Product Information Management (PIM) is a system that helps businesses store all important technical and promotional information related to their software products. Use Product Information Management to securely store and consolidate this data. Global identification, coordination and networking of software product information is facilitated with the help of PIM. PIM also enables the creation and management of central database systems. PIM allows you to extract data related to any product without compromising compliance requirements and data quality. It also reduces time to market for newly launched products. PIM simplifies the process of creating, validating, and broadcasting customer-facing product content.
The growing demand for centralized data storage of product-related information is driving the PIM market. Centralized data storage helps businesses easily manage and organize all data related to their products. A single change in a centralized data repository updates data source, saving time and money required to manage data. Additionally, as the threats to information security increase, so are the compliance and validation requirements. PIM provides secure and secure access to information stored in a centralized database. Access is only allowed after verification of all required security credentials has been completed.
PIM provides quick and easy access to information repositories while maintaining data quality through strategic data storage technologies. Indexing and linking helps increase operational efficiency by reducing the time required to complete various processes related to data storage. Marketing and selling a product is an important process of generating revenue. PIM also enables the implementation of products, achieving client-centricity and a unified customer view. PIM provides a centralized system to increase the efficiency of promotional activities. All distribution channels are effectively managed using a PIM solution. The integration of cloud storage with big data and business intelligence applications provides tremendous growth opportunities for the market. However, a lack of awareness of PIM is hampering market growth. Additionally, data security issues are expected to restrain the market growth.