PIM product information refers to the information and data related to the products that a company sells. This information can include the product name, price, description, EAN code, photos, videos, technical specifications, etc.
In the digital age of omnichannel and digital transformation, businesses often face the challenge of data duplication and redundancy. This issue arises when different software applications and databases within an organization replicate the same data, necessitating constant updates. To address this problem and manage information in a centralized manner, specific applications have emerged, including Product Information Management (PIM).
Product Information Management (PIM) is a system that allows storing and updating information and data related to products (name, price, description, EAN code, photos, videos, technical information, etc.). These systems are used to have a single point of entry and update for product information, thus avoiding the dispersion of work for those involved in producing and maintaining it.
The significance of PIM systems is evidenced by their growth in the market. According to a Markets and Markets study, the PIM market will grow from $9 billion in 2020 to $16 billion in 2025, with an annual growth rate of 12.2% during the considered period. This growth is attributed to the crucial role PIM plays in optimizing product information management, especially in the era of e-commerce, omnichannel, and marketplace sales.
To better understand the concept of PIM, let's examine how these systems function. In general, the use and management of a PIM can be divided into four phases:
Product data collection phase: In this phase, data is collected within the PIM. There are various methods to achieve this, including automatic data collection through integration with ERP, CRM, or other systems; manual data import via CSV or XLS files; automatic import through connectors; automatic data updates by suppliers; and linking with Digital Asset Management (DAM) systems.
Product data management phase: Once collected, the data is managed within the PIM. This includes classifying products based on type, category, and distribution channels they are intended for.
PIM doesn't operate in isolation but connects with the rest of the enterprise architecture. It serves as an intermediary between various business informational silos, safeguarding product information to then be used - through data integration - by other platforms for business management and operations, such as ERP, CRM, e-commerce, marketplace, salesforce automation, catalogs, and any other system requiring such product information.
In conclusion, PIM is an essential tool for companies operating in a digital and omnichannel environment. It facilitates product information management, reduces data redundancy, and enhances operational efficiency. With the increasing importance of e-commerce and marketplace sales, the use of PIM systems is expected to grow even more in the coming years.
PIM product information refers to the information and data related to the products that a company sells. This information can include the product name, price, description, EAN code, photos, videos, technical specifications, etc.
PIM stands for Product Information Management, while PDM stands for Product Data Management. Both are systems used to manage product information, but while PIM focuses on managing product information for marketing and sales purposes, PDM focuses on managing the technical data of products for engineering and manufacturing purposes.
In master data management, PIM is a system that serves as a central platform for collecting, managing, and enriching product information. This information can then be distributed through various sales and marketing channels.
A PIM system works by collecting product information from various sources, organizing it into a single system, and distributing it through various sales and marketing channels. This process may include integration with other systems such as ERP, CRM, and DAM, manual or automatic data import, and automatic data updates from suppliers.
