Apr 01, 2019
We seem to be living through the heyday of data — call it the data days. ...
digital asset management
master data management
product experience management
product information management
product lifecycle management
We seem to be living through the heyday of data — call it the data days.
Increasingly, industry experts and observers are preaching the importance of data and information management. Some describe data as the new oil, while others call it a new currency, and even more still settle for claiming it could change how companies of every shape and size operate.
Managing all this product data, however, presents a challenge. The world of product data solutions is full of acronyms. As a result, it can be difficult to determine what each solution is actually designed to address.
Here’s a breakdown of all the acronyms and how they compare to PIM (product information management):
MDM stands for master data management. This solution is typically an IT-led initiative that aims to create a “golden record” of all master and reference data across multiple domains. This can include customer, product, location, supplier, financial data, and more. The goal is to create accurate and consistent information repository that is accessible to everyone within an entire organization.
PIM is a subset of MDM that creates a golden record specifically for product data. It focuses on delivering high-quality, complete, and accurate product information to support merchandising, marketing, and omnichannel efforts. PIM is a business-led initiative that is typically much easier and cost effective to implement compared to a comprehensive MDM deployment.
MDM is a single source for all information, while PIM focuses on product information – ideal for supporting your marketing and sales teams.
DAM stands for Digital Asset Management. DAM manages digital media files like images and videos. It typically includes specialized version control tools and advanced search functionality to help organizations maximize the use of existing digital assets.
PIM often includes some digital asset management functionalities as part of its product information management capabilities.
The main difference is that DAM manages a broader range of digital assets, including those that do not deal with product information. An enterprise-wide DAM solution is complementary to PIM, and many integrations link popular PIM and DAM systems.
PIM handles digital assets associated with product information, while DAM handles digital assets enterprise-wide.
PLM stands for Product Lifecycle Management. This data solution acts as a repository for the entire lifecycle of a product, from initial conception, through design, and up to end-of-life support. It is typically used within manufacturing organizations to track sketches, CAD files, parts, inventory information, disposal details, and other assets.
A PLM is focused on the internal organization and stakeholders and doesn’t typically contain any customer-facing information. However, PIM solutions can integrate with PLM solutions to pull relevant specifications and other information to support customer-facing merchandising.
PLM is an internal system that doesn’t hold customer-facing information but can integrate with PIM to provide technical details for merchandising.
PIM is a business application that focuses on product specification and descriptions for sales and marketing purposes. MDM, DAM, and PLM can all integrate with PIM to support efforts for complete and accurate product information.
Every PIM solution is different and includes a range of capabilities and integrations. Make sure you do your research to find the solution that will best fill your organization’s unique needs now, as well as in the future. Download our eBook Product Information Management 101 for a guide on how to choose the right PIM solution and how to convince internal stakeholders that PIM is the cost-effective product data management solution you need.
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