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Getting Product Information Under Control Sign Up to receive Daily News Alerts in your E-mail Inbox
Posted on Sunday, November 26, 2006 10:40:00 AM |
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One of the unfortunate results of decades of investments in information technologies has been the creation of silos of automated data throughout companies. In hindsight, one might say that the silo problem is a consequence of the natural evolution of the IT industry. Things just grew up this way, innovation was piecemeal and, therefore, silos were unavoidable.There may be some truth to this argument, but manufacturers still face the challenge of getting a clear picture of what is going on in various areas of the business. Their systems may have grown up in a willy-nilly fashion, unconnected and often redundant, but at some point a decision has to be made not to let history remain in control.The challenge exists in many functional areas, but one in particular -- product information -- is in the crosshairs of a company called FullTilt Solutions. What FullTilt has done to address the problem of aggregating product information from multiple systems is to develop a software suite that uses the concept of master data management to give a company one consolidated picture of its data from finished products.The software, called the Perfect Product Suite, aggregates disparate product characteristic data from ERP, PLM, CRM, supplier, and other systems and then provides a single version of product information to management. Introduced in 2001, the Perfect Product Suite is currently used by 17 companies, including Brady Corp., Medtronic, Kaman Industrial Technologies, and McCain. FullTilt's targeted verticals are MRO/industrial products, healthcare and life sciences, consumer packaged goods, electronics, the automotive aftermarket and retail.In a recent briefing, FullTilt CEO Tim Wallace said that the market for so-called product information management (PIM) products, which he estimates will be about $75 million this year and will reach between $200 million and $300 million in 2007, is starting to mature. "The market is just moving beyond the earlier follower stage," he says. "In the next two years, it will really move up the bell curve."One reason for this growth, he says, is that manufacturers need the consolidated product information in order to speed their times to market, a key strategic objective for many companies as borne out in numerous MA reader polls. Another is the demand from retailers that manufacturers provide accurate product data. The product information gathering process itself, Wallace notes, has been very under-automated in most companies.These motivations will help drive the market for PIM software, which is a significant purchase for companies. Wallace says FullTilt's average sale is around $600,000, and sales cycles can be as long as two years. This article originally appeared in the December 2006 issue of Managing Automation.
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