{"id":150792,"date":"2023-07-18T16:30:34","date_gmt":"2023-07-18T16:30:34","guid":{"rendered":"https:\/\/businessyield.com\/?p=150792"},"modified":"2023-07-18T16:30:38","modified_gmt":"2023-07-18T16:30:38","slug":"product-information-management","status":"publish","type":"post","link":"https:\/\/businessyield.com\/management\/product-information-management\/","title":{"rendered":"PRODUCT INFORMATION MANAGEMENT: What it Means & Best Systems","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n

Product organization in a physical store comprises shelf-facing and POS stands. Product organization in an e-commerce store entails managing digital material. The best product information management (PIM) software system can assist you in organizing this content on a consolidated cloud-based platform. This article will assist you in comparing and evaluating the best Product Information Management (PIM) software solution as well as other master data management (MDM) solutions.<\/p>\n\n\n\n

What is Product Information Management (PIM)?<\/h2>\n\n\n\n

Product information management (PIM) is the process of managing and enriching product information and related digital assets across many teams to deliver an engaging product experience and sell the product successfully across multiple sales and marketing channels. A PIM solution is a process-driven, master-data-fueled tool for collaborating on product material. It acts as a centralized platform for collecting, managing, governing, and enriching product information and content before distributing it to marketing, sales, and eCommerce channels.<\/p>\n\n\n\n

How Product Information Management Works<\/h2>\n\n\n\n

Product Information Management systems combine data from ERPs, CRMs, and practically any other product-related business platform imaginable. Shared data is processed and de-duped after it has been incorporated. All of this happens at the same time, eliminating the need to manually enter or update data and lowering the possibility of redundancy and error.<\/p>\n\n\n\n

PIM users can organize product information into catalogs and link those catalogs to channels once the data has been gathered. PIM administrators can organize data in a way that various parties can readily digest, allowing them to quickly access the necessary information. This improves efficiency by removing bottlenecks and eliminating data silos.<\/p>\n\n\n\n

Product marketing teams may create more engaging content with a complete PIM setup. Sales teams will be able to sell more effectively, and product teams will be able to use data to extend product offers in response to changes in consumer behavior and other market trends. As a result, customers will feel more linked to the things they purchase, resulting in increased loyalty and happiness.<\/p>\n\n\n\n

What\u00a0is PIM Software Solution?<\/h2>\n\n\n\n

PIM software is a technology or group of tools that assist e-commerce companies in creating and managing product content for various digital platforms. PIM software is a type of information management system that is used to track the specifics and data of commercial products. It provides a one-stop shop for product information such as technical specs, usage guidelines, product stories, media files, and cataloging information.<\/p>\n\n\n\n

Who is in Need of a PIM Software Solution?<\/h2>\n\n\n\n

For many businesses, products are an important aspect of their operations. If they sell, it benefits everyone in the organization. A PIM solution benefits the entire organization by assisting workers in a variety of positions in improving their day-to-day work in many ways, all of which contribute to increased companywide revenue. We will look at a few of the jobs and organizations that can benefit from a PIM software solution in the sections below.<\/p>\n\n\n\n

#1. Product managers<\/h3>\n\n\n\n

A PIM solution is used by product managers to offer correct product information to the marketing team. If a product’s specifications change at any point during its lifecycle, the product manager can update data in the PIM tool, prompting an automated alert to collaborators.<\/p>\n\n\n\n

#2. Product marketers<\/h3>\n\n\n\n

The PIM system is used by product marketers as a single source of truth for product information. Using a unified PIM and DAM solution, they request and allocate copywriting, photography, and videography for new items. Product marketers link the best copy and digital assets to the main product listing within a PIM system while keeping product positioning and strategy in mind.<\/p>\n\n\n\n

#3. Creators<\/h3>\n\n\n\n

Copywriters, photographers, videographers, designers, and other creators rely on the data housed in a PIM system to guide their work. A PIM solution provides creators with on-demand access to the data they require to produce accurate, strategic outcomes. Their work is then reviewed and proofed in a solution such as Acquia DAM (Widen), our combined DAM and PIM application, for faster, more efficient workflows.<\/p>\n\n\n\n

#4. E-commerce managers<\/h3>\n\n\n\n

Product listings from a PIM system are sent to e-commerce syndication platforms and publishers by e-commerce managers. When product data or content in a PIM system is updated, an alert is generated for the e-commerce manager to spread the new information.<\/p>\n\n\n\n

