What Is PIM in Data Management?

Efficient product information management (PIM) ensures accuracy, consistency, and effectiveness while maintaining real-time, updated status for an organization’s product literature, specifications, and digital assets.

What Does PIM Mean?

For most companies, product information is in constant flux. For example, materials and specifications may change along with the introduction of new products and additions to an existing product line.

Product information management (PIM) is the process of managing all types of product information required to market, sell, and service products. Achieving robust and effective PIM typically involves centralizing all product information in one location, so the data can be effectively managed and accessed simultaneously by multiple people across the organization at any of the company’s locations as well as integrated subsidiaries, associated partners, and others with a need-to-know.

What Is PIM in Data Management?

The goals of PIM are centralized storage of accurate and up-to-date product information made readily accessible to all authorized users across all appropriate channels.

Effective PIM has a single location to store and manage all product information. This product information may include SKUs, pricing, features, benefits, dimensions, functionality, product images, how-to videos, operator manuals, troubleshooting guides, certifications, and any other related materials.

The entirety of the product master data is stored in a Product Information Management (PIM) system. The best PIM solutions also include a built-in Digital Asset Management (DAM) solution to easily manage product-related images, documents, videos, and any other digital content related to the products.

Using a PIM solution for managing product master data provides the following benefits:

• Centralizes all product data and product-related digital assets in one location.

• Ensures data consistency and accuracy across the business.

• Supports localization and globalization by allowing product information to be managed in multiple languages, currencies, and global regions.

• Allows data enrichment by including detailed descriptions, images, videos, technical specifications, and other relevant information.

• Establishes product data owners responsible for updating product information and facilitates the creation and management of workflows for updating and approving product information.

• Shortens time-to-market for creating and managing marketing and sales materials.

• Enables a business to distribute product information across multiple channels such as e-commerce websites, mobile apps, print catalogs, social media, and anywhere else needed.

• Reduces the incidences of inaccurate data included in external and internal materials.

• Provides analytics and reporting capabilities to track the performance of product information across different channels, while helping to guide the product information strategy.

• A PIM solution may integrate with other enterprise systems such as e-commerce and customer relationship management (CRM).

What Is PIM Software?

Product information management software is used by the PIM system to centrally store, organize, and manage all types of product data. This product data may include product descriptions, SKUs, pricing, features, benefits, dimensions, functionality, and other important product characteristics.

If the PIM software has built-in Digital Asset Management (DAM) functionality, product information may also include related digital assets such as product photos, how-to videos, owner's manuals, spec sheets, and other useful digital files.

A robust PIM solution typically allows multiple users to log in to the system software and update product data in real time tracking and updating the additions and changes made to the data without conflict. This coordinated, real-time system serves as a single source of truth/accuracy for all product information.

Some advanced product information management system examples create an enhanced customer experience. Compare a simple listing of product specifications with an enhanced customer experience created by scanning a QR code with a smartphone to learn more about product features and benefits, read other customers’ reviews, watch an explanatory “how-to” video, and receive a digital discount coupon to use for a purchase. Now imagine all that information available and updated in real-time for every channel and touchpoint.

What Are the Largest PIM Software Companies?

There are numerous PIM solutions available today including Akeno, Plytix, Pimcore, Salsify, Inriver, Catsy, Lumavate, and others. Each of these solutions offers the ability to centralize the management of product data. Some solutions offer additional functionality that may not be needed by smaller organizations, which cannot justify the investment in expensive large enterprise systems.

Lumavate is the preferred solution for many organizations given its robust functionality as a PIM, Digital Asset Management (DAM) solution, and Digital Experience Platform (DXP).

When considering the numerous PIM solutions available and searching for the Best PIM software, review PIM tools in market such as Gartner PIM Magic Quadrant.

The Gartner PIM Magic Quadrant report is an evaluation of Product Information Management (PIM) vendors based on their capabilities. The report categorizes vendors into four quadrants: Leaders, Challengers, Visionaries, and Niche Players. It is a valuable resource for companies seeking guidance in choosing a PIM solution.

Pay close attention to the PIM software company’s size. Bigger is not always better. For example, some of the PIM solutions with the largest market share such as Pimcore and Salsify PIM may have the most customers; however, these software companies aren’t able to move as quickly as a smaller company might, from a product development perspective, to innovate and release upgrades.

Lumavate doesn’t have as much market share as Pimcore or Salsify, but it can release new product functionality every two weeks compared to the few times a year when larger companies release new functionality.

PIM software examples include:

• Acquia PIM: This system is complex and has a steep learning curve. The price may be prohibitive for smaller businesses. The total cost of ownership includes license fees, implementation costs, IT integration challenges, customization charges, and ongoing support/maintenance.

• Akeneo PIM: This is another complex system that requires staff training to use the system’s capabilities fully. The cost is significant and includes license fees plus additional expenses for implementation, customization, and ongoing support/maintenance.

• Plytix PIM: This system has limited scalability and is most suitable for small-to-medium-sized businesses. It offers intuitive interfaces and user-friendly features. Integration with other IT systems may pose challenges.

• Lumavate: Lumavate's PXM Platform is offered as a subscription service used by marketers to manage product data and digital assets. Data is managed with the Product Information Management (PIM) functionality and digital assets with the Digital Asset Manager (DAM). Consumers access digital experiences created by marketers using the Digital Experience Platform (DXP) portion of Lumavate's platform. An example of the output from the DXP, would be product guides, which pull data from the PIM and digital assets from the DAM.

Another benefit of working with a smaller or mid-sized PIM solution, such as Lumavate, is the superb customer service a company will receive. Typically, smaller or mid-sized PIM solutions can provide a much higher level of quality service to every customer.

Book a demo to learn more about Lumavate’s PIM.