PIM Tools in Market
We’re in the midst of digital transformation across all industries, including manufacturing.
Manufacturers have a ton of product data to manage, however many brands still don’t have a centralized location to store this information.
Enter Product Information Management (PIM) solutions.
Let’s discuss what PIM solutions are and how manufacturers can benefit from the PIM solution in the market.
What Is a PIM?
According to Gartner, a PIM solution is a “critical component in a manufacturing enterprise’s application architecture for creating a common repository of plant information that can be effectively leveraged in enterprise and supply chain management applications.”
Consider a manufacturer’s system of organizing their product data as a junk drawer if done without a PIM. It’s messy, hard to find, and there’s no guarantee what you’re looking for is even located there. With a PIM solution, manufacturers can manage their product data in one place and ensure employees have access to accurate and reliable product data that can in return be put in front of customers to help sell products and increase ROI.
Information Stored in Product Information Management Software
Below is a list of just some of the types of information that can be stored in a PIM solution.
Disclosures and Regulatory Approvals
User Manuals or Instructions
Assembly or Onboarding Instructions
And So Much More
Lumavate has included PIM functionality into its platform because we understand the needs of manufacturers and are purpose-built to support those needs.
Lumavate’s PIM is available with every subscription plan and can be fully customizable to each manufacturer’s needs.
Benefits of Using Lumavate’s PIM
Multiple Product Types - Utilize Lumavate’sProduct Types to organize products, parts, and accessories or product lines
Unlimited Products - Create a product record for each of your brand’s products or SKU you offer.
Unlimited Custom Data Fields - We understand each business is different which is why we give you the ability to add custom data fields for each Product Type to align with your product data.
Easily Relate Products and Accessories - Establish relationships between products and accessories to increase revenue for your business.
Unlimited Users - No matter what plan you’re on, you can have unlimited business users create and manage product data and related digital assets.
Create Dynamic Digital Experiences - Use the data stored in our PIM to create and launch dynamic product experiences that display the most up-to-date product information.
PIM solutions aren’t the only solution to help manufacturers organize their items. There are several other systems to help manufacturers manage all of their content and digital assets.
Content Management System
A content management system, otherwise known as a CMS, is a repository for all of the content used on a company’s website. Content management tools are incredibly beneficial for marketers as they save time and even money for marketers because they lead to more efficiencies and fewer duplicates.
Items Stored in a CMS
Below is a list of items manufacturers can store in a CMS.
Digital Asset Management System
Gartner defines a Digital Asset Management (DAM) solution as the following, “Digital asset management software capabilities for ingestion, storage, retrieval, collaboration, and life cycle management of rich-media assets, including text, graphics, images, videos, and audio.”
Items Stored in a DAM
Benefits of Using a CMS and a DAM
Improved Efficiency and Productivity
Consistency and Accuracy of Content
What Is the Difference Between CMS and PIM?
The main difference between a CMS and a PIM is in what each solution stores. A CMS stores images, text, documents, forms, videos, and audio files that are used on the company’s website. The text and images stored in a CMS can include product data and product-related digital assets. A PIM stores product data like product descriptions, pricing information, SKUs, etc.
A PIM and a CMS can be used together to create personalized digital experiences that are always accurate because they pull from centralized systems that are kept up-to-date. However, if you’re wanting a truly comprehensive solution, you’ll want to consider a Product Experience Management (PXM) solution.
Product Experience Management Solution
Wish there was a singular place you could go to in order to access your content, product information, and digital assets?
PXM solutions allow for exactly that.
Lumavate is a PXM that has PIM and DAM capabilities, plus the ability to create dynamic product experiences tied to these solutions with its built-in Digital Experience Platform (DXP) functionality. .
Understand that a PIM or even a DAM is just a single component of a well-thought-out product experience strategy. You need a well-orchestrated product data management strategy plus an organized location for your content and digital assets in order to create an excellent customer experience.
Who Uses PIM Software?
Manufacturers can benefit greatly from using PIM software. Because of the number of products alone, keeping tabs on the volume of product information is a nearly impossible task without the aid of a PIM tool.
Without the implementation of one of the best PIM tools in the market, manufacturers are storing their data in a number of ways including file folders saved on an individual’s hard drive, various spreadsheets, and other random places that are not conducive to collaboration and efficient work processes.
This makes it impossible to effectively manage your product data which is why a PIM is crucial to a manufacturer's business.
Benefits of PIM Tools for Manufacturers
Centralized Location for All Product Data - No more losing valuable product information whenever an employee leaves because it's on their hard drive or having to spend hours trying to guess what spreadsheet a specific piece of information is located on. With one trusted source, employees can make themselves more productive by having one place to look, edit, and store product data.
Brand Consistency - Managing the brand for an enterprise-sized manufacturer without a PIM is a nearly impossible task. It's hard to keep tabs on what content is being produced, what product images and descriptions are being used, etc. A PIM enables employees to work together to produce proud information and enables there to be an admin to oversee this content to make sure everything is falling in line with brand guidelines. When connected to a PXM, brand managers can also oversee the brand for all digital product experiences produced so they know their brand colors, logos, and messaging are all approved.
Improved Collaboration - With a PIM, this adds the ability for multiple users to manage product data within your business. This removes internal friction between teams and removes dangerous data silos.
