, enabling thousands of digital experiences for the world's most discerning companies. With single-day onboarding times and an 8.5x faster time-to-market, it's the solution of choice for world-class manufacturers, CPG facilities, and medical device organizations.

You can sign up for a personalized demo to learn more about how our PIM can best serve you. Want to try before you buy? Just sign up for a 14-day free trial — no IT resources required.