What is a PIM platform and why your company should get one?

PIM, or Product Information Management, is an innovative product data management system. It may be associated with an ordinary online shop that has been enhanced with additional features. However, this is the wrong approach.

It is a stand-alone tool that centralises all the company's assets and keeps them of high quality. This results in fewer returns and abandoned carts.

If you are still wondering whether PIM is the answer to your business needs, have a look at this video in which our expert Camilo Sosa Pérez explains in detail what PIM is and what you can gain by implementing it in your company. If you are in a development stage of your digital business, you have probably heard about implementing a PIM software… But, what is a PIM software?

Below you will find a transcript of the lesson.

The e-Commerce continues to shape the evolution of consumers and retailers - not only their shopping habits are changing, but they are also contributing to the digital transformation of every business that sells products online or supplies products that are being sold online.

Online buyers are increasingly active every day, spending more time and money on this. Companies must adapt to changing consumer behaviours and deliver exceptional experiences to take advantage of this growth potential. Streamlining internal processes is crucial in achieving this goal. In this regard, I would like to introduce PIM systems as a necessary solution that caters to the demands of modern retail trade.

Hello, my name is Camilo, and today I am going to give you some insight on this topic.

What is a PIM?

Product Information Management (PIM) is a solution that provides a central place to store and manage all the marketing, sales and technical information about products that you will then distribute to your sales and e-commerce channels.

You might think - I have ERP and/or CMS - those handle similar tasks. Well, PIM has different functionalities and ERP and CMS systems are to play different roles.

PIM manages product information for marketing and sales, while ERP focuses on organisational processes like accounting, supply chain, HR, distribution, CRM and more.

The perfect PIM easily integrates with ERP and other internal systems, complementing them with product data. Every PIM should have a DAM (Digital Assets Management) feature to help you manage a wide range of images, videos, podcasts, etc.

CMS (content management system) has good features for managing product data, but only at a basic level. It is primarily designed for website management, whereas PIM is optimised for handling complex product catalogues across multiple countries, currencies, and languages.

With its streamlined processes and task automation, PIM is an ideal tool for supporting the marketing and sales teams.

 

 

When you need a PIM system

Here are some signs that you may need a PIM platform:

• You have a large and complex product catalogue,
• You sell products across multiple channels and geographies,
• You have data quality issues and spend a lot of time on product information management,
• You need to update your product catalogue frequently,
• Your marketing team is constantly struggling to keep up with real-time marketing.
   

Which industries benefit the most from implementing a PIM system?

• Production - to maintain a single source of truth and speed time to market,
• Distribution - to manage a large number of SKUs,
• Retail - to ensure that product information is consistent across all distribution channels.  

Conclusions

Implementing PIM software can prove to be beneficial for various departments in your organisation, especially marketing and sales. For these teams, the creation of product-centric workflows and the effective management of product information is absolutely essential.

New products can be introduced much faster, providing a competitive advantage in the marketplace and adapting to the demanding multi-channel environment. By using the PIM system, the experience around the product is focused on the customer, leaving no time for hesitation when making a purchase decision.

It also makes it much easier and more effective for the marketing team to launch new products, update prices and run promotions, saving them a great deal of time.

At Ideo Software, we help organisations gain a competitive advantage in the digital space. If you still have questions or doubts, or are unsure whether PIM suits your company Contact us!