Product Information Management Tutorial

What Is Product Information Management?

Product Information Management, or PIM, is a system designed to centralize and handle all types of product data within a company. PIM software creates a single, easily accessible place for information like product descriptions, Stock Keeping Units (SKUs), pricing, features, benefits, dimensions, and functionality. By consolidating this data, PIM ensures consistency and accuracy across channels and platforms whenever product information is used.

Additionally, when PIM software includes built-in Digital Asset Management (DAM) capabilities, it can vastly increase its functionality related to digital content, including assets such as product photos, how-to videos, owner’s manuals, and technical specification sheets. These digital assets are vital for marketing and sales.

Another advantage of using PIM software is its collaborative nature, as it often allows multiple users to log in and manage product data. This means an entire team or even various departments can add, edit, or update information in real-time. This feature is especially useful to businesses that operate across different regions or channels and allows all parties to have access to the most up-to-date product information.

PIM serves as a foundational tool for businesses by acting as the single source of truth for all product-related information. This centralized approach not only streamlines the management of product data but also creates better communication and more efficient workflows, contributing to the overall effectiveness of a company.

What Is the Main Goal of Product Information Management?

This section will answer the question of, how does product information management work? The product information management job description is to create a single place for all product-related data within a company. The centralization is key, as it provides a single source for everything you could need to know about products. PIM systems are also built to handle a wide range of digital content, including high-resolution product images, instructional how-to videos, detailed operator manuals, and comprehensive troubleshooting guides.

What Does a PIM Solution Do?

The best PIM tools in market go beyond a robust database by also providing Digital Asset Management (DAM) functions. This integration makes it possible to seamlessly manage various forms of digital content including images, documents, and videos, alongside traditional text-based product data.

Having a consolidated PIM system transforms the way a company handles its product data. It allows employees across different departments and even geographical locations to access the most accurate and up-to-date product information easily. This accessibility allows for consistency across marketing materials, sales resources, and other customer-facing resources. Overall, the accuracy and reliability of product data managed through a PIM system can enhance marketing campaigns and sales strategies, leading to better customer experiences and even increased sales.

Why Is PIM Software So Critical to the Manufacturing Industry?

Product Information Management (PIM) systems give manufacturers a big advantage in today’s marketplace. While many manufacturers continue to rely on traditional and disparate methods for managing their product information, such as spreadsheets stored on local drives, product images scattered across different folders, and critical data siloed to specific departments. This fragmented approach both decreases efficiency and increases the risk of errors and inconsistencies, and makes updating information close to impossible. This leads to different teams within the same company using outdated product information, damaging both efficiency and customer satisfaction.

Using a PIM system offers many benefits that directly address such challenges:

Centralized Data Repository: PIM provides a centralized platform for all product data, enabling easy access and management. Kept in a single place, the data remains consistent and up-to-date across all channels.
Brand Consistency: By maintaining a uniform set of data, PIM ensures that brand messaging remains consistent across all marketing and sales materials. This consistency strengthens brand recognition and customer trust.
Collaborative Data Management: A PIM system allows multiple users to access and manage data simultaneously without the risk of creating duplicates or outdated versions. This collaborative environment ensures that all team members are on the same page, improving coordination and productivity.
Streamlined Updates: With PIM, updating product information is straightforward and instantaneous, ensuring that all stakeholders have access to the latest data. This is especially crucial when managing product lines that require frequent modifications or when complying with regulatory changes.
Enhanced Efficiency: PIM systems automate many of the tasks associated with product data management, reducing the time and resources required to maintain accurate product information.

What Comes with PIM Software

PIM software is like a digital warehouse for everything you need to know about a product. It stores not just the basic details like what the product is, its price, features, and size, but also a wide range of audio-visual materials. There are a wide range of product information management tools available, but by choosing a version with built-in DAM features, a PIM can hold product photos, manuals, spec sheets, and even instructional videos. This setup makes managing and sharing product information simple and efficient for businesses.

What Is the Role of a Product Information Manager?

A Product Information Manager plays an important role in making sure that all product data is accurate and up-to-date, while also making certain that this information is effectively communicated within the company and beyond. The position manages the cataloging of pricing, features, benefits, and precise dimensions; all important aspects of what customers consider when making a purchase.

Product Information Managers also oversee the collection and management of any digital assets that would be related to the product. This includes product images, comprehensive owner's manuals, product specification sheets, and troubleshooting videos.

While some companies choose to hire a dedicated full-time Product Information Manager, others distribute tasks to several team members. Product Information Managers are thought of as the authority on product data. Their expertise supports internal operations while also improving customer experience.

What Is an Example of a PIM?

Wondering what is an example of product information management? Numerous companies create a PIM system example, as PIM software companies have created a competitive landscape for the software. Product information management system examples include companies like Plytix, Pimcore, Salsify PIM, Acquia PIM, InRiver, Catsy, and Lumavate. While each of these PIM System examples are different, every one of them offers the capability to centralize the management of product data.

Each of the Product Information System examples let businesses consolidate product descriptions, benefits, features, pricing, dimensions, and digital assets such as images, videos, and manuals into one central location. It is also worth noting that while Adobe and Shopify are both significant players in the e-commerce world, neither offers dedicated PIM software examples of any kind.

How to Choose What Is the Best PIM Software?

