Product Information Management Tools

The investment in product information management tools can help a business, especially a manufacturing or distribution company, to efficiently and effectively manage its products with ease. Product information management should be at the forefront of building your brand, customer buying journey, and in the ongoing management of your business. Consider these product information system examples to learn more about how to take advantage of these effective tools within your own business.

Role of Product Information

Product information is any type of valuable and relevant information about a product. It is information that encompasses any details about a product and how it works, what it is made of, how it is sold, and what it does. Key information that should be contained within a product information system includes:

SKUs
Pricing
Features
Benefits
Dimensions
Functionality

In addition to this, most products have more valuable assets related to them, including digital assets like product photos, how-to videos, and the owner's manual. Spec sheets are also an important resource that should be maintained for every product. In short, all information and assets related to a product could fall into product information. That information, which may be used by a wide range of parties (sales, manufacturing, help desk, and more), needs to be managed, kept up to date, and always accessible.

Define Product Information Management

The problem is, managing product information is not always simple or straightforward. Product information management is the process of managing all types of product information. That management method must encompass all ways that this information can be used and applied including to market, sell, and service products.

To achieve this type of organization, it is typical to use a centralized method. Having all of this data in a single location allows for any party to use it as it is needed and when it is necessary. This allows for the data to be effectively managed and accessed by multiple people within the organization (and within all areas of the organization).

Define Product Information Management System

The methods to manage product information are not always simplistic. However, a product information management system can be helpful. What is a product information management system? And, what is product information software?

Product information management (PIM) software is one of the most effective tools for this application. It is used to centrally store and then manage all types of product data. PIM software companies are not all the same in what they offer or how the features they offer. However, the best product management software will include a way to manage important product information, including:

Product descriptions for various applications
SKUs
Pricing information
Feature information
Benefits of the product and uses
Dimensions and all sizing details
Functionality and applications

When considering PIM software examples on the market today, look for those that contain a built-in Digital Asset Management (DAM) functionality. If the tool you use includes this type of functionality, it will also allow you to manage digital assets within one location. That includes:

Product photos
How-to videos
Owner's manuals
Spec sheets

This is an added feature that can significantly improve the way you manage all of your data.

Once it is in place, it allows for multiple people to log into the PIM solution at one time – creating multiple user logins to allow for comprehensive access to the data when it is needed by any parties within the organization (or externally). A PIM solution allows multiple users to log in to the software not only to access it but to update it. This can be done in real time. As a result, multiple users with controlled access can manage the organization's data efficiently.

What Is PIM good for, then?

While all of this functionality is critically important and offers a wide range of benefits, it is also essential to consider one of the most important reasons for using it: a single source of truth. This means that anyone that accesses the information is always given the most up to date and accurate information available.

The benefit here is that, as information changes or needs to be modified due to changes in specs or marketing, it is always up to date in real-time in this tool. That means everyone with access has the latest information without dozens of older versions being used.

Who Uses PIM Software?

What is product information management software? And who needs to use it?

PIM software can be used throughout an organization. Then, when you consider the uses of PIM software, you will find there are several key types of companies that can benefit from adopting this technology:

Manufacturers
Retailers in all industries
Distributors
Any other company that has a large number of products that need to be managed

It can work within any organization to create exceptional organization of valuable data. This includes any company manufacturing, distributing, or selling products.

Within a company, a PIM solution is typically owned and used by the company's marketing team. However, the product management team, if the company has a specialized department in place, is also ideally suited to manage the product information management software. If a company does not have a standalone team dedicated to product information management, any individual or team within the company that deals with this type of product information could utilize it.

However, multiple teams within a business use the product information stored within the PIM, making it both essential and accessible to the entire company. That includes:

The sales team
The development team
Customer support teams
Management
Product management team

What is a PIM tool? It is a company-wide resource that continues to work to meet the company's needs of conveying accurate, up-to-date information about a product.

PIM Competitive Landscape

What is an example of PIM? Chances are good that you will find lots of options out there, including a free PIM software solution, some high-valued products, and some that are launching comprehensive product management systems. The top 10 PIM software options are extensive. Some of the PIM software companies in USA include:

Plytix
Pimcore
Salsify
Inriver
Catsy
Lumavate
Akeneo PIM
Acquia PIM

It is possible to state that some of these are the best PIM software companies available today. However, not all are the same. Each one of these tools offers a solution to help centralize management of product data. However, some go further than this to offer more of the features you need.

Some of the top PIM companies offer more. That includes a way to manage product data as well as additional functionality. For example, Lumavate is one of the best PIM software companies because it offers a robust level of functionality including a PIM, as well as a DAM solution, and a digital experience platform (DXP).

What is the difference between PDM and PIM? A PDM system will manage and organize all of your product information. A PIM is a product tool that will standardize and centralize that product information. Lumavate gives you everything you need in one location.

PIM Costs

When considering any of the top PIM software companies, cost is a big factor for most organizations. The cost of a PIM can vary a great deal depending on the number of SKUs stored in the PIM. However, other organizations will base the price on the number of times the product data is used.

A better option for many is Lumavate's pricing model. It takes a different approach to pricing. Instead of these other methods, it uses a comprehensive product experience management (PXM) platform. Instead of separate tools that you need to use, you have just one solution that does it all. This ultimately reduces costs.

