What Is Product Information Management
PIM stands for Product Information Management. It refers to the process of managing all the information required to market and sell products through distribution channels. PIM also ensures that quality data is created for internal use and multichannel distribution.
The major challenge for international companies is to customize the product information to the requirements of any retailer. Besides, brands that sell in different geographical locations have to meet specific market demands. Therefore, they have to handle PIM data in various languages and formats. There are special PIM software solutions that automatically collect, edit, and save product details.
Product information management systems act as a central product database that helps organize and standardize data for broad use.
What Information Does PIM Store?
Every product accumulates a lot of information during its lifecycle. An effective PIM software is able to deal with incoming, outgoing, and cross-department product details information like:
- Channel-specific information: Amazon titles, Google categories, mobile descriptions.
- Design specifications: designer notes, style sheets, assembly instructions.
- Digital assets: videos, images, documents.
- Localized information: translations, multilingual copy.
- Marketing data: personas, keywords, SEO elements.
- Product data: SKUs, UPCs, names, titles, descriptions, etc.
- Sales information: testimonials, prices, customer reviews.
- Supplier & manufacturer data: certifications, spreadsheets.
- Taxonomy & relationships: labels, categories, variations.
- Technical specifications: materials, measurements, ingredients, warranties.
How It Optimizes the Company’s Internal Processes
The majority of businesses operate in a dynamic market where both conditions and customer demands change rapidly, so time-to-market is a key competitive criterion. By optimizing the product's path, from development to marketing and sales, PIM software accelerates the delivery of the product to the end-user.
Employees from many departments can work on the product at the same time in PIM software, and marketing specialists can therefore start creating catalogs, even if the product specifications have not been finalized yet. Once the production department updates data in the central database the information in the respective catalog is updated as well. Besides, the PIM software streamlines manual tasks that otherwise would slow down the process of launching a new product.
Easier to Sell Through Other Channels
It is much easier to find and send product information to price comparison websites when all data is well organized in your product information management software. If your data is stored unstructured, scattered across databases, you will have to locate the necessary information first, get it organized into a structure, and finally, save the data in the correct groups. PIM lets you structure the data so that it can be quickly exported to other channels. You can even use third-party tools to provide product details to the relevant websites.
Better Efficiency and Less Manual Work
A lot of questions will quickly arise when a new product is about to be launched on the market. It can take a long time to clarify them if you don't have a well-established process. You minimize all back-and-forth communication between departments when you arrange the data in PIM software.
Delegating responsibilities becomes simpler, teams can fully concentrate on their main duties and make sure that the rest of the organization can do the same. PIM software can help you create workflows that provide a visual overview of how far the different elements have advanced in the process so that no information is lost along the way.
Fewer Product Data Errors
The elimination of the chaos of Excel or Google sheets that many businesses use to store their product data is one of the key reasons for implementing PIM software.
PIM allows you to create a structure that ensures the most secure route without errors. In other words, by replacing the Excel sheets with a central database, PIM prevents errors, which means that all the information is correctly updated on all the channels.
Enrich Your Products With Additional Data
Many e-commerce businesses sell products where buyers can find identical products offered by competitors, so it is crucial to enrich product descriptions with unique information to make your products stand out.
Otherwise, you and your rivals are offering the same product in the exact same way. In PIM software, you can easily enrich the products with additional detail, thus differentiating yourself from your competitors.
Modern shoppers increasingly perform online research, focusing on the products they are interested in, which makes detailed product information a powerful competitive factor.
Better Campaign Management
A campaign basically consists of a range of products to be presented in a particular way to customers. This is exactly what PIM software can do.
With PIM software, you can model your product groups and monitor which data will be presented and in what context, for example, different points of focus aimed at different geographical regions.
This facilitates the process of setting up and running campaigns. It also makes it easier to adjust product data along the way, since you just need to change the information in a single location.
Faster Product Catalog Production
Although we live in a world that is increasingly digital, a traditional printed catalog is still relevant in many spheres.
As a genre, however, the catalog is pressured by the incredible growth of the market, making the conventional process of spending several months preparing a catalog ineffective because the catalog becomes outdated even before it reaches prospective buyers.
PIM software can optimize the process of a product catalog creation and allows marketing specialists to start adding the products to the catalog, even though not all the details have been finalized.
What Types of Companies Should Use PIM Software?
Retailers and e-commerce businesses of all sizes can benefit from using PIM software. However, it does become the essential tool when your organization:
- Promotes products on several different channels.
- Operates in multiple markets and communicates in many languages. Each new language adds difficulty, making it hard to efficiently manage marketing manually.
- Pursues growth targets, which make it imperative to increase the marketing activities. High activity means that there are multiple activities to organize and optimize, and this is the case when PIM software can demonstrate a high ROI quickly.
- Has complex product information. For example, this could be due to a large volume of data and descriptions, the use of metadata, or complicated data relationships.
- Wants to enrich the data you have or receive more product information from suppliers. Without PIM software, it may be time-consuming to manage the importation of information from several suppliers. What is more, the data is often provided in different formats, with inconsistent quality.
- Has to copy and paste information and send it from one system to another. PIM software can automate some of the manual processes.
You Can Only Win With PIM Software
We, at SCAND, believe that the best approach for companies looking to simplify their data management is building aPIM software solution. Not only does PIM software manage product data, but also helps to support the entire process of designing, preparing, enriching, and launching products.
If you think that you need a custom PIM solution, SCAND team provides PIM software development services for companies that want to manage their product information and deliver great customer experience.