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By: Sagar Sharma

What Is Product Information Management (PIM): [Purposes + Goals + Advantages]

There was a time when businesses were heavily dependent on manpower in order to offer a reliable solution, but the same is not the case today. The introduction of modern technology with the business sphere has made things relatively easier and efficient as well.

Product Information Management (PIM) is one such technology that is transforming the entire business world, and with the passage of time, more firms are adopting this particular software for better management of their store.

Here, in this blog, you will know each and every aspect of Product Information Management (PIM) and how it can help your business to grow further. But, before rushing to the theme of this article, let’s take a closer look at this framework.

What is Product Information Management (PIM)?

In the last few years, Product Information Management (PIM) has become extremely popular in the retail sector. As the name suggests, this particular software manages the entire data related to all the products available in a store. For example, it manages data like product catalogs, weights, sizes, reviews, descriptions, certification, and the list will go on.

Let’s take a look at different popular information management software that are helpful for different purposes.

1. PXM: PXM, also known as Product Experience Management, does the exactly similar job like Product Information Management (PIM). However, the software often used for centralizing information chains enhances the experience of the user in the long run. As your users are not going to get an in-hand feel of the product until they buy them online, it is important to provide the relevant information related to the product, and in that case, the importance of PXM increases further.

2. PDM: PDM, also known as Product Data Management, is often used for internal product data sharing. Here, most of the information is used by the product designers and engineers of the internal team.

3. PCM: PCM, also known as Product Content Management, is an add-on used in various e-commerce sites. Mostly, PCM is used for easy enrichment of products. PCM does not aggregate info from different sources, and therefore, it is often not considered as the right form of solution. However, PCM can handle multiple formats of product info, and it is capable of syncing across different channels from an SSoT.

4. MDM: MDM, also known as Master Data Management, has evolved as an efficient internal information management system for enterprise-level businesses. Where Product Information Management (PIM) is mostly focused on the marketing part of product and services, MDM manages the systems that are related to employees, processes, machinery, and so on. The cost of accessing MDM is significantly more than that of Product Information Management (PIM).

Analyzing the Major Purpose of Product Information Management (PIM) Software

Product Information Management (PIM) can easily be integrated with many eCommerce platforms, such as Shopify, Magento, WooCommerce, and so on. There are a number of advantages of Product Information Management (PIM) for e-commerce, and let’s explore them one by one.

These days, Product Information Management (PIM) has emerged as an essential multichannel marketing software extension, which allows the owners to maintain full control over all possible areas of the e-commerce strategies.

Every business owner understands the advantages of accessing the real-time data about each of their products, and Product Information Management (PIM) will do this job for you. Advantages of PIM  has the ability to track the real-time inventory data and send them to the right sales channel in the correct format. Besides, by using API, Product Information Management (PIM) also ensures automated syncing to the channel.

You need to understand that not every Product Information Management (PIM) solution includes all the connectors that you are required to launch your multichannel strategy in a quick manner. As Product Information Management (PIM) uses open-source code, the team is required to configure and establish connections to outbound and inbound channels.

Mostly, SaaS solutions like Pimcore’s Product Information Management (PIM) provide a significantly better user-friendly approach. It helps the connections to be maintained in the background by the assigned team.

The Basic Goal of Product Information Management (PIM)

Though there are a number of problems faced by businesses, nothing is more difficult than maintaining an information management system efficiently. Any product-based business needs to maintain a capable team in order to pass relevant information. The product information is required to pass to multiple sales channels, distributors, retailers, individual teams, and the long list will go on and on.

But, lately, Product Information Management (PIM) has emerged as a great solution in order to centralize the data that are scattered across the organizations in different systems, and the best part is each of the stakeholders can access the real-time information about a particular product effortlessly.

Thanks to Product Information Management (PIM), now you can manage all your data in a single repository, and you can easily manage a million sets of data quite easily. As a result, it is safe to say that Product Information Management (PIM) has taken a big part in the ongoing digital transformation of the business world.

But, it is obvious that you will develop a question of how Product Information Management (PIM) manages these complex affairs with so much ease. So, let’s explore these parts, and therefore, you will be able to get a rough idea about the mechanism of this particular software.

Generally, Product Information Management (PIM) helps business owners by storing and updating all the relevant information that is related to the existing product catalog. Product Information Management (PIM) is a cloud-based solution that provides a centralized information chain, and in the long run, it helps the business to grow further by increasing its productivity.

The system also ensures the information to reach the right person at the right place at the right time by going through the right channel. Therefore, the increasing shift towards cloud-based SaaS models in Product Information Management (PIM) solution has forced the business owners to think about this technology in a serious manner.

Here are the Advantages that You Can Expect from a Product Information Management (PIM) Solution

As a business owner, you must have known about ERP software that stores the data files across a company.

However, this software is quite complex and inefficient. But, by going with a reliable Product Information Management (PIM) solution, you can effectively sync the product information from the ERP; as a result, the Product Information Management (PIM) manages all your ERP data within it. So, without delaying further, here are some of the major advantages that you can expect by opting for a Product Information Management (PIM) solution.

