Product management focuses on successfully executing the product life cycle from beginning to end; launching successful products and services for businesses and consumers alike. Whether it be iPhones, air fryers, or your favorite streaming service — product management was responsible for their journey into being.
The product management process is a complex and fast-paced one that generates a significant amount of information, from product specifications, to instructions for users, troubleshooting, FAQs, and even nutritional information. Oftentimes, the term product information management (PIM) is used in conjunction with this information, but what is PIM?
PIM is the process of gathering and organizing all relevant information necessary to market and sell products through a variety of distribution channels. Given the complexity of this process, and the sheer volume of information generated, PIM tools are often employed to assist product managers in this process. Essential PIM tools are often used to assist in information capture, management, and distribution during the product life cycle and beyond.
PIM software centrally stores and administers product information, as well as mapping workflows and distributing information to designated marketing and sales outputs. Since PIM software is the repository of all product information, the product management team can be confident that the information is synchronized and consolidated into a “single source of truth,” which keeps the team moving in the right direction. This synced and consolidated content also assists marketing and sales post-product launch, when they use PIM information as a resource for their marketing materials and e-commerce sales content.