What Is a PIM and How Does it Work?

Managing product information is a big task. Products are added to your business and constantly updated based on changing product functionality, pricing, etc. This can result in a lot of ongoing data management work for your business. That’s why many companies find themselves struggling in an endless sea of Excel spreadsheets, file folders, and more trying to manage all of this content. 

There is a better way to solve this problem. Enter the PIM.

What Is a PIM and How Does It Work?

A PIM is a product information management solution or software. PIM software allows for users to store and manage all product information in one place. Users can upload product images, spec sheets, and product details into the system making it a source of truth for all things related to products. This consolidation allows your team to work more efficiently with the most recent product information. 

Now you might be thinking, what are some PIM software examples? There are many PIM software companies all allowing users to store and manage product information. 

A few PIM software examples are:

• Agility Multichannel– This PIM software is perfect for retailers looking for a product information management solution that connects with many eCommerce platforms. 
• Pimcore– This solution offers not only a PIM but also a Digital Asset Management (DAM) and a Master Data Management (MAM) solution. This is best utilized if you need to update all portions of your brand’s data management. 
• Lumavate - Unlike other PIM solutions, Lumavate offers full PIM functionality with its enterprise-grade digital experience platform (DXP). This allows users to add and manage their product information and related digital assets plus use this information in digital experiences within the same platform. Additionally, any changes made to the product information are automatically updated in the applicable digital experience. 
• Syndigo– This PIM allows for very detailed product information, up to 250,000 unique product attributes. This solution is ideal for intricate product management. 

These are just a few PIM software companies. There are many more with different strengths to suit all product information management needs. 

What Does PIM Stand For?

Now that we’ve seen a few PIM software examples let’s circle back to the basics. You might find yourself searching the internet for PIM meaning. Time to dive into what a PIM is. 

PIM stands for product information management. This is a software solution that allows for the management of all product information in a single place. Your team members can upload all information for each product into their system and update it as needed. With a PIM all team members will know where to update product information and how to update it. Solutions like a PIM reduce confusion and second-guessing from your team. 

When a PIM is used as a part of your team’s workflow they no longer question the information they are getting from an Excel spreadsheet. Instead, they know the product information is correct and up to date allowing them to work faster and more confidently. 

What Are Examples of PIM Applications? 

With so many benefits to using a PIM it’s time to think about the best PIM solutions. Each PIM solution has its strengths and weaknesses. Not every solution will be the best PIM solution for your team. It’s important to do research to find the best option for your team.

• Akeneo PIM- Designedreat for large teams with a large catalog or those who want to completely change their product information management. With the Akeneo PIM users can easily track tasks and projects making it a useful tool to manage your progress. 
• Lumavate - An enterprise-grade PIM solution connected to a DXP giving businesses one place to manage their product data and create data-driven digital experiences using product information. 
• Salsify PIM- Allows for easy product information management while building business processes like go-to-market activity along the way. This PIM can be used across multiple departments like sales, marketing, and trade teams for clear communication. 

These are just three PIM solutions, many more are available on the market. 

Why Is a PIM Important?

With so much information circulating about PIM solutions, it is important to come back to the key question of Why is a PIM important?

Easy to access, correct, and reliable data is key to allow your team to work efficiently. Bouncing between spreadsheets and Word Docs breeds confusion and misinformation. Not to mention the time spent fixing mistakes and re-doing work. 

A PIM creates one place for all team members to store and update all product information. A single source of truth will allow your team to be confident the information they are using is correct and up to date. A PIM will also allow for easy management of the information. Providing an easy-to-use PIM will lighten the load of product management on your team.

How Much Does a PIM Cost?

With so many benefits to a PIM and all of them business concerns this solution can solve you’ve got to be wondering– how much does a PIM cost? As we’ve discussed there are many different solutions each comes with its own pricing structure and terms. 

Generally, users can expect to pay about $25,000-30,000 annually for a PIM. Most PIM solutions fall in this range whether charging monthly or annually.

The Lumavate PIM Solution falls much further beneath the average cost. Lumavate’s Professional Plan is $10,000 per year. This plan allows for full access to the PIM and Digital Experience Platform (DXP). This solution allows for users to store all product information in one place and also create dynamic digital experiences using the product information stored in Lumavate. Lumavate offers plans from Free to Enterprise with varying benefits. 

Are you ready to see what the Lumavate PIM can do? 

Book a demo today!