Correct. That LED is just an LED (actually 3 LEDs), no smarts. See diagram at bottom of product page. So you would need to also add an appropriate controller IC. Something like this:
https://www.adafruit.com/product/1378And then maybe some minor software hacks to address all 3 LEDs via RGB addressing.
It'd be worth working up a prototype and verifying before making them in large quantities.