What Is a Product Management Information System?

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by Lumavate | Last Updated: Dec 6, 2023

Product management information system is another name for Product Information Management system or PIM. PIM software stores, organizes, retrieves, and modifies product data. It serves as a collaborative tool that allows multiple authorized users to access and update the information in real-time. Its version control system helps establish PIM content as the single source of truth in a company.

When changes are made to product information, PIM software maintains a record of who made what changes and when. The access history is a safeguard against unauthorized or incorrect changes. Knowing that a PIM solution provides access control establishes trust in the information, reducing reliance on human efforts.

PIM solutions that include digital asset management software allow digital items such as images and videos to be added to the centralized product information. By placing all product data in one location, a PIM makes it easier for anyone in the enterprise to access accurate information. When PIM systems integrate with other solutions, such as a digital asset management solution or digital experience platform, they provide organizations with a comprehensive view of product data and related product digital experiences.

What Data is In a PIM?

With a centralized source of curated information, companies can ensure the correct data is being used. Service departments can look to the stored data for resolving customer concerns. Sales and Marketing can deliver consistent customer experiences, building trust and brand loyalty.

A PIM system with digital asset management (DAM) capabilities may contain the following information:

Consolidating the data means information is not on someone's hard drive or in a spreadsheet. Image quality can be maintained, and resources are always up to date.

Who Uses PIM Software?

Everyone in an organization should have access to product information. Onboarding should incorporate product data into new hire training. Employees interested in learning more about a product should have access. However, some groups, such as sales, marketing, and service, may need more than view-only rights.

Sales

Customer-facing sales staff need access to PIMs. When a customer asks for information, sales personnel can download a product information PDF and forward it to the customer in a matter of seconds. They can even print it if a customer prefers a hard copy. With PIM access, sales staff can provide an improved customer experience.

Salespeople have more confidence in the information because it has been reviewed for accuracy. They are more comfortable using it in sales presentations. They no longer need their "trusted" sources to verify the data before using it. Their time can be spent on customer interactions rather than tracking down information.

Marketing

Marketing benefits from product information management tools like PIM because they eliminate the "reinventing the wheel" cycle. Manufacturers often have siloed data. Engineers working on one product line may have limited data on a complimentary product. Each department may use different tools for storing the data. The mish-mash of data makes it difficult for marketing to find the data they need. Once they find the data, they have to verify its accuracy.

Finding information becomes a time-consuming task. Even with their best efforts, corrections may be needed. With PIM software, marketing can quickly locate the text and images they need to create a campaign or design product data sheets. Marketing can create campaigns in minutes rather than days.

Service

After-purchase interactions are just as critical to a positive customer experience. Making sure service departments have access to troubleshooting and installation manuals provides a seamless customer experience. Callers are not placed on hold for hours while the service representative tries to locate the answer.

Accessible and accurate product information reduces the stress service agents feel when confronted with a customer problem. When they can quickly locate what they need, they can meet the customer's expectation for fast resolution. The experience underscores the reliability buyers feel when dealing with a brand.

What Is an Example of a PIM?

Locating a PIM solution is simple. After all, the global market for PIM software is projected to grow to $12.91 billion by 2029, with a compound annual growth rate of 23.1 percent. That means there is no shortage of PIM software companies.

Salsify, Pimcore, and Plytix are examples of PIM software. Other PIM software examples include Acquia, Salsify, and InRiver. Depending on the solution, customers can choose from PIM tools that run on-premise or from the cloud. Companies may provide PIM solutions as a service, charging a monthly fee for its use. There's even an open-source solution for those wanting to build a system from the ground up.

Lumavate offers PIM software as part of its complete Product Experience Management (PXM) solution. DAM functionality is a platform component that allows users to store product-related digital assets along with product data for easy access. Its Digital Experience Platform (DXP) relies on PIM and DAM solutions to deliver digital product experiences.

What is the Best PIM Software?

The best PIM software 2023 is the solution that meets your needs. With the range of PIM tools in market, businesses should consider the following questions:

With answers in hand, organizations are better equipped to identify the best solution for their needs.

For many businesses, Lumavate offers the best solution for their needs. The Lumavate platform delivers integrated functionality for creating digital experiences and interfaces with other solutions for seamless operations. The easy-to-deploy platform can have a company up and running as soon as product information is available.

With support for websites, brand portals, and marketing campaigns, Lumavate's software delivers a robust set of features. It can even display information to channel partners to assist in their sales efforts. Lumavate's unified product experience platform (PXM) enables organizations to quickly and cost-effectively implement a digital strategy. Schedule a demo to see how Lumavate can help.

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