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PLM: Product Information Technology Slow to Advance
Product Information Technology is advancing slowly and most organizations have not been able to develop a product information strategy that can contribute business value. Only 26 percent of companies surveyed by Ventana Research actually have a Product Information Management (PIM) initiative.
But companies are becoming more aware about how such an initiative could help them. 57 percent hope to improve data quality and increase operational efficiency by adopting principles of PIM. Many companies today resort to using spreadsheets in managing their data, but 54 percent say that spreadsheets quickly become unwieldy and 72 percent say that data errors in their spreadsheet management happen frequently.
The challenge for most companies to move past their current spreadsheet-based methodology is usually money. Most companies say the biggest barrier preventing them from improving their approach towards product information management is lack of resources and lack of any budget.
The Ventana report makes recommendations for how organizations can improve their PIM processes that include:
– Identify and educate parts of the business that would be able to benefit from PIM
– Develop comparisons between spreadsheet operations and what could be possible with higher-quality PIM
– Educate executives on the benefits of improved PIM data quality
– Consider how PIM could improve data exchange with business partners and suppliers
