Product information management or PIM is an information sharing and organizing system used in business and marketing. It involves a unified information database where related records and data of a product are stored. The system is generally centered on marketing and sales and is geared toward helping companies achieve higher revenues and profit.
There are different types of information placed in a sole point of storage: technical data, data classification, marketing highlights, catalog information, and manufacturer information. All of these are vital in business operations. Departments and units may need to access one or more of these data at once. More so, accuracy and real-time update of information must be assured. Through PIM, these are all made possible. Data are accessible in various marketing channels, and regardless of geographical locations, business departments and units are able to view anytime. Product information management systems allow simultaneous editing, accessing, and creating of data by different individuals. This provides companies the ability to meet the requirements of customers because information can be updated or edited readily. With PIM, information is easily and effectively managed.
There are many types of PIM systems and most of them have standard databases that store information. Because of this, users can input data easily even with little technical knowledge. Specific products, components, and brands can be found hassle free.
Electronic catalogs, website/webshop content, and product catalog are examples of current PIM applications. Electronic catalogs are the fundamental basis of online marketplaces. Products are usually grouped and managed according to their target market and PIM system can load all the necessary information related to each product as content. The procurement process and the purchasing of goods and services are automated, which in turn creates a seamless data exchange. As for website content, a company, through a centralized data management, can link documents, images, video and audio files to related business objects to bring in customers or for customers to view their products and services. Together with inventory management and logistic systems, PIM can provide real cost savings for a swifter ordering process and quality and dynamic website content. Product catalog, on the other hand, is an effective way of business advertising and increasing sales revenue through multichannel publishing and automated catalog production.
Major companies around the world are now starting to use PIM. These companies recognize the need for product information organization and consolidation as integral features for business growth and success.