New Research from Ventana Research Benchmarks Product Information Management

    PLEASANTON, CA, October 09, 2009 /24-7PressRelease/ -- Ventana Research today announced the findings of its benchmark research on Product Information Management. This research, the latest from the leading business technology research firm, is the most authoritative quantitative research yet produced assessing the maturity and direction of this essential business process for effectively managing product information across the enterprise. The research offers significant new insights into how companies process product data to turn it into actionable information.

This new research examined the interplay of information, technology, process and people aspects in 392 companies of varied sizes, industries and regions to yield a number of important findings. The research confirms the value of managing the quality, consistency and security of product information. In particular, it shows that companies that manage product information effectively gain competitive business advantages in the form of higher quality product data that is easier to manage and better supports business intelligence, performance management and financial and operational analysis.

However, the research finds that companies are lagging in applying product information management best practices. Analysis using the Ventana Research Maturity Index indicates that while organizations are maturing in product information management, this advance is slow, with only 26 percent of participating companies having begun product information management initiatives and only 17 percent having begun to use commercial software designed for this purpose. Many still use desktop spreadsheets to manage this information, and those that do report poor results: 54 percent of all participants use spreadsheets heavily and are not satisfied with their PIM process, and almost three-quarters of those who find errors frequently or have major errors in their product data also reported they use spreadsheets heavily.

"The role of product information management in business is essential in enabling businesses to gain the operational efficiency and product profitability required to truly be successful," said Mark Smith, CEO & EVP Research. "This benchmark research shows that not investing in product information management is a serious weakness, as the increased costs and time of managing product data can have a direct impact on financial health of a business."

Ventana Research will detail the findings of this benchmark research in a live interactive webinar on Thursday, Nov. 5th, at 10:00 am Pacific time that will discuss the research findings and offer recommendations for improvement. Issues to be discussed will include:

• Only about one in five organizations (22%) that participated in this research ranks as Innovative (the most mature level) in its use of product information management (PIM). The largest group (28%) are at the second-highest level of maturity, Strategic. At the low end of the scale, 24 percent rate as Tactical. Overall, organizations are least mature in the Information component of product information management (as compared to the People, Process and Technology components).

• To mature in product information management requires a concerted effort, which most organizations have not yet made. Capabilities such as determining impacts of potential changes to product data, defining and assigning attributes for classification and extracting product data from existing applications require appropriate technology capabilities to accomplish.

• The research found a correlation between organizations that have a single source of product data and those that are satisfied with their organization's PIM processes; 79 percent of participants who said the first also said the second. Conversely, 43 percent of those who do not have a single system are very dissatisfied or somewhat dissatisfied with PIM efforts. Establishing a single source, however, can be complex.

Register for Webinar - https://www1.gotomeeting.com/register/383901040

The research was sponsored by technology providers Informatica and Silver Creek Systems. The benchmark research was conducted with the assistance of media partners Information Management, Intelligent Enterprise, IT Business Edge and TechTarget. Those interested in learning more about the benchmark research can find additional information at http://www.ventanaresearch.com/pimbenchmark . As a part of your registration you will receive insights and education from Ventana Research and will occasionally receive invitations to participate in relevant research.

About Ventana Research
Ventana Research is the leading benchmark research and advisory services firm. We provide expert guidance to help organizations manage and optimize performance - to become not only more efficient but more effective. Our unparalleled insights and best practices guidance are based on our rigorous research-based benchmarking of people, processes, information and technology across business and IT functions worldwide. The combination we offer of benchmark research, rigorous market coverage and in-depth knowledge of hundreds of technology providers means we can deliver business and technology education and expertise to our clients where and when needed. Ventana Research provides the most comprehensive analyst coverage in the industry; more than 2.5 million business and IT professionals through our community of 85,000 professionals and network of media and association partners around the world benefit from Ventana Research's insights. Ventana Research focuses on business and technology trends and best practices that maximize organizations' potential to perform while reducing the time, cost and risk and still achieve optimal outcomes. To learn how Ventana Research advances the maturity of organizations use of information and technology through benchmark research, education and advisory services, visit www.ventanaresearch.com.

Media: Copies of benchmark research report and interviews are available upon request.

Media Contact: Marisela Reynoso (925) 474-0060 [email protected]

Website: http://www.ventanaresearch.com

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