What's a PIM and How Does It Work?

The strategic utilization of product data is paramount to a manufacturer maintaining its competitive edge. To navigate this data-driven terrain effectively, businesses turn to Product Information Management (PIM) as a necessary solution. As we delve into this post, we will unravel the depths of what PIM truly means and explore the intricate workings that make it the cornerstone of effective product data management.

What Is a PIM and How Does It Work?

As mentioned, PIM stands for product information management. Product information management is a strategic approach to the collection, centralization, and organization of the various aspects of product information. Product information is made up of several elements, such as usage guidelines, pricing, features, stock-keeping units (SKUs), product descriptions, technical specifications, warranty information, and many more. These elements serve various purposes in marketing, selling, and servicing products, as well as customers within a business. As a result, they are vital to the growth and success of the business. Product data is regarded as a highly valuable asset.

During the development of a new product, marketing, and sales teams are tasked with cataloging all of the new product’s specifications. Throughout the product’s lifecycle specifications will need to be updated as new compatible accessories are developed, for example. A PIM solution is used to store every data point about every product in a manufacturer’s catalog. This is done to ensure ease of access to the product’s data for several stakeholders in the company, as well as its comprehensiveness and uniformity.

Product information management capabilities are vast. Through the use of a good PIM solution, manufacturers can establish a centralized location for the storage of their data in a way that is both secure and accessible to the relevant stakeholders. It also ensures that the various elements of product information are seamlessly integrated to present holistic and properly managed product information. These features help promote collaboration between the various employees or teams assigned to work on the product information. This improves productivity and is both time- and cost-effective.

What Are Examples of PIM Applications?

PIM applications refer to the group of software programs that power product information management solutions. Without them, companies will face difficulties and suffer setbacks in the management of their product information.

Many PIM applications have been developed and launched to meet the vast need for product information solutions. Some PIM software examples include Lumavate, Akeneo PIM, Salsify PIM, Pimcore, Plytix PIM, Inriver, and Catsy. These PIM tools in market have different operation styles and functionality levels. However, there are some fundamental traits that they all share. These include the ability to centralize product information as well as integrate the various elements of product data. They also include supporting multiple user logins and real-time updates. These bring about the streamlining of workflow and the uniformity of product information, which is the goal of product information management.

However, among these various PIM software companies, Lumavate stands out as the preferred PIM solution. Lumavate is an all-in-one solution for managing product information and creating engaging digital experiences. Not only does it offer PIM services, but it also provides Digital Asset Management (DAM) functionality and a Digital Experience Platform (DXP). The DAM helps companies to manage their digital assets, such as videos, pictures, documents, and audio, effectively. The DXP helps companies create compelling and unique visual experiences for their customers. The robust functionality of Lumavate has made it the number-one choice of manufacturers.

How Do I Choose a PIM?

So, how much does a PIM cost? The cost of a PIM solution varies according to several factors. One such factor is the pricing model that the PIM software chooses. The pricing of some PIM applications is determined by how often they are used. Others, however, opt for a monthly subscription system, while others have a quarterly or yearly system. Another factor is the functionality of the PIM solution. This refers to the number of services that the PIM software offers. The number of SKUs that a PIM software can store is another factor.

Lumavate takes a different approach when it comes to pricing. Unlike other PIM applications, Lumavate has a Product Experience Management (PXM) platform as well as digital assets management (DAM) features. It offers all these features at a starting price of $499. Choosing Lumavate and getting access to all these additional features for that price is a smart financial decision. This is reinforced by the fact that Lumavate has been proven to be 75 percent more cost-effective than its competitors.

How Do I Choose a PIM?

For you to get the most out of your product information management strategy, you must ensure you pick the right PIM software. So, before you choose a PIM software, you must ask yourself (and answer) the following key questions:

1. What Functionality Do You Need?

Not all PIM applications have the same level of functionality. Some simply collate and centralize product information, while others offer additional features. So, before you choose a PIM software, you must consider the current and future needs of your company and choose a PIM application whose functionality aligns with your company’s needs and goals.

2. What Other Systems Do You Need To Integrate With?

An essential aspect of your product information management strategy is integration. Your PIM solution needs to be properly integrated with your other systems. However, not all PIM solutions can be integrated into every other system. So, you need to consider what type of systems you want to integrate your PIM solution with and ensure their compatibility.

3. How Will the Product Information Be Used?

Product information can be used for various purposes. It can be used in sales, marketing, customer service, and even for research purposes. Some PIM applications are better suited for certain purposes than others. As such, you must know how your product information will be used before choosing a PIM solution.

4. What Type of Budget Is Defined for This Initiative?

As mentioned earlier, the pricing for the various PIM applications varies due to several reasons. Your budget is an important factor in determining the PIM solution you adopt, so a great deal of consideration should be put into that.

5. What Is Your Timeline for Implementing a Solution?

When deciding what PIM solution to adopt, your timeline must be considered. You must clearly state how soon you want this PIM software to be up and running. This is because the purchase, installation, and onboarding times vary for the various PIM applications. Doing this will ensure you reach your targets before your deadline.

With Lumavate, manufacturers have access to its PIM, DAM, and DXP features. No other solution on the market has the same level of functionality that Lumavate does. Lumavate offers complete product experience management (PXM) functionality and is your best bet for a robust product information management experience.

Contact us today and take your product experience to the next level!