In fact, you can begin using Lumavate today and get it at the price of $499 a month – that is for the entire PXM platform and often a fraction of the cost of other simple PIM solutions. Often, Lumavate is 75 percent more cost-effective than competitive solutions.

How Do I Choose a PIM?

Before you begin to look at a list of PIM software companies and products, take a few minutes to consider a couple of specific questions. What is PIM software used for? Specifically, what are your needs and obstacles? Which of the following is PIM Software? Specifically, which can help your specific needs?

To help you make a decision on the best PIM solution for your company, consider the answers to the following 5 questions:

What functionality do you need?
What other systems do you need to integrate with?
How will the product information be used?
What type of budget is defined for this initiative?
What is your timeline for implementing a solution?

Lumavate is the best choice for anyone evaluating a new PIM solution for several reasons. The most important is that it comes with a complete Product Experience Management system. Within the Lumavate platform, employees have access to a:

Product information management (PIM) solution to centralize the management of their product data
Digital asset management (DAM) solution to store product-related digital assets
Digital Experience Platform (DXP) to use to build those digital product experiences in just minutes
Text messaging capability
Comprehensive form builder solution to integrate with the company's system of record

There are no other systems on the market that offer this breadth of functionality. And, remember, Lumavate is often 75 percent more cost effective than competitive solutions that offer less functionality.

Product Master Data Management vs PIM

You may have heard about Master Data Management (MDM) solutions. These centralize all of the organization's information. It provides a single source of all information across the entire business, and that goes beyond just product data.

An MDM solution is enterprise-wide and is accessible to anyone who needs it. It is extensive to implement because of the breadth of design and functionality. Product master data management refers to the centralization management of all product master data. This can be done in an MDM solution.

However, most companies use a product information management solution to centralize the management of product information specifically. A PIM solution is substantially easier to implement and more useful for the marketing and sales team compared to an enterprise-wide MDM solution.

Why You Need More Than a PIM

A product information solution is a must-have for any manufacturer of physical products. It is necessary for most organizations that sell products.

However, the centralization of all of this product information is really only useful if it can be easily shared and used in digital experiences. It needs to be accessible for all applications related to your products including in the creation and management of your digital assets and printed materials. Your channel partners need to be able to access the most up to date information for your marketing efforts. Any component of your organization that uses product information needs access.

For example, accurate product data is stored in a PIM. That is a great start. However, if this product data needs to be seamlessly passed to the company website, sales resources, channel partners, and others.

Not many PIM solutions offer this type of built-in functionality. You still need it, but now you have to invest in countless integrations of third-party software solutions to get the product information updated and accessible. That becomes expensive, especially over time, as your company grows.

If you do not want to purchase a PIM solution and dozens of third-party applications to support it, you have another option. That is, to have a custom-built system for your business. That could work well but it will be expensive and often takes a great deal of time to implement, slowing down the benefits that come from using these tools. This move would allow you to have your own custom integrations to enable product data to show up in your digital experiences and other marketing materials.

To avoid that cost and still get the access you need, consider the value of Lumavate. It offers a built-in digital experience platform that automatically connects to Lumavate's PIM solution and digital asset management functionality. With Lumavate, you can:

Create digital product experiences in minutes by dynamically pulling in all product data and related digital experiences in minutes.
Update that data and those digital assets in minutes in real-time.
Benefit from a seamless solution that centralizes all of your product information to use across all components of your company including your marketing, sales, and customer service.
Take full advantage of these features without any technical resources.
Benefit from all of these features for one price.

What Lumavate Offers

Lumavate is a product experience management platform that enables companies to create and manage everything related to their digital product experiences. It has:

A built-in product information management solution
Digital asset management functionality
Digital experience platform
Text message
Form builder
More than 40 integration options to use to fit virtually any need

Lumavate is an all-in-one solution that provides companies across the manufacturing, retail, and other industries that sell products with all of the technology they need to effectively manage their product data and assets. You can use Lumavate to create and update digital experiences containing product information as well. That could include updating data in a marketing asset to the latest information or specs, for example.

In addition to this, it is designed to offer all the features that you need, including:

A highly targeted text messaging tool to send direct messages to clients
A method to collect product registrations or lead registration information

There is no other platform available today on the market that offers the same level of solutions in one, single tool than Lumavate does. More so, it is just a fraction of the cost of what you would pay for a platform that offers far less functionality.

How to Get Started with Lumavate

Even better, it is very simple to get started with Lumavate. Start with the 14-day free trial with no obligation to move forward. You can also set up a demo to give you hands-on experience in how the solution works and what makes it different. No cost or obligation.

When you see it in action, you can start using it. With several subscription plan options available, you can purchase what you need at a price that fits your needs. Our packages start at as low as $499 per month.

Once you purchase your subscription, you can then start onboarding to the platform the same day. That means you can get fully implemented right away on the Lumavate platform and start using it immediately. There is no technical or complicated process to manage.

Lumavate is built for marketers to use. That means it does not require any technical resources. It is very easy to use without a steep or costly learning curve. However, if you do need help, Lumavate offers professional services that can give you the support you need in uploading your product data.

Most companies using Lumavate are launching digital product guides in only a few days after getting started with Lumavate and expanding their use for their company's website, sales resources, and more.

Are you ready to learn more about how Lumavate can work for your company? Schedule a demo now.