What Is Product Information Management Software?
by Lumavate | Last Updated: Dec 18, 2023
Businesses today have to engage with their customers across multiple channels. They might interact with people through social media, email, their website, and in person. These multiple interaction points mean that information about products has to be shared across several different departments to make sure everyone has access to the same information. A central data source improves communication between teams within businesses.
As businesses like yours work to navigate these complexities and keep all of this information consistent, you will likely find that a Product Information Management (PIM) system can greatly simplify these processes. Let’s look at what a PIM is and what it can do for your organization.
What Is Product Information Management?
Product information management is the process of keeping all the different types of information related to your products organized. You need this information to effectively market, sell, and service your products, so this information is critical to your operations. To manage this information effectively, you typically want to centralize all product information in a single location. When the information is stored in one place, it becomes significantly easier for everyone in the organization to access the same data. You can be confident that your customers therefore receive the same answers to their questions, regardless of whom they ask.
When your employees quickly and easily access the product data, your customers also get the same, high-quality interaction regardless of channel. Your customers do not have to wait for reps to find the information or ask other departments for help.
A central information source also makes it easier to update the information. When everything is housed in the same location, updates can be made quickly and efficiently, without having to worry about tracking down all sources of a particular product’s data throughout the organization.
What Is Product Information Management Software?
Product information management software is your key system for managing all the relevant product data you have for your business. This will include a variety of different types of data, such as:
Pricing
Features
Benefits
Dimensions
All of this information can help you engage with customers and provide them with the insight they need to prepare for a purchase. When your PIM also comes with a built-in Digital Asset Management (DAM) functionality, you also use your system to store product-related digital assets. These types of assets might include:
Product images
Owner’s manuals
Tech spec sheets
Troubleshooting videos
Installation videos
These additional digital resources can provide greater insight into the products and allow your leads and customers to get the visual help they may need when deciding to make a purchase or if they need help with a purchase they have already made.
With the help of this powerful software, you can keep all your product-related information and digital assets together and make sure that everyone in the organization can access the information and assets they require when they need it.
What Is PIM Software Used For?
You will use your PIM software as a central storage place for all of your product data and information. All the data and information that someone might inquire about concerning your product, such as the pricing and features, will all be contained in this single location. That way, whether you have a company employee who needs to help service a product for a customer or a marketing professional engaging a customer online, you know they have access to the same accurate, up-to-date information.
Product information contained with a PIM, when combined with a Digital Asset Management (DAM) functionality, can also include all the related digital assets such as product photos, how-to videos, and spec sheets, which can help when speaking with clients about the products.
Importantly, having all this information in one place means that everyone at the company can access the same source of truth about the products. You do not have to worry about people having their own versions of different promotional products stored on their computers or passed within a department. Your business provides concrete, official versions that everyone uses across all the channels.
The PIM solution gives you a single place to update all relevant information at the right time, reducing your workload as well. If a product has updated specs, for example, you do not want to worry about some team members creating assets that unknowingly do not get updated. This can cause problems if they pass that inaccurate information on to leads.
What Is an Example of a PIM?
There are many different companies that provide PIM solutions. Each one varies slightly in the types of tools and functionalities they offer. Some of the most common and visible tools today include:
Plytix PIM
Pimcore PIM
Salsify PIM
InRiver PIM
Acquia PIM
Catsy PIM
Lumavate PIM
Each of these solutions will help your business bring together all the different information you have about your products. However, Lumavate is the preferred solution because it not only functions as a robust PIM that makes management easy for companies but also offers a built-in Digital Asset Management (DAM) solution. Customers using the Lumavate system also get a Digital Experience Platform (DXP) as well.
If you are interested in investing in a PIM for your organization, you will want to look at all the different PIM tools in market and find which of the PIM software companies fits your organization best. You want to work with a PIM software company that not only offers you the fundamentals of PIM software, but also offers system benefits that take your user experience to the next level. The top PIM you select should help you better manage all the product information for your business. It should help simplify communication between the different members of your team.
When looking to find the best PIM software 2023, therefore, consider the features and benefits that matter the most to your organization and your customers. Examine the steps that can frustrate the customer experience you try to offer, such as if customers get different information from different representatives. Similarly, think about how easily members from different departments can access vital product information, such as spec sheets, or whether customers have to wait. If you find your customers encountering these shortcomings, then consider how PIM software, which also brings together a Digital Asset Management solution and a Digital Experience Platform, can help you improve your business operations.
Get Started with Lumavate
If you are ready to learn more about how Lumavate can benefit your organization, reach out to us today. We will be happy to discuss with you how this robust PIM system can help you better manage your product information and provide a pleasant user experience for both your employees and your customers.