As a business grows, so does the need to consolidate and organize how its product data is stored and shared. This process often includes the implementation of a product information management (PIM) system.
The definition of product information management
PIM is a software that provides companies with a single location for centralizing and standardizing product data and related assets.
As product catalogs grow, relying on manual manipulation of product data can lead to inefficiencies and risks further down the line. With PIM at the center of a digital ecosystem, product data processes can become more automated. PIM can collect data from existing systems and distribute it to others, while giving an organization one source of truth for adding, editing, and enriching data.
And because PIM allows all information to be in one location, businesses can streamline all future product data updates. This enables growth by allowing organizations to become more efficient and agile, shortening the time it takes to get new products to market.
What types of data does PIM help with?
PIM systems allows users to store, enrich, and manage complex product-related data, such as product specifications, marketing copy, product photography, 3-D rendered images, and more. It streamlines the process of updating and managing accurate information throughout multiple systems and marketing channels.
Besides enabling a company to operate more efficiently, PIM guarantees that the same product details are delivered across every sales channel to the customer in a consistent way.
What channels can PIM push content to?
PIM safeguards product information by creating a central location for keeping everything up-to-date and accessible across your organization. PIM systems integrate with ecommerce platforms and marketplaces to improve product catalogs, pricing, marketing messaging, and more.
PIM systems can also push data to non-selling websites that house product data but do not have online checkout, such as a dealer’s website.
PIM can be used to house print collateral, such as catalogs, owner’s manuals, sell sheets, and PDF templates. Product data can be injected from PIM into various templates, so you don’t have to create every page for every product.
Translation services can connect through integrations to provide data back to the PIM in every language needed.
Also, PIM systems work with enterprise resource management (ERP) software to import your basic product information right at the beginning of the process. And PIM can link up with customer relationship management (CRM) systems to pass product data, as well.
A well-built PIM system will integrate with the systems your business uses to provide a central source of all product-related data.
Who benefits from product information management?
A PIM solution provides a central data core where everyone can access, manage, and contribute. By eliminating redundant spreadsheets and databases, PIM enables data governance and will increase productivity across every department.
Employees can reduce the time and effort involved in updating, publishing, and searching product information. Also, by improving communication, PIM can reduce human error and improve collaboration among departments, such as merchandising, marketing, product design, engineering, IT, and customer service—as well as external partners like manufacturers, distributors, dealers, and retailers.
PIM helps the entire business and anyone else involved with the business.
The value of product information management
Investing in a PIM solution can help your business in several ways.
PIM can speed up the launch of new products into the market. Delivering standardized product information that is syndicated between channels is the most efficient way to scale businesses into new marketplaces.
Also, once the data is standardized, product information can be translated easily into other languages for expansion into new territories and countries. These efforts help preserve brand integrity, eliminate inconsistencies, improve workflow efficiency, and ultimately lead to more revenue.