What Does a PIM Tool Do?

Product teams have a lot on their plates. They are tasked with owning all aspects of the ever-changing product lineup. Whenever a product is added or updated a task is added to this teams’ to-do list. They need to update their records so the information they are working with is current. 

Many product teams manage this large swatch of data with excel sheets and word documents scattered across their desktops. There is a better way to manage this data and it is called a PIM, product information management. 

What Does a PIM Tool Do?

PIM stands for product information management. What PIM software does is consolidate all product information such as product data and related digital assets into a centralized location. This provides the business with a clear place to update information as it is changed. Gone are the days of updating an Excel sheet with the newest product pricing, now it can be hosted in a PIM. 

There are many PIM tools in the market. All are focused on creating a single source of truth for teams to manage their products. Many PIM tools will have different features based on their specific customer base’s needs. This could be thousands of product detail fields for customers who have very intricate products. For customers who are focused on creating full marketing campaigns with product information, a PIM could include a digital experience platform (DXP) to display product information. 

A few examples of PIM software companies are Salsify, Akeneo, Lumavate and Pimcore. We will dive into the details of these PIM software companies later in this post. 

What Is an Example of a PIM?

There are many PIM solutions on the market. You might be wondering what are the best PIM solutions or which PIM system is right for you. Below are three PIM solutions creating buzz. 

• Salsify Software- Allows creating business processes alongside easy product management. Teams from different departments can have access to this software to allow for cross-functional work. 
• Akeneo PIM- Designed for large teams with an extensive product catalog. Users can track projects using this tool allowing for better management. 
• Lumavate - PIM solution is one aspect of Lumavate’s overall digital experience platform (DXP). Using Lumavate, you can manage all of your product data and related digital assets then use this product information in digital experiences. And any updates you make to your product information are immediately reflected in the applicable digital experiences using that product information. 
• Pimcore– Offers many ways to manage data including  a PIM and also a Digital Asset Management (DAM) and a Master Data Management (MAM) solution. Companies looking to overhaul their data management will benefit from using Pimcore.

As you grasp the abilities of a PIM system you might also be thinking about Product Lifecycle Management (PLM). A few PLM software examples are Oracle Agile, Siemens Teamcenter, and Bamboo Rose. These PLM solutions handle the process of managing the complete lifecycle of a product from conception to development to production and beyond. Most enterprise companies will have both a PLM solution and a PIM solution to meet the needs of their business. The PLM solution is often managed by engineering and the PIM solution is most often managed by marketing and product teams. 

What Is the Purpose of a PIM?

The true purpose of a PIM is product information management. Product information management software consolidates all product information into one centralized location for easy management. Many PIMs allow users to upload documents associated with products such as spec sheets or owner’s manuals. Many PIMs also allow for storage of product photos and product details. 

By housing all product information in one location nothing falls through the cracks. There is no confusion on which spec sheet is the most current. Instead your team will know they can trust the information loaded into the PIM. They can also work in one place making their processes more streamlined and efficient. 

What Is Product Information?

Product information is any detail concerning your products. Some examples of product information are pricing, SKU, description, size, and manufacturer location. All of these details are what make up your product and should be easy to edit and manage in one place.

Product information could also include documents associated with the product such as spec sheets, owner’s manuals, or parts and services documentation. These are important documents that inform your team and customers how to build or use the product. Once they are stored in a PIM, product managers no longer need to search their desktop or Dropbox for the latest version. 

Associated products and accessories could also be counted at product information. Some products have many parts and accessories making it a lot to track. By utilizing a PIM to connect related products the web becomes less tangled. 

 Centralizing product information into one easy-to-use source will save your team hours. Take it one step further and display your products in an engaging and dynamic way with a DXP. 

Ready to see the power of Lumavate’s PIM? Book a demo now!