#5. Agencies<\/h3>\n\n\n\n

PIM software is used by agencies to access and enhance their clients’ product information for distribution to marketplaces, print publishers, and other e-commerce channels. Agencies optimize product descriptions, feature lists, and other marketing information within the PIM system. They associate digital assets with product information while using a combined DAM and PIM solution.<\/p>\n\n\n\n

Why Do I Need a Product Information Management (PIM) Solution?<\/h2>\n\n\n\n

Whether you sell B2B or B2C, providing compelling product experiences is critical to your company’s success. Customers demand extensive, relevant, and trustworthy product information to be available across channels and digital touchpoints so they can make an informed purchase decision.<\/p>\n\n\n\n

However, product information is frequently insufficient, fragmented, and inconsistent across apps, siloed systems, business divisions, and channels. Digital marketing, merchandising, product management, and eCommerce teams do not have a comprehensive picture of all product information. They spend an inordinate amount of time manually managing product data or exchanging emails about product content, both internally and with external organizations such as suppliers or creative agencies.<\/p>\n\n\n\n

Companies that are unable to successfully manage and communicate their product information miss opportunities, lose revenue and market share, and, more significantly, struggle to offer the engaging product experiences required to build brand loyalty.<\/p>\n\n\n\n

PIM aids in the standardization of the increasingly complex demands of product content. It makes it simple to syndicate reliable, enhanced, and high-quality product information to sales and marketing channels. With the right PIM strategy and a consistent, accessible source for product information, you can shorten workflows and reduce time to market; quickly identify and assess product data quality issues; capitalize on emerging market opportunities; and, ultimately, provide a positive product experience to customers.<\/p>\n\n\n\n

Information Managed in a PIM System<\/h2>\n\n\n\n

Product characteristics are all of the various forms of information that businesses manage in a PIM system to help them promote, market, and sell their products online. Data, marketing descriptions, pictures, videos, and any other material that describes and supports an organization’s product catalog are all examples of product attributes. The difficult part? Product qualities are rarely derived from a single department, source, or piece of software.<\/p>\n\n\n\n

A PIM system collects distributed information and provides businesses with a unified view from which to manage it. Here are a few examples of information that organizations can manage with a PIM system.<\/p>\n\n\n\n

#1. Product data<\/h3>\n\n\n\n

Product data is the raw, objective data that businesses use to describe their products. Engineering and product teams generally manage and define product data within their systems [e.g., enterprise resource planning (ERP) and product lifecycle management (PLM) tools], which is then synced with the PIM platform. Product data contains critical information such as SKUs, weight, sizes, colors, materials, ingredients, and other product specifications.<\/p>\n\n\n\n

#2. Digital assets<\/h3>\n\n\n\n

Digital assets are pieces of information that have been packaged digitally. Videos, photos, 360\u00b0 images, graphics, logos, and text like as user manuals, product instructions, sell sheets, and more are examples of digital assets. Marketers can utilize a PIM system to import or link product-related digital assets to product profiles, which they can then use in conjunction with other forms of information to better serve customers and promote and describe their offering.<\/p>\n\n\n\n

#3. Marketing content<\/h3>\n\n\n\n

Marketing content contains product feature and benefit summaries, which are often found on a product information page, as well as other sales-driven highlights and copy. While factual facts are frequently used in this context, subjective messaging may also be used to represent the worth of the product and inspire a client to make a purchase.<\/p>\n\n\n\n

#4. Marketing data<\/h3>\n\n\n\n

Marketing data is information that enables businesses to successfully start, optimize, and run their marketing operations. Also, Marketing data examples include search engine optimization (SEO) keywords, personalities, and brand guidelines. This marketing data helps to create better copy and assets.<\/p>\n\n\n\n

#5. Localized and regionalized data<\/h3>\n\n\n\n

Product qualities particular to a market or geographic location are included in localized and regionalized information. This data comprises language variations for marketing or legal writing, currency and measurement translations, culturally appropriate imagery, and more.<\/p>\n\n\n\n

Important Product Information Management (PIM) Software Platform Features<\/h2>\n\n\n\n

There are a few things to check for when selecting a PIM for your organization to ensure it works for you. Any worthwhile PIM system should include at least some (if not all) of the following features:<\/p>\n\n\n\n