Product Information Management Examples Companies
If you're a product manufacturer, you have to manage an ever-growing supply of inventory. While digital technology can make this process relatively easy, you need the right program to do so. Otherwise, it's hard to keep track of everything, and whenever there are changes, it can take a long time to update those details across the board.
Fortunately, a product information management (PIM) system can help simplify this process and enable you to keep track of your inventory, no matter how large or extensive it is. Let's look at different product information system examples so you can choose the right one for your business.
Product Information Management Defined
Each product you make or sell has various information attached to it. This data can include elements like size dimensions, SKU codes, color options, weight, and more. Additionally, each product may have unique digital assets, such as photos, video files, how-to guides, and more.
So, a product information management system helps organize this data in a single server, allowing you to share access with different users. This function is helpful in case you're working with third-party providers, such as a marketing agency. Now, they can access product data as needed.
The best PIM software will also include a digital asset manager (DAM). A DAM manages specific assets like photos and videos, although you can access them independently of any products.
Why Do Companies Need a PIM?
Who uses PIM software? While any business can take advantage of this type of system, it works best for manufacturers. With so many products to manage, it can quickly become overwhelming to store data in different locations or on different servers. However, while you may have been using a cloud-based storage system so far (i.e., Google Drive), a PIM is much more efficient and productive.
What really sets PIM software companies apart is the level of functionality within the system. Now, a centralized server can store and maintain all the data and assets for each product. Because you can tag assets, they can appear when searching for a specific item. For example, you can see all the information associated with that item (e.g., size and weight) along with any assets made for it.
A PIM helps ensure consistency across the company for marketing and sales purposes. Because everyone is drawing information from the same location, everything is correct and up-to-date. Also, if the PIM or DAM system is synced with your website, any changes within the system will update your web pages automatically.
Benefits of a PIM for Product Manufacturers
Most manufacturers (and businesses) take a scattershot approach to data and file management. This means that everything is spread out across different folders, hard drives, spreadsheets, and other places. Because it's virtually impossible to manage these details manually, it's easy for data to go missing or be inaccurate from one location to the next. So, a PIM system is much more efficient.
But what is an example of product information management? Lumavate offers PIM solutions for manufacturers by creating a centralized server for each product. Instead of updating spreadsheets or organizing file folders, our PIM allows you to input data for an item directly. Then, you can connect various digital assets (like images or video files) to that product. So, when a user searches for that product, they can see everything at once.
This type of system works well for manufacturers because it allows a single product manager to update the system and connect any assets to their corresponding products. Since everyone is using the same system, there's no confusion about where to find a specific asset, and all the data for each product is current and verified.
What's Included in PIM Software?
What is PIM software used for? When comparing different PIM software examples, you'll notice that they all allow you to input data for specific products in a centralized server. However, not all PIM software free comes with a digital asset manager. This means that you have to store assets like pictures, manuals, how-to videos, and infographics on a separate server.
While a PIM may allow you to use some images for a product listing, it may not have the capacity to show other file types. Also, the software may not have the bandwidth to store larger files, such as videos.
Another primary feature of a PIM system is the ability to categorize and search for individual products and product groups. This way, it's easier to keep everything organized, and users can access or update product lines faster.
What Is the Role of a Product Information Manager?
Although PIM software can be hugely beneficial, it can take a while to import data, particularly if you have dozens or hundreds of unique products. So, a product information manager is in charge of importing this information and keeping it up to date. The manager is also in charge of connecting specific assets to each product so users can find them more easily.
In some cases, a product manager is a full-time position, and their ongoing job involves monitoring product details and updating them as necessary. In other instances, multiple people may be in charge of specific product lines or tools within the system. For example, one person may be in charge of importing and updating item data, while another is in charge of uploading and connecting digital assets.
Product Information Management System Examples
Notably, two names absent from the top PIM software companies are Adobe and Shopify. While these brands offer content and digital asset management solutions, they don't have a centralized product information management system. So, if you currently use Adobe or Shopify, you'll have to integrate with a third-party provider like Acquia or Lumavate.
Some of the top 10 PIM software options only offer product management and nothing else. However, if you're looking for the best PIM solution, you should pay attention to all-in-one programs like Lumavate. In addition to product information management, Lumavate includes a digital asset manager, a content management system, and a digital experience platform.
How to Choose the Best PIM Software 2024
By now, the primary question to ask is, "What is the best PIM software?" While there are many options available, these five factors will help you discover the best program to suit your specific needs.
Which Functions Do You Need?
If you're just a product manufacturer who sells items wholesale to other companies, you may only need a product information management system. This way, you can keep track of your product data and update it in a centralized system.
