Product information management (PIM) is a classification of software products that support the global identification, linking and synchronization of product information across heterogeneous data sources. PIM products reconcile product master data, create and manage a central database system of record, enable the delivery of a single product view of data and support data quality and compliance through monitoring and corrective-action techniques.
Product Information Management is the most popular use case of MDM for Product Data. For companies that distribute off-the-shelf products, this has become a must, especially where those products are distributed across multiple channels, which explains why PIM is attracting so much attention from solution vendors.
As it is focused on customer facing processes, business drivers to adopt PIM are relatively straightforward to define: trusted and easily accessible product data boosts product attractiveness, and as a result, it drives new customer demand, increases transformation rate, drives up sales, cross sales or follow-up sales, etc
In addition to improving the product induction process and boosting product attractiveness, PIM also drives the expansion of the product catalog, now that many companies are in the process of extending their product portfolio; for example by creating online marketplaces where third party vendors can participate. This mandates a very smooth and low cost approach when referencing new products, or changing their characteristics like price or availability in real time; the goal is also to ensure than product data is accurate as early as possible in the information supply chain, delegating the responsibility of the data quality at the source of input, sometimes at the vendor level.
