What is Product Information Management?
Product information management (PIM) is the software-based orchestration of data dissemination related to a business’s products and its suppliers’ products.
What do I need to know about PIM?
PIM coordinates changing product information across all channels of communication, thus ensuring that a business’s entire ecosystem has consistent and up-to-date information.
What are the benefits of PIM?
PIM is used to keep stakeholders, customers, and partners informed. As products and services are created, the status of materials, suppliers, equipment, et cetera can change. PIM communicates these changes rapidly to maximize efficiency and minimize the impact of changes on the sales cycle. PIM promotes faster time to market, operational efficiency, and sales growth.
How does PIM support business revenue?
Having control over product information allows organizations to prevent out-of-date information from negatively impacting sales or the customer experience. For example, if the materials used in the production of a product change mid-stream, PIM can ensure that data sheets, web sites, CRM systems, publicists, and so on all have accurate information about what is being sold. By preventing misinformation from propagating, the sales cycle is supported and customers have a positive experience. PIM also minimizes delays on downstream processes when production conditions change, thus accelerating time to market in spite of unpredictability.