Selecting the right Product Information Management (PIM) solution for your company is a crucial decision that impacts how you manage and share product information. To make sure you choose the best PIM software for your business needs, consider the following questions:

What functionality do you need? Start by assessing how much functionality you require for your business. If your focus is only on managing product data, a basic PIM might do the job. However, if you need to manage digital assets (like images and videos) or create digital product experiences, look for comprehensive solutions that include PIM, Digital Asset Management (DAM), and Digital Experience Platform (DXP) functionalities. These are often referred to as Product Experience Management (PXM) platforms. They offer an integrated suite for managing various product experiences and can simplify operations by providing all necessary tools on a single platform.
What other systems do you need to integrate with? Evaluate your current technology stack to determine what integrations are necessary for the PIM system. Some companies may need minimal integrations, while others may require extensive compatibility with existing systems. The required integrations can be a deciding factor, as some PIM solutions may not support certain third-party software, which could be a deal-breaker.
How will the product information be used? Consider all the ways your product data and digital assets will be utilized — from websites and catalogs to sales resources and events. Identify if you need the PIM to directly interface with your website or if you will require additional technical resources to build integrations. Some PIM solutions offer built-in DXP functionalities, which can be advantageous if you aim to have a seamless content management experience.
What kind of budget can you allocate for this project? Having a clear budget in place can streamline the selection process. PIM solution pricing can vary widely, and a higher price doesn't always guarantee superior functionality or service. Be upfront about your budget constraints to avoid spending time evaluating solutions that are beyond your financial means.
What is your timeline for implementing a solution? While you should not rush the decision, the implementation timeline is a factor to consider. Some PIM platforms may require months to set up and may involve professional services, while others offer immediate trial versions and quicker setup times. The faster you implement a PIM solution, the sooner you will reap the benefits of increased productivity.

By carefully considering these questions, you can narrow down your options and select a PIM solution that aligns with your business needs, budget, and timeline. Remember that the goal is to find a PIM that not only fits your current requirements but also has the scalability to grow with your business.

Best PIM Software 2023

When deciding on a PIM solution, Lumavate emerges as a strong contender, particularly for those seeking comprehensive Product Experience Management (PXM) functionality. It integrates PIM to centralize product data management, DAM for digital assets, and a DXP to build digital product experiences quickly. Additionally, it includes text messaging and a form builder that integrates with a company's system of records.

Lumavate's pricing structure is competitive, starting at $499 per month, which can be particularly cost-effective, often 75 percent less expensive than similar solutions with less functionality. A free trial of Lumavate is also available for 14 days, allowing businesses to test the platform before committing.

Getting started with a PIM like Lumavate involves centralizing all product data in the PIM and storing all digital assets in the DAM. Lumavate offers both functionalities out-of-the-box. The next step would be creating digital product experiences for customers, partners, and employees throughout the customer journey, leveraging Lumavate's capabilities to efficiently manage and deploy these experiences across multiple touchpoints.

What Are Product Information Management Best Practices?

Getting started with a Product Information Management (PIM) system involves several steps, aimed at centralizing your product data and digital assets, and creating impactful digital product experiences across each stage of the customer journey. Here's a detailed breakdown of the process that will make tasks like creating a product information website simple:

Centralizing Product Data: The first step is to gather all your product data into the PIM. This includes product descriptions, pricing, features, benefits, dimensions, SKUs, and more. Lumavate's PIM allows for unlimited products, providing a centralized location for all your product data and related assets, ensuring you’re always using the most up-to-date information.
Managing Digital Assets: Alongside product data, digital assets such as product images, videos, manuals, and other media files need to be organized. Lumavate's Digital Asset Management (DAM) functionality provides unlimited storage for these assets, enabling you to keep all your product-related digital content in one place.
Creating Digital Product Experiences: Once your data and assets are centralized, the next step is to create digital experiences for every moment in the customer journey. This includes building product pages on your website, crafting digital catalogs, setting up brand portals, and more. Lumavate’s Digital Experience Platform (DXP) facilitates the creation of these experiences, integrating seamlessly with the PIM and DAM components.
Engaging Customers Across the Journey: Different stages of the customer journey, like purchase and loyalty, require tailored product experiences. Lumavate enables you to create customized experiences for each stage, enhancing customer engagement and satisfaction. For example, trade show experiences for the awareness phase, product comparison tools for the consideration phase, and onboarding experiences post-purchase.
Leveraging Analytics for Improvement: To ensure that your product experiences are meeting customer needs, it’s crucial to keep tabs on analytics. Lumavate integrates with tools like Google Analytics, allowing you to track metrics like page views, session lengths, and user numbers. This data helps in refining your product experiences and ensuring they align with customer expectations.
Collaboration and Increased Productivity: A platform like Lumavate empowers collaboration across your business. With centralized product data and digital assets, team members can easily access the information they need, increasing productivity and streamlining workflows.
Implementing Best Practices: When establishing your product information management strategy, it’s essential to follow best practices. These include maintaining brand consistency, ensuring accuracy of product information, improving the customer experience through personalization, and creating data-driven digital experiences.
Pricing Structure: When considering a PIM solution, it's important to understand the pricing structure. Lumavate offers a tiered pricing model, starting at $499 per month, and claims to be 75 percent more cost-effective than similar solutions.

A comprehensive PXM platform like Lumavate offers a multifaceted approach to product information management. It combines PIM, DAM, and DXP functionalities, ensuring the seamless management of product data and digital assets. It also allows for the creation of engaging personalized digital product experiences that cater to the real needs of customers, partners, and employees alike. By leveraging such a platform, businesses can enhance their product information management capabilities, streamline their operations, and ultimately drive growth and customer satisfaction.