The use of Product Information Management (PIM) software, otherwise known as Master Data Management (MDM) system, Product Lifecycle Management (PLM) system, and Product Resource Management (PRM) system, or PIM systems has become increasingly popular in recent times. The system is designed to ease the centralization of important product information in a single location to give users a full, real-time, and precise view of a product as well as all the necessary information and data associated with it.
Over the years, several PIM solutions have emerged with developers offering businesses a wide range of systems to meet their diverse and growing needs. According to recent statistics, the CAGR for PIM is expected to be at 25.1% between 2019 and 2027, with cloud adoption expected to grow by 20% every year. Studies have also revealed that more than 80% of small and medium-sized businesses (SMBs) showed interest in technological investments in 2020, with 70% of them considering cloud-based solutions specifically. These figures underline the projection that estimates the value of the PIM market to hit $31 billion by 2024 and more than $48 billion in 2026.
The Concept of Product Information Management
PIM is a system designed to collect important product information. The system is particularly critical in adopting a marketing solution as it saves the complete information of the product, including the description, taxation, pricing, configuration, shipping, logistics, and reviews of the product.
The imperative of having a good PIM system cannot be overemphasized as it gives the business an edge over the competition, with recent PIMs used in keeping partners, stakeholders, and customers involved. The system helps to maximize efficiency while minimizing the impact of modifications as well as promoting faster time to market and ultimate business growth.
PIM has also been identified to be instrumental in the efficient management of all the data from logistics to all enriched data needed for the growth of online sales.
Importance of Product Information Management
A PIM system can be used in regulating information between diverse systems, such as ERP, POS, Accounting, webshops, used by organizations. The comprehensiveness of the package, especially as it allows for the central management of product information makes it a great marketing tool to tell the true story in every distribution channel.
Uses of Product Information Management
Organizations use PIM for different purposes all centered on effective management of product information, ultimately helping the business to produce content. Consequently, PIM systems have been helpful in creating content for social media messages, newsletters, and blogs.
PIM eases the process of engaging the different stakeholders involved in product innovation and introduction, offering relatively easy access to all the important data about the product. Consequently, organizations can easily meet and maintain the expected quality based on inputs from every stakeholder.
PIM systems can be used by several departments within an organization. While there are departments that use the system solely for reading purposes, others use it for inserting information about the product, such as prices and inventory levels. The procurement department for instance may use the system for storing gathered information about the product while the R&D department uses it to store CAD/CAM drawings, technical.
Customer care can also add complaints and frequently asked questions about the product which will be useful for the product design department to improve the product itself.
PIM can also be a critical step in the marketing process as it helps to create inspiring content that will attract the target audience based on the information. It also helps to achieve greater efficiency and effectiveness by integrating all necessary materials for every marketing channel.
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