However, if you also market and sell your products, you need much more than a PIM. Ideally, you can handle everything from a single dashboard, allowing you to build campaigns around individual products or product lines.
In this case, it makes more sense to go with an all-in-one solution, often called a product experience management (PXM) system. This way, you can create and manage digital assets and content along with product data. Also, if the PXM comes with a digital experience platform (DXP), you can craft landing pages, microsites, and other interactive experiences to engage customers.
What Other Integrations Will You Use?
If you're marketing and selling your products to different customers, you'll likely have to rely on different programs for both marketing and sales. For example, your sales department probably uses a customer relationship management (CRM) system to keep track of purchases and touchpoints along the customer's journey.
What you have to do is determine how many different programs you use right now and which ones you may plan to use in the future. Integrating all these systems together is essential to maximize productivity and speed up operations. That said, not all the best PIM software companies handle integrations very well.
In some cases, you may only be allowed to use other software made by the same company (i.e., Adobe). In other cases, you might have to integrate other tools like digital asset management (DAM) or content management, which can inflate your costs. Overall, it's best to choose something that has multiple high-quality tools and can integrate with various third-party programs. Fortunately, Lumavate fits the bill perfectly.
How Will the Product Information Be Used?
Realistically, if you're selling products on your website, you want your PIM software to integrate with your page product listings. This way, if you have to update any details in the PIM, they will update automatically on your website, saving you time and money in the process.
Conversely, if you're only managing product information for wholesale purchases or to send to prospective businesses, you may not need such integrations or syncing.
This question will really help you choose the best PIM software, because it will help you understand the different features and tools you'll need to distribute product information wherever it needs to go. For example, if you're working with a marketing agency, they need access to the PIM to ensure they're promoting the right details. Then, as they create assets and content for each product, they can integrate it with the system so everything is easy to find later.
What's Your Budget?
How much does a PIM system cost? Well, that depends on a few factors, including the number of tools you're looking to have built-in, as well as the software provider. As a rule, larger companies like Acquia cost more, and you'll have to pay more for additional tools and functionality.
Fortunately, Lumavate is much more affordable than the competition, and you get an all-in-one solution. That said, if you have a limited budget, it may be better to invest in a streamlined PIM system that doesn't come with any additional tools.
What Timeframe Do You Have?
As we mentioned, importing product data into a PIM can be time-consuming, especially if you have hundreds of different items. However, some PIM software companies make it easy to do batch importing, helping you save time and money in the process. In other cases, it could take a while to incorporate the PIM system into your current network. For example, if you want to integrate the PIM with your website, it could take days or weeks to connect everything to the right page or product listing.
So, if you're in a hurry to update your backend system, you want something that doesn't require extensive technical knowledge or specialized programming skills. This way, you can integrate the PIM yourself and train your own employees on how to use it.
How Much Does a PIM Cost?
What is an example of a PIM system? Lumavate is probably the best example because we're upfront about our pricing and we offer so many built-in tools and systems. For example, you can pay as little as $499 per month for a PIM, a DAM, a CMS, and a DXP system all in one. Some other PIM software companies charge more than that for just product management and nothing else.
On the high end, you can expect to pay thousands of dollars per month for enterprise-level PIM systems, especially those that require a technician to implement. With Lumavate, our enterprise-level option is often about 75 percent cheaper than the competition.
Best of all, if you're not sure how well Lumavate can handle your PIM needs, you can sign up for a free trial. This way, you can sample the various tools and see how easy it is to import your data before committing to anything.
How to Get Started With PIM Software
As you can see, the answer to, "What is an example of PIM?" is Lumavate. We make the process as easy as possible—all you have to do is follow these steps:
Step One: Set Up Your Account - Create an account and dashboard that will serve as your primary point of contact within the PIM system.
Step Two: Start Importing and Uploading Product Data - Batch importing can help save time, but it's also imperative to double-check to verify that all the data is imported into the correct spot. For any missing details, you can upload those manually as needed.
Step Three: Connect Digital Assets - You likely have images and other assets associated with various products. Lumavate has an integrated digital asset management (DAM) system, so you can import everything there and then connect assets to their corresponding products.
Step Four: Assign a Product Information Manager - Lumavate is so easy to use that one person could manage hundreds of products themselves after the initial import stage. However, it may also make sense to assign managers for specific product lines or marketing campaigns. This way, no one person has access to the whole system, just in case they make a mistake.
Overall, product information management doesn't have to be a strenuous ordeal. With Lumavate, it's never been easier to store and organize your product data in a centralized server. Contact us today to find out more.
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