Technology advances in connectivity and devices have changed the way we access and consume information. Companies are faced with a unique challenge of aggregating content from thousands of suppliers using disparate formats and processes into one user-friendly catalogue. Then the challenge of providing customers with rich product information that is current is next.
Since each customer uses the content to drive their own procurement initiatives, accuracy is mission-critical. A breakdown in reliable data can have a negative or positive ripple effect on profit margins as it flows across multiple enterprises.
To be effective in marketing, selling, manufacturing, distributing, and sourcing products requires more consistent and higher quality product information
80% of companies are not satisfied with the quality of information available about the products they purchase.
The development of new and sophisticated technical products significantly increases the amount and complexity of product-related data and content. Increasingly, organizations offer a large variety of products and variants.
To illustrate:
- procurement professionals need up-to-date and accurate information about products;
- engineers and designers are looking for information about new products and technologies;
- sales and marketing specialists need to provide information about the products to their clients;
- companies around the world need to share information about their products with unified multilingual material descriptions and conform to national technical standards.
In summary, companies are faced with the following problems:
- Data Incompleteness;
- Duplicates of product records;
- Wrong, unreliable or outdated data;
- Inconsistent formats for product characteristics;
- Missing information about analogies, alternatives, and comparable products;
- Missing text and media product information such as instructions and manuals;
- Incomplete and erroneous product translations from foreign suppliers.
The market lacks a solution designed for this purpose, which could satisfy a broad range of companies and industries. Existing solutions are quite sophisticated and require enormous implementation efforts that makes them suitable only for big corporations, or have limited functionality and serve a narrow market segment. Moreover, product information management is a time-consuming process that requires a great deal of industry professionals’ time and effort
We believe that companies should invest more to ensure high data quality to remove the risk of having incomplete, duplicated, inconsistent and therefore unreliable information.
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