Forrester, the technology market research company, recently completed a Total Economic Impact™ (TEI) study of Specright’s Specification Data Management™ (SDM) platform. The study provides an in-depth financial analysis of the cost savings and ROI by companies using Specright.
With a rapidly changing supply chain landscape and an increased focus on consumer demand, SKU proliferation, sustainability, and recall mitigation, more organizations are looking for better ways to manage specifications and product data. And to better understand the goals and outcomes from companies who have already taken this journey, Forrester interviewed several Specright customers from a variety of industries about their investment and benefits from using specification management software. Their findings revealed key insights about the impact specification management has on packaging, product development, quality and other critical supply chain functions.
Forrester’s TEI framework and methodology is an objective process that identifies the cost, benefits, flexibility, and risk factors involved in the interviewees’ investment decisions. And according to Forrester, their TEI methodology “helps companies demonstrate, justify, and realize the tangible value of IT initiatives to both senior management and other key business stakeholders.”
In short, the research process starts with due diligence and data gathering, followed by modeling a composite organization based interview data, culminating in a financial model and case study to deliver the results. You can access the complete Forrester study here.
Preview of Key Findings
Here are some of the outcomes Forrester identified:
- Substantial material cost savings from improved supplier collaboration
- Time and cost savings by quickly identifying similar or duplicate SKUs or specification
- Faster new product development and corresponding impact on sales
- Product and packaging change management, reducing risk of quality issues or recalls
We recently created an ROI calculator based on the recent Forrester study. This easy-to-use online tool allows users to input their specification count and company information to receive an instant preview of the cost savings and benefits specification management provides.
The Benefits of Specification Management
Specright is the first purpose-built platform designed for Specification Data Management and enables organizations to start managing data at specification or “DNA-level.” Now, critical supply chain stakeholders in Packaging, Procurement, Quality & Compliance, Marketing, Product Development, Operations & Manufacturing, can better collaborate and bring products to life more effectively.