Learn All About Product Information Management (PIM) Software

Shawn Spencer and Burton Guster AKA Gus – owners of Psych detective agency – are working on a new bizarre case. However, they are having a tough time keeping track of all the forensic information and clues. Heck, Shawn can’t even find the piece of paper with the names of witnesses on it! As he puts it, “I don’t lose things. I place things in locations which later elude me.”

Well, Shawn, you should definitely invest in Product Information Management (PIM) Software for your business – we highly recommend it! PIM Software helps managers quickly access information, categorize new data and manage the relationship between sets of information. This enables them to streamline processes, reduce human errors and provide a top-notch experience to customers.

Well, hop on to crack the case of Product Information Management (PIM) Software!
 

What Is Product Information Management (PIM) Software?

Product Information Management (PIM) Software is a tool that helps centralize all marketing, sales and technical product information. The PIM tool can be easily integrated into existing IT systems to manage various types of digital assets. Essentially, it provides businesses with a single platform to store existing information, collect and manage new information, enrich their directories with it and quickly create product catalogs to distribute to clients. This makes it easier to deliver compelling product experiences to clients and customers.

A PIM Software allows businesses (and psychic detective agencies) to have a single, unified and accurate view of all information – no matter how large it is or what format it is stored in. Now that we understand what a PIM tool does, let’s have a quick peek at its history.

No Shawn, we don’t need you to talk to a 1950s ghost for that!
 

How Did PIM Software Evolve?

In 1998, software firm EnterWorks launched a virtual database platform known as “Pangaea.” The name “Pangaea” was derived from the pre-historic geography of the globe – the time when a singular supercontinent consisted of all the landmasses – as the software gave users a central and singular view of all their unstructured data. At this time, EnterWorks’ mission was to bring together digital assets and information from a variety of communication sources.

As product offerings grew in the early 2000s, these tools expanded to include consumer, retail, manufacturing and financial businesses. The ability of these solutions to centralize product information (such as measurements, color, size, pricing and material) was well-aligned with the rise of Ecommerce and the increased demand for product customization. Hence, businesses started investing heavily in information management tools which led to the creation of modern PIM Software.

Now, let’s see how it all works!

How Does PIM Software Even Work?

Well, even a fake psychic detective needs to collect, sort and assess information bit by bit to solve a case. So, let’s look at the working of a Product Information Management Software, bit by bit.

It is divided into three parts:
 

• Collection:

  Just as detectives initially collect evidence, the tool collects existing product information from existing company systems (think ERP software, inventory database or supplier systems). The tool also cleans and refines the product data to remove redundancies and inaccuracies.

• Sorting:

  Next, the tool arranges the cleaned product information – such as product descriptions, images, videos, instruction manuals, etc. – in a unified database. The classification of products creates an organized hierarchy which allows for quicker access and faster case-solving!

• Distribution:

  Finally, when there’s demand for the information, the tool distributes channel-specific data across the required channels such as websites, social media, third-party agents, etc.

 
Yes, it is, Gus! However, what’s more exciting is why businesses need PIM Software.
 

Why Do Businesses Need PIM Software?

Product Information Management (PIM) Software makes the process of managing massive amounts of product information more efficient and productive. Even when product information is missing, fragmented, or inconsistent across numerous applications, siloed systems, business divisions or channels, the software ensures that everyone involved has the same data. Digital marketing, merchandising and product management teams also have a full view of all product information, which saves time spent on manually maintaining product data or exchanging emails with team members.

However, most importantly, companies that are unable to successfully manage and collaborate on their product information miss out on opportunities to offer the engaging product experiences necessary to establish brand loyalty. A PIM Software aids in standardizing information for the increasingly complex omni-channel consumer demands and ensures that the brand content ultimately provides a great experience to customers.

Well, Shawn, instead of splurging on various kinds of breakfast cereals and an entertainment system for the Psych office, maybe you could have invested in PIM Software!
 

How Does PIM Software Benefit Businesses?

Is this how you look at your computer screen when a certain tool or software isn’t working the way it is supposed to?
 
That’s never an issue when it comes to PIM Software!

Some of the main jobs it will streamline include:
 

• Achieving faster time-to-market as product information is entered into PIM systems only once; businesses don’t have to repeat the process with your other systems, as every enterprise tool and platform will be able to use the same information.

• Ability to sell more products at a faster rate, including cross-selling and upselling opportunities.

• Improved operational efficiency as critical workflows will be streamlined thanks to a single point of storage for all product information. Even cross-functional collaboration that uses different platforms, mobile applications or enterprise systems will benefit.

• Better product data quality and compliance with industry standards.

• Building a more engaging omnichannel product experience for consumers.

Yes, Shawn and Gus, even if you have two psychic detective agencies – Psych in Santa Barbara and Psychphrancisco in San Francisco – using a PIM Software will allow you to sync and access the same information at both offices. Nifty, right?

Now, let’s take a look at the must-have features you need to know before investing in PIM Software!

Yes, Shawn and Gus, even if you have two psychic detective agencies – Psych in Santa Barbara and Psychphrancisco in San Francisco – using a PIM Software will allow you to sync and access the same information at both offices. Nifty, right?

Now, let’s take a look at the must-have features you need to know before investing in PIM Software!
 

Must-Have Features of PIM Software

Businesses can leverage these features of PIM Software for their tasks:
 

• Connecting products to images, documents, video and other media

• Making product descriptions and specifications more detailed

• Keeping track of a project's progress

• Keeping track of relationship between two or more products

• Producing and distributing product catalogs

• Organizing and preparing product data for distribution channels

Just like Shawn, PIM Software is an all-in-one powerhouse. Moreover, as Shawn’s “psychic” and detective skills improved with time, so will this tool. Let’s take a sneak-peek at the future.
 

What’s The Future Of PIM Software?

The future is bright! No, not because another Psych movie is in the works – the product information management market is expected to grow massively in the coming years, as businesses see the value in automating how they access, manage and update product information.

The demand for a single source of truth will be a huge trend in the near future. Errors can occur while working with several platforms at once and inconsistencies can also be a regular nuisance. PIM applications will soon provide a sole source of information, minimizing these issues. We will also see more progressive PIM solutions to automate workflows that will save time, reduce manual effort and boost revenue. In short, the PIM Software of the future will be much more robust, automated and streamlined for providing an excellent customer product experience.
   

Conclusion

According to Ventana Research, 50% of employees in most enterprises will be using a contemporary, dedicated PIM solution to manage their product-related processes and create high-quality product experiences within the next few years. With this in mind, investing in a PIM tool for your company becomes necessary. However, it is important to keep in mind that the best PIM solution for any business is determined by its size, goals and budget.