Enventure's Product Information Management Services For Retail

Fast, accurate and reliable product information is central to every aspect of the retail business:

• From merchandise planning to store replenishment
• From supply chain management to forecasting
• For efficient functioning of strategic initiatives
• For availability of products to the consumers
• For improved sales output and
• Total customer satisfaction

Retailers are beginning to look for multi-channel initiatives to increase revenues. With the advance of strategic initiatives such as Global Data Synchronization (GDS) and Radio Frequency Identification (RFID), it is more important that product information is easily accessible within the organization and seamlessly transferable between trading partners. This is central to promotion, branding as well as Multi-Channel Retail initiatives.

Product information is required to manage the lifecycle of items and assortments from introduction to end-of-life.

Challenges retailers and their trading partners face

Ensuring product information quality is a major challenge for all retailers and their trading partners, such as:

• Any error in product information translates into supply chain costs, such as more returned items, expediting charges, stock-outs, and lower customer satisfaction.
• Information gap in collaboration between suppliers and retailers can cause out-of-stocks on both new and existing products.
• Inacccurate product information can slowdown item introduction, cause order errors, lower in-stock rates and increase distribution voids.
• Retailers often find product information scattered across various applications in their supply chains.

Enventure's Product Information Management Services

Enventure's Product Information Management (PIM) solution allows retailers, suppliers and their trading partners to manage and leverage product information for competitive advantage in merchandising, product classification, pricing, purchase order execution and settlement, new product introduction and logistics.

Salient features of Enventure's PIM Services

Improved product information

• Cleans and organizes internal product information.
• Enables consumers to decide and choose the best product or supplier.

Improved productivity

• Increases sales by improving forecasts and assortments.
• Increases in-stock and fill rates.
• Helps retailers monitor supplier performance and pricing.
• Enables retailers and their partners to reduce time-to-market.

Reduced cost and error

• Helps lower item administration costs and operating errors.
• Reduces order-to-delivery time, charge-back and stock-outs.
• Decreases expenses.
• Improves use of assets.

Expandability and interoperability

• Allows retailers to receive content from the Global Data Synchronization Network (GDSN).
• Provides solution for RFID adoption.
• Creates an enterprise-wide repository of product content and ensures interoperability with existing ERP solutions.