Study finds execs lack confidence in product-related info

Pleasanton, Calif. — Only 15 percent of executives surveyed in a new benchmark study on product information management (PIM) said they are very confident in the quality of their product data, and only 42 percent completely trust the information used in PIM processes within the organization, reports Ventana Research.

The research also finds that less than one in five participants (19 percent) completely trusts that information. The researcher says this is true despite participants’ insistence that it is important or very important to collaborate on product information with partners, particularly service fulfillment (according to 77 percent) and suppliers (76 percent), and retail customers (67 percent).

The research also shows that executives “assert misplaced trust” in their organization’s product information as 61 percent of the executives surveyed report that they trust their data compared with 29 percent of those who use the data on a day-to-day basis, says Ventana Research.

The benchmark study, “Improving the Value of Product Data in the Enterprise and the Global Supply Chain,” sponsored by Silver Creek Systems, also finds that 65 percent of respondents are still using custom code or manual effort.

Other findings indicate that incompatible tools is the main barrier to complete, consistent product information, say 54 percent of respondents, while 72 percent of those who find errors in the product information use spreadsheets extensively.

This report also provides several recommendations for improving product data throughout the enterprise:

  • Evaluate your organization’s maturity in managing product information.
  • Identify barriers to creating a single, consistent product record.
  • Identify and engage areas of the business that can benefit from PIM.
  • Evaluate the impact of spreadsheet use on the quality of product information.
  • Educate executives about issues with product data quality and their impact on revenue and margins.
  • Craft the business case in terms of benefits specific to your organization.
  • Consider expanding PIM to business partners and suppliers.

Get the white paper here for more details.