SAN RAMON, CA., August 30, 2012 – Ventana Research has released its latest benchmark research on trends in product information management (PIM). The research was conducted to highlight the growing need for consistency of product information across organizations, suppliers to business networks and products they offer. The research examined how businesses and IT are coping with demands to effectively manage through definition, integration and publishing of all product information including content and data to produce a unified approach to meet a wide range of business process needs including across the business value chain of suppliers, manufacturers, customers and consumers.
Research findings indicate that many organizations struggle to produce a single source of product information. Over 40 percent of research participants are confronted with incompatible tools, unsynchronized metadata stores and the absence of a centralized information repository. In addition, the research found that 28 percent of organizations are dealing with large volumes of multiple data sources that need to be cleansed and integrated.These findings emphasize the importance of dedicated PIM tools and processes.In fact, analysis reveals that 84% of organizations using a dedicated PIM environment to manage their master product data are satisfied with their PIM processes.
“In the last three years,organizations have made steps in the right direction but they have not reached the ultimate goal of a single view of product information. Multiple sources of unclean information make compliance and strategic decision-making near to impossible. This demands that organizations invest in a dedicated PIM environment led by business and supported by IT, not just a master data management (MDM) only approach let by IT which has been the prescription by other IT analyst firms,” said Mark Smith, CEO and Chief Research Officer of Ventana Research. “This research provides the undeniable facts and education required for organizations to adopt the best practices and technology to improve its product information management.”
Ventana Research embarked on this benchmark to acquire information about how organizations are adapting to the demand to manage product information more efficiently and accurately while meeting the need to increase customer satisfaction and financial profitability. It explores how organizations manage and distribute product information for meeting a range of business process needs.
Ventana Research will expand on the key findings of this benchmark research during a live webinar on Friday, September 14 @ 9 am PST. To participate in the webinar, or view it after it has taken place, visit: http://www.ventanaresearch.com/PIMwebinar.
Those interested in learning more about this benchmark research can find additional information in Product Information Management here: www.ventanaresearch.com/PIM. As a part of your registration you will receive insights and education from Ventana Research on using technology effectively in business. Ventana Research thanks those that participated in the benchmark and our sponsors including Source Media Information Management who helped make this industry benchmark research a reality. Ventana Research provides guidance to organizations in business and IT in information technology through its Ventana On-Demand and with its assessment and educational services offerings.
About Ventana Research
Ventana Research is the most authoritative and respected benchmark business technology research and advisory services firm. We provide insight and expert guidance on mainstream and disruptive technologies through a unique set of research-based offerings including benchmark research and technology evaluation assessments,education workshops and our research and advisory services, Ventana On-Demand.Our unparalleled understanding of the role of technology in optimizing business processes and performance and our best practices guidance are rooted in our rigorous research-based benchmarking of people, processes, information and technology across business and IT functions in every industry. This benchmark research plus our market coverage and in-depth knowledge of hundreds of technology providers means we can deliver education and expertise to our clients to increase the value they derive from technology investments while reducing time, cost and risk.
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