What Is the Meaning of PIM?

Your data can help you generate brand awareness. It can drive sales and build brand loyalty, but only if you're able to keep it organized and up-to-date. That's why companies in multiple industries are turning to product information management (PIM) platforms.

What Is the Meaning of PIM?

Product information management is the process you use to store and keep track of all information related to the goods you sell, market, or service. For some companies, it's a filing cabinet. Other companies may use a database program. Alternatively, some businesses may keep copies of product information scattered in various folders on a computer. These systems are less than ideal because you won't be able to find the information you need quickly and easily. You'll also have a hard time knowing if the information you've found is up-to-date.

The ideal product information management solution is a PIM system. A PIM system is a program designed to help you store all this information in a single, centralized location so that authorized employees can access and edit your information as needed. However, there is more to the PIM system meaning. A PIM platform also offers amenities and features that make it easy for you to find information and share it with sales partners and your target audience.

What Is a PIM Used For?

The main purpose of a PIM is to act as a single source of truth for your organization’s product data. It's updated in real-time to ensure that the information is always accurate. It includes all information about a product for sale, including the SKU, product description, and a list of features and benefits. If your PIM solution has digital asset management (DAM) functionality, you can also store product images, videos, and file attachments with your text information.

PIM platforms can also integrate with your website and product pages on e-commerce websites to update product information automatically. If you release new products for sale or add new features/amenities to current products, your PIM software system can update online product listings with just a few clicks of a mouse. If you want to add new images and/or videos to your product listings, you can program your PIM system to update listings when new digital assets become available. This saves you a great deal of time and hassle. It also improves consumers' product experiences with your brand.

Why Do I Need a PIM?

The benefits of PIM software are obvious if you sell goods online. However, PIM systems also have a lot to offer companies that don't sell products on a company website, Amazon, or eBay. Manufacturing companies will find that a PIM system makes it easy to keep product information organized and up-to-date. It also makes it easy for the manufacturer to share branding assets and product information with B2B sales partners. This streamlines the sales process. It also improves brand consistency as all sales partners can access and use the same marketing products.

How Does a PIM Tool Work?

A PIM system stores all types of product data. It comes with filters and tags, so you can find product information in seconds. You can access it from multiple locations. This makes it easy for your employees to use the system as needed. As a single source of truth for all your product information, the PIM can store product SKUs, prices, features, benefits, dimensions, and information about product functionality. It can also store spec sheets, owner's manuals, warranty information, product images, how-to videos, walkthrough videos, and other digital assets if it has DAM tools. Once your information is in the system, you can use the product information management tools to program the DAM platform to automatically update other platforms you use to share information with third parties. Consider the following PIM software examples to see what a PIM platform can do for your company:

• Company A sells clothing online. It uses its PIM solution to keep track of all product information and to update online listings. If Company A decides to launch seasonal items, the PIM program will update product listings to include new items that are only available for a limited time. What's more, the PIM can also provide custom product recommendations to any consumer based on his or her past interactions with a product listing or the company website.

• Company B is a manufacturing plant. It uses its PIM program to keep track of all product information and to update the digital catalog its sales partners use to place orders. As marketing resources become available, the PIM program will share these with vendors to ensure brand uniformity. This builds brand awareness which in turn generates brand loyalty.

A good PIM tool will meet both your organizational and marketing needs. It will improve product experiences with your brand. It will decrease your employees' workload. That's why companies throughout the United States are turning to Lumavate to meet their product information management needs. Lumavate stands out from other PIM programs because it includes not only PIM and DAM tools but also a product experience platform (DXP). The combination of the three platforms enables users to build websites, microsites, forms, product catalogs, and other marketing tools with ease. What's more, Lumavate's user-friendly interface makes it easy for anyone to master using the program right away. 

Many PIM tools only give a price quote on request. What's more, you'll have to wait until the company's IT technicians are available to get your system up and running. Lumavate users, on the other hand, simply have to choose a plan, pay for it, and get started. The "what you see is what you get" interface allows you to use any tool you want without learning how to code first. Furthermore, Lumavate's many product integrations allow you to connect the programs you're already familiar with to Lumavate's platform.

Good product information management can spell the difference between a successful business and one that struggles to meet its long-term goals. If you want to start using your product information to its fullest potential, get in touch with us today to learn more about Lumavate or view a free product demo.