PIM Software Companies
Now that you know what a PIM is and have discovered some of its many benefits, let’s take a look at some examples of PIM software companies.
Which of the Following Are Examples of PIM Applications?
Below are all considered to be PIM software examples.
How Much Is PIM Software?
The pricing between the various PIM solutions varies. For example, Catsy pricing is significantly higher than Lumavate’s PIM solution.
Lumavate’s PIM is a fraction of the cost of Catsy (and has transparent pricing on its website, unlike Catsy) starting at $5,000 with its Starter Plan. Not only do customers on all subscription plans get access to the PIM solution, but they also get access to unlimited product experiences, unlimited storage, and much more.
Which Is the Best PIM?
Short answer: Lumavate.
Lumavate is a well-rounded platform and consists of more than just PIM functionality. It hosts an array of functionality and services that are necessary for manufacturers to have when it comes to centralizing their product data, managing their content and digital assets, and creating digital product experiences.
Your product data is inevitably going to change, whether that means updates to pricing or tweaking product descriptions. Instead of having to manually update all of these things in all of your marketing materials, manufacturers can update product data once and have their product experiences dynamically change within Lumavate.
Using Lumavate’s PIM makes it easier for marketing teams to collaborate, manage, and gather important customer insights that turn into higher ROI and reduce the need to invest in multiple solutions resulting in a more cost-effective solution.
Schedule a demo to see for yourself how easy Lumavate’s PIM is to use.
How Do I Choose a PIM?
If you don't have a PIM solution, consider this your sign to start your journey to find one. As we mentioned, there are several PIM tools in the market that might make it challenging to choose. We put together a list of several items you should look for in any PIM solution you’re considering investing in.
Ability to Easily Manage Product Data - Data is a manufacturer’s number one asset. When customers compare two products, they’re really comparing product information. And if the product data is hard to manage or update, then customers aren’t getting the accurate information they need to make an informed purchase. You need a PIM that will allow you and your team to collaborate on updating and managing product data in one centralized location.
Connect Data Dynamically to Digital Experiences - Without a PIM, employees spend an incredible amount of time updating marketing materials when product data inevitably changes. We recommend investing in a PIM solution that automatically updates any product experience when a change is made to product information when connected to a PIM.
Ability to Implement Changes Without the Need for Developers or IT - It can be extremely frustrating waiting in IT’s queue. With a no-code solution like a PIM or PXM, marketers at manufacturing companies no longer have to wait weeks or months for IT to implement changes. If you need to make a change to your digital experiences or product information, you can take the matter into your own hands.
Provide Access to Digital Assets - You and your team don’t want to invest in a PIM solution that doesn’t also have the capabilities to connect to a DAM. Look for PIMs that can integrate with your existing tech stack or come with its own d DAM functionality.
Tips for Evaluating PIM Solutions
When beginning the evaluation process for investing in a PIM, you will find the following list to help to ensure a thorough review.
G2 -Look at what the PIM solution’s customers are saying. In the G2 review, one of the prompts customers answer is what the purpose of the solution they invested in was and what they dislike about the service. You may find looking at these two specific sections helpful to see if there’s a recurring pattern.
Analysts - Vendors like Gartner and Forrester create reports that can help manufacturers determine who is a leader in the PIM competitive landscape.
Demo - While customer reviews and analyst reports are helpful in beginning your search, it’s best to schedule a demo with a PIM tool to see it firsthand. During that time, you can have specific questions answered that are specific to your business and get a feel for the tools, how long it will take to implement, their ease of use, etc.
On-demand Tours - More SaaS solutions are offering interactive product tours for potential customers to take a self-guided tour of their product. If the PIM solutions you’re looking for offer an on-demand tour (Lumavate does 😉), this can help sway your decision one way or another.
Which Is the Best PIM?
So which is the best PIM software? Lumavate.
Lumavate’s platform is purpose-built for manufacturers. We understand the challenges with modern-day manufacturing and have built a platform designed to tackle these challenges and make marketers' lives at manufacturing companies more seamless.
We like to consider ourselves an easy button for manufacturer marketers because we have a single platform for everything to be done.
Because Lumavate is a PXM, we have DAM, PIM, Digital Experience Platform (DXP), and mobile messaging all within one platform. Manufacturers can lessen their technical debt and instead invest in one solution that solves all of their needs.
Not only does it encompass everything you need, but it’s built to scale. For example, one of our customers had two marketers build 600 digital experiences in three days. No, that’s not a typo.
For manufacturers, each of your products needs a digital product experience. And we recommend there needs to be a digital product experience for each point in the customer journey. We have specific templates designed for manufacturers like Product Information, Product Onboarding, Warranty Registration, etc. to help get manufacturers started quickly.
Plus, every two weeks, Lumavate rolls out new functionality to its platform for all customers to take advantage of, without additional costs. Our product roadmap is designed to fit the needs of manufacturers so everything that comes out will directly help the needs of your business.
Lumavate is uniquely built to fit manufacturers’ needs.
Schedule a Demo or Take an On-demand Tour
It’s time you made organizing your product data and creating product experiences easier on yourself. Schedule a demo today to see how we can help get you started with our PIM in a matter of days.
Or take an on-demand tour of our PIM solution and other capabilities to see for yourself just how easy our platform is to use.
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