What Is PIM in Software?

A good product information management (PIM) system will not only enable you to stay organized but also help your business generate awareness of your brand, boost sales, and build brand loyalty. Thankfully, creating a good PIM system isn't something you have to do on your own. Once you understand what PIM means and what PIM in software has to offer, you'll be well on your way to reaching your long-term business goals.

What Is the Meaning of PIM?

PIM stands for product information management. As the name implies, it means organizing your product information in a centralized solution so it can be effectively managed and accessed by multiple people in the organization. 

However, there is more to the PIM system meaning than only keeping organized. The full PIM meaning also involves using your product information to improve consumer experiences with your products. This means creating a PIM system that allows you to keep track of your goods and enables your team to share accurate product information with customers and sales partners.

In times past, many companies used a filing cabinet to store and manage product information. However, such a system only works well for very small firms with a single location. If you have more than one office, employees in other branches wouldn't be able to access paper files. Even database tools and cloud storage services such as Google Drive come up short. These programs don't have the features you need to sort through data and share it with customers through various digital touchpoints.

What Is PIM in Software?

Product information management software makes it easy for any business to keep track of all types of product data. Unlike database programs, PIM software comes with digital asset management (DAM). This means that it can store text data and digital assets such as videos and photos in the same folder. If you click on a product record on your PIM platform, you'll see the product SKU, pricing, features, benefits, dimensions, and functionality. You'll also see product images, how-to videos, and product walkthrough videos. You can even view file attachments such as owner's manuals, spec sheets, and warranty policies. Additionally, many PIM platforms come with digital experience tools that make it easy for companies to share product information with others. Such tools include integrations with other programs, the ability to automatically update product pages on various digital channels, such as your website and online product catalog, and the ability to offer custom product recommendations to any potential buyer based on that person's past and current interactions with your website.

Another good reason to use a PIM platform is that the platform acts as a single "source of truth" for all your company's product information. You can update it and access it from any location. This makes it easy for your employees to keep information up to date and use that information to make sales.

Who Uses PIM Software?

Companies of all sizes and across all industries use PIM software. Manufacturers, retailers, distributors, and other firms that create, sell, or manage products have all found that a PIM solution is a great way to keep product data updated and organized. While B2C businesses are more likely to use promotional features to improve consumer experiences with the business' brand, even B2B firms are sure to find that a PIM system can boost product sales. Using product information management software when working with sales partners makes it easy for these partners to find and purchase available products for sale. What's more, a PIM system can also provide third-party sellers with brand-consistent marketing materials that can boost sales and build long-term brand loyalty.

What Are the Largest PIM Software Companies?

The Salsify PIM, Pimcore PIM, and Inriver PIM each have a large market share. Other well-known PIM software examples include Plytix, and Akeneo. However, a large company isn't always the best option for the average business owner. Many of the top 10 PIM software companies according to market share don't have the resources to develop new products and integrations in a timely manner. Others take weeks to onboard. You'll need to tell the company about the services you need. Then you'll get a customized price quote. Once you agree to the price plan, the company's IT experts have to get the PIM system up and running for your business. Usually, you'll pay for this extra service. What's more, adding new features or amenities to your current plan is also time-consuming. This can make it hard for your business to adapt to changing circumstances and consumer trends.

The best PIM software companies are the ones that can provide fast, effective service to meet your exact needs. A small to mid-size firm can typically provide better, quicker customer service than large, unwieldy corporations. What's more, small companies are flexible and adaptable. This means they'll move faster from a product development perspective than big PIM platforms. Lumavate, for instance, releases new product functionality every two weeks, while large PIM companies only create new tools and features a few times a year. What's more, Lumavate's onboarding process takes no more than a day as you simply have to select the subscription plan that best meets your needs, pay for it, and then start using it. If you need more services in the future, you can upgrade your price plan with a few clicks of a mouse.

PIM software companies offer an array of tools that can make it easy for you to not only manage product information but also use it to its fullest potential in order to generate brand awareness, boost sales, and build a loyal following. Even so, not all PIM systems are created equal. You'll need to carefully consider your business model, goals, and budget to choose a PIM platform that will help your business move forward. Lumavate stands out from other PIM software companies because it offers tiered price plans for fast onboarding, continually releases new updates to improve the management and dissemination of product information, and provides friendly, efficient customer service to meet the needs of businesses of all sizes and industries. Get in touch with us today to find out more about our offerings or to request a free product demonstration.