Synchronizes Product Information across Internal Applications and Suppliers to Improve Data Accuracy and Operational Efficiency
MINNEAPOLIS - January 13, 2004 æ Retek Inc. (Nasdaq: RETK) unveiled plans for its new product information management (PIM) solution, Retek Master Data ManagementTM (MDM), today at the NRF 93rd Annual Conference and EXPO in New York. Retek MDM will help retailers improve the quality of item information, reduce item master errors, speed the time-to-market for new product introductions and reduce labor costs. The solution synchronizes item data across retailers’ internal systems (Retek, third party, and legacy applications) and with suppliers.
PRODUCT INFORMATION MANAGEMENT CHALLENGES
The item data quality challenge in the retail industry is formidable because of the complexity of managing item information across numerous departments, hundreds-to-thousands of suppliers, and thousands-to-millions of individual items. The item data integrity problem has increased in recent years as many retailers have implemented software point solutions that were not designed to function together.
"With numerous manual data entry processes across multiple applications, product data errors are pervasive and result in purchase order discrepancies, longer lead times and inefficient use of human resources," said Andrew White, Enterprise & Supply Chain Management Research Director at Gartner. "While many retailers are eager to realize the significant benefits from integrating their item data, some have already improved their product information management by connecting to supplier data in a variety of ways: home grown EDI VANs such as QRS, e-Marketplaces such as WWRE or registries such as UCCnet."
RETEK MASTER DATA MANAGEMENT
Retek Master Data Management provides a central repository of product information that enables efficient synchronization among heterogeneous internal retail applications and external suppliers. Retek MDM can be implemented in tandem with other Retek applications or as a stand-alone application. The solution includes the following capabilities:
Retek MDM enables improved controls by allowing retailers to create business rules that manage how item information is created, enhanced and shared across the enterprise. Retek MDM automates the processes of integrating data and services between a retailer’s internal applications to ensure data integrity.
Retek MDM will include pre-configured integration to Retek enterprise applications (versions 9 and 10) to expedite the implementation for existing Retek customers.
Retek MDM streamlines the item induction process by automating and controlling the flow of item information into the enterprise. Retailers define their own unique workflows and business rules to be followed when processing item information publications from their suppliers.
Retek MDM conveniently integrates item information from multiple sources including traditional EDI, EDI AS2 and supplier self-service portals. The initial release of Retek MDM will also provide integration with UCCnet’s GLOBALregistry.
BUILT BY RETAILERS FOR RETAIL
The Retek development team has been working closely with several retail customers to ensure the solution meets the needs of different retailers in multiple retail verticals and across geographies. Pre-configured best practice templates are being created based on customer input to shorten the implementation cycle for Retek MDM.
"Although the grocery vertical has made the greatest strides to improving product data accuracy, for several years, many of Retek’s department store customers have been building custom solutions to better manage integration to EDI item catalogs," said Wade Gerten, director of product strategy at Retek. "Many of our customers, across all verticals, have expressed significant interest in improved item management and synchronization capabilities and have been instrumental in helping us develop the solution to meet their diverse needs."
Retek Master Data Management provides retailers significant benefits:
ß Improved Item Data Quality – Synchronization of item data across internal applications and suppliers reduces errors caused by inconsistent data among different internal and external systems.
ß Reduced Labor Costs – With less redundant item information data entry and less time spent correcting errors, retailers will experience lower labor costs.
ß Reduced Application Integration Costs – The efficient integration tools and flexible rules reduce the time and cost to integrate enterprise applications and among suppliers.
ß Increased Speed-to-Market – The time to introduce new items is significantly reduced with Retek MDM.
"The retail industry has dealt with inefficient item data management processes for far too long," said Duncan Angove, chief strategy officer at Retek. "The Retek Master Data Management solution will drastically improve the process to introduce new items and prevent costly errors."
Retek Master Data Management generally availability is scheduled for the first half of 2004.
About Retek Inc.
Retek Inc. (Nasdaq:RETK) is the leading provider of mission-critical software and services to the retail industry. Retek solutions integrate collaborative software with patented predictive technologies, consulting services, and the best practices of customers and partners to help retailers create, manage and fulfill consumer demand. Leading global retailers including Tesco, Best Buy, Gap Inc., Sainsbury`s, Eckerd Corp. and Selfridges use Retek solutions. Visit Retek on the Web at www.retek.com.