NEW YORK, Jan. 14 /PRNewswire-FirstCall/ -- NRF 97th ANNUAL CONVENTION & EXPO -- Oracle (Nasdaq: ORCL) today announced the availability of Oracle(R) Product Information Management for Retail, an innovative master data management application that allows global retailers to create a single, enterprise view of all product information to help unlock value from within the business. Oracle Product Information Management for Retail helps retailers improve operational efficiencies, accelerate the speed-to-market of new product introductions and service offerings across different channels, improve customer intimacy and automate collaboration with trading partners.
NEW YORK, Jan. 14 /PRNewswire-FirstCall/ — NRF 97th ANNUAL CONVENTION & EXPO — Oracle (Nasdaq: ORCL) today announced the availability of Oracle(R) Product Information Management for Retail, an innovative master data management application that allows global retailers to create a single, enterprise view of all product information to help unlock value from within the business. Oracle Product Information Management for Retail helps retailers improve operational efficiencies, accelerate the speed-to-market of new product introductions and service offerings across different channels, improve customer intimacy and automate collaboration with trading partners.
As the industry continues to experience a dramatic transformation and the channels of retailing expand, retailers are being forced to devote significant time and resources to addressing data quality issues. These efforts are cutting into their profits and negatively impacting the bottom line as a result of factors such as wasted labor and lost productivity. Making matters worse, ignoring the data quality problem is not an option as it can lead directly to missed sales, lost market share and customer dissatisfaction when products are unavailable or slow to reach the shelf.
"Many retailers are missing the point on Product Information Management and as a result are not properly preparing themselves for the future," said Andrew White, Research Vice President, Gartner. "To be successful with business-led and technology-enabled initiatives such as customer centricity, business intelligence, multi-channel integration and SOA, retailers must establish a solid information infrastructure. With PIM, retailers can build a foundational part of that information infrastructure that will outlast and support any number of business applications and business process changes from today to the future. Retail CIOs should evaluate PIM sooner rather than later as a means to future-proof their needs for a single view of product from consumer to supplier."
Oracle Product Information Management for Retail integrates, standardizes and synchronizes fragmented product data from multiple systems into a single, central data repository. As a result, the solution is able to deliver a trusted source of product information. This is especially useful for retailers with multiple item masters, multiple sales channels or those who require data synchronization with suppliers. Retail mandates around the use of Global Data Synchronization Network (GDSN) standards have proven to be catalysts for many retail product information initiatives. Key features of Oracle Product Information Management for Retail include:
— New Product Induction and Product Synchronization: enables retailers to synchronize product information with information from their suppliers to help reduce errors and improve overall data quality — Automated Syndication through GDSN: out-of-the-box certified solution for GDSN and 1Sync data pool — Collaborative Processes: allows the extended retail enterprise and third parties to be involved in the product setup process — Flexible Attributes and Content Management: helps retailers maintain all of the various attributes that products have across different channels within a single system — Flexible Configuration: allows the user experience to be tailored to user roles and provides for a streamlined, secure process — Unstructured Data Management: maintains information from various formats in the same repository and automates integration of data and services between internal applications to help ensure data integrity — Broad Data Quality Tools: maintains a clean, accurate single source of the truth — Open-standards based integration architecture: distributes accurate information to the extended enterprise
"Oracle Product Information Management for Retail builds on Oracle's commitment to provide global retailers with innovative solutions that address their most critical business imperatives and deliver measurable value," said Hardeep Gulati, Vice President PLM and PIM Product Strategy, Oracle. "We see a significant opportunity to help retailers and their suppliers become more profitable and deliver increased shareholder value from leveraging a single source of accurate product information."
About Oracle Retail
Oracle is the number one provider of innovative and comprehensive industry software solutions for retailers — enabling organizations to serve their customers better by applying insight into daily business decisions for more profitable results. With software that provides supply chain, operations, merchandising, store systems, optimization as well as enterprise applications and infrastructure software, Oracle partners with the world's leading retail companies, including 20 of the top 20 retailers worldwide, to transform the economics of their businesses.
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