Who Needs PIM?

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by Lumavate | Last Updated: Mar 17, 2024

What Is PIM?

PIM stands for product information management, otherwise known as software that can centrally store and organize the details of your products. Marketers, accountants, CEOs, customer service associates, and engineers can use PIM to promote, price, sell, and describe products.

This technology can also help customers get the precise information they need, when they need it most. With product information management, there’s no need to rely on unorganized folders or separate spreadsheets any more. If you’re used to your marketing department storing files on their individual hard drive, you can eliminate the chaos that these seemingly innocuous habits inevitably cause.

PIM software is a cohesive way to list the pricing, benefits, descriptions, SKU, and dimensions of any given product. If your team or customers are used to seeing the same descriptions for two very similar products, PIM gives you a way to quickly compare and contrast even the most identical units. You can also integrate new details about products based on anything from industry compliance changes to new revenue goals.

With PIM, anyone can update the system in real-time. As soon as the details of a product change, you can give every stakeholder a heads-up so there are fewer miscommunications and misunderstandings. When your company’s reputation is rooted in the products that you offer, no business can afford to rest on their product management strategies. The right software provides tools that modernize companies, leveling the playing field and giving them a way to compete in even the most saturated markets. If you’re wondering what the PIM definition is, it’s worth noting that every system will work a little differently. We'll go into more detail about this below.

Who Needs PIM?

Any company with a product catalog could use product management information. In fact, it’s quickly become a universal necessity for companies with ever-growing product catalogs. Even companies starting with modest catalogs, limited-edition products, or custom-made products could benefit from a better organization system.

Consider how your product line has changed over time. With every new iteration, you need a way to update the information while still retaining the old information for reference. A PIM system provides a robust framework that gives your employees and customers a chance to verify the most up-to-date information against historical data. Instead of having to search for product features on old hard drives or in subfolders, multiple users can access product data in one convenient place.

If you’ve been struggling with brand consistency, a product information management system allows you to see where the gaps or inconsistencies are. For instance, if you market your products to both businesses and consumers, you might spot new ways to appeal to both audiences without losing your business’ unique voice.

If you want confirmation that more and more companies require PIM, look no further than the number of solutions on the market. As demand climbed ever higher, the tech sector responded in full force. The question is less about whether you need PIM, and more about answering which one is right for you. Today’s packages truly run the gamut from the simple to the maddeningly complex. Some companies have even needed to carve out full teams of people to organize and manage their systems, depending on their product scope.

What Does a PIM Tool Do?

All PIM software central stores and manages your product data, which can include the descriptions, features, SKU, and functionality of every individual unit. From there, the capabilities expand based on the software provider. For instance, many PIM platforms also advertise digital asset management (DAM). With DAM, you can store not only describe the products in detail, but you can store related videos, photos, spec sheets, etc.

DAM has been a true game changer for companies that struggle with versatile or closely linked products. For instance, if you have two products that are meant to be used together, you can link a demo video under both SKUs in your digital asset management component. With the right PIM solution, multiple people will all work within the same system. The staff not only has the ability to update information, they have a front-row seat to how the information is organized, utilized, and changed.

DAM, like PIM, is also essential for brand management. So, if you have all of your marketing materials for one product line and are still using the old company logo for promotion, it’s easier to spot the discrepancy when everything is housed in the same place. Ideally, PIM will serve as a single source of truth for all product information, which means you need everyone to be committed and on board. It helps to have the right PIM technology at your fingertips.

What Is an Example of a PIM?

If you’re looking for the best PIM software 2024, it starts with knowing the major players in the industry. Plytix PIM, Pimcore, Salsify PIM, Inriver PIM, Catsy, Akeneo PIM, Acquia PIM, and Lumavate have all made a name for themselves with prospective clients, thanks largely to their core understanding of what businesses need to succeed.

If you’re looking for the right brand, Lumavate has managed to become the preferred supplier thanks to the software’s robust functionality. Instead of solely providing PIM and DAM capabilities, Lumavate has created a full Digital Experience Platform (DXP). A DXP is the key to helping companies manage all of their content, streamlining the discovery process. So whether a staff member is new on the job or they're a 20-year veteran, they're able to access the information they need.

If you're searching through different PIM software companies, it's important to think about how it will affect your organization. No matter how outdated your current systems are, it's never easy to make wide-scale changes for a staff that may have spent years developing their own workarounds to the problem. Certain PIM software examples have been known to require weeks or even months to get up to speed. Company leaders may need to invest in full-time system support at the beginning to ensure they get their questions answered. For companies with limited resources, this may not even be an option for them.

PIM tools in market like Lumavate feature more out-of-the-box functionality, allowing companies to set up faster and get to work. If you're looking for a full-scale solution that won't require endless configurations, it's important not to choose a PIM based on price alone. Just because a software is expensive, does not make it the right one for you. When two companies can ultimately have very different needs, you should work with a provider who can meet you where you are.

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Meet with one of our experts to see how easy it is to centralize your product data, manage digital assets, and create digital product experiences. Trust us…you’re going to be wowed.