  • It will identify all the available materials and will channel them to the right places.
  • Product Information Management (PIM) enriches the product datasheet.
  • It also detects the error present on the datasheet.
  • Product Information Management (PIM) plays a big part in improving Search Engine Optimization (SEO) for each of the pages by including the relevant keywords.
  • A reliable Product Information Management (PIM) solution improves the image of the brand and provides a better brand value.
  • It helps to create a significantly better impression for your product on the online customers.
  • By going with a Product Information Management (PIM) solution, you can improve the conversion rate for your business.
  • It reduces cart abandonment.
  • Product Information Management (PIM) will effectively synchronize images, product descriptions used by your brand in all channels.
  • Product Information Management (PIM) ensures the automatic update of products. It helps to improve the
  • shopping experience of your customers during the catalog renewal process.
  • By using a Product Information Management (PIM), each and every stakeholder will be able to access all the required information through a single source of truth.
  • Before releasing in public channels, Product Information Management (PIM) validates the content. As a result, it eliminates the chances of any potential public embarrassment.

Catalog Structure

One of the major advantages of Product Information Management (PIM) is its capability to aggregate the required information in different formats. A number of platforms ask for strict adherence to their catalog structures in order to offer continuity in their existing customer experience. In such cases, a Product Information Management (PIM) solution can work for you as it can automatically send multiple information to different channels.

A Product Information Management (PIM) solution, especially in the e-commerce sector, ensures a coordinated effort in the marketing team. After reviewing the new content, it also provides quality reports on them. By opting for a Product Information Management (PIM), you can also access the past record of modifications; therefore, you can easily track the changes and edits carried out in the catalog.

Data Centralization

By using a Product Information Management (PIM) solution, you can organize and separate your products according to your requirements. You can update the data, in case you need, and then as mentioned earlier, it provides up-to-date real-time catalog data to all necessary channels.

By using catalog printing and design connectors, you can eliminate any chances of a potential mismatch between the physical catalog and its digital counterpart. Products of the same collection are going to appear with similar info whether they are print-based or web catalog.
Many people do not realize that the process of centralization also includes the translation of the content in your website into other languages of your target region.

As a result, you can increase your business sphere considerably, which will have a positive impact on the revenue growth of your firm. Besides, a capable Product Information Management (PIM) solution also easily adapts to different marketplace norms.

In simple words, a Product Information Management (PIM) solution guarantees you to offer complete information about available products to all sales channels in a precise manner. Irrespective of the location, the data will be available to all members of your company on a real-time basis.

What Type of Firm Needs Product Information Management (PIM)

Many business owners make the mistake of assuming that Product Information Management (PIM) is relevant for the big firms in the market only. However, in reality, the same is not the case. Earlier, advanced hi-tech technology like Product Information Management (PIM) was exclusively available for the market leaders.

As a result, most of the small and medium scale firms were unable to access this kind of software. But, as time progresses, software like Product Information Management (PIM) is easily available for small-scale corporations as well.

Product Information Management (PIM) is extremely important for those firms who are expecting big growth in the next few years. When a business deals with a large volume of products and SKUs, the necessity of Product Information Management (PIM) can be felt for a smooth and efficient operation. Product Information Management (PIM) improves the performance of any form of business, be it vendor, retailer, manufacturer, distributor, etc.

The bigger the business size, the more you realize the importance of software like Product Information Management (PIM). In case of a larger catalog, the chances of error, and mismatch increases considerably. As a result, you need an efficient solution, like Product Information Management (PIM).

Even for an entry-level business, Product Information Management (PIM) is absolutely relevant. By integrating a hi-tech solution like Product Information Management (PIM), you can nullify the error counts and promote a modern technology-driven solution.

Here is the Information that a Product Information Management (PIM) Manage

These days, Product Information Management (PIM) is transforming the business approach as far as product data is concerned. Firms are now able to access a single database in order to manage the product information efficiently. Here are some of the important info that can be managed using Product Information Management (PIM).

  • Basic data like names and titles
  • Specifications of product
  • Relevant technical data
  • SKUs
  • Product description
  • Categories
  • Price of the products
  • Logos
  • Videos
  • Photos
  • Product classifications
  • Translations
  • Sales and marketing documents
  • User reviews and ratings
  • Search Engine Optimization (SEO) data for marketing requirements
  • Certificates
  • Stock data
  • Labels
  • Identifier codes
  • Product resources, such as instructions and guides

Wrapping it off

Now you must have understood the importance of a SaaS-based solution like Product Information Management (PIM). The software improves the efficiency of a firm considerably. By using an advanced solution like Product Information Management (PIM), you can easily handle a large amount of product data in thousands of categories.

Besides, you will get the option to customize the products according to your convenience. Therefore, in conclusion, PIM can change the way of your business for sure.

Say goodbye to data chaos and embrace the power of PIM/MDM to supercharge your business growth!