Wayne, PA — November 2, 2006 — FullTilt Solutions Inc., a provider of enterprise product information management (PIM) solutions, today released its survey of top consumer packaged goods' executives involved in various aspects of supply chain initiatives at their companies.
The results showed that 100 percent of survey participants believe that the quality and consistency of product information is a serious problem for their organization. There was also unanimous agreement that the lack of product information management leads to an increase in stock-outs, inventory on-hand and other supply chain inefficiencies.
The survey also found that more than two-thirds (68 percent) reported their data quality is "mission critical," and an additional 16 percent say they are "very concerned" about the impact of data quality on business analytics.
More than half (56 percent) reported that their product information is not integrated with supply chain partners and they need to do more. Only 28 percent report being fully integrated.
56 percent also reported that their product information is in disparate application databases or multiple enterprise databases.
And while 40 percent are developing a strategy to address the issue of product information management, almost a third (32 percent) are not looking to address the problem at this time.
"The consensus in these results proves that product information management is a big problem for consumer goods companies,” stated Tim Wallace, CEO of FullTilt Solutions. "These executives identified key metrics such as delays in new product introductions, invoice errors, excess inventory and higher stock-out rates as a result of not having a product information management solution."
The survey also showed that more than half of the companies (52 percent) are not compliant with retailer mandates of synchronizing all product information with their trading partners.