TUSTIN, Calif., Nov. 17, 2022 – Specright, Inc., the pioneer of Specification Management software that helps customers take control of their supply chain data, today shared business momentum milestones from this year that cement its position as category leader, including new recognition from Gartner. The 2022 Gartner Market Guide for Packaging and Product Specification Management names Specright as a Representative Vendor for Packaging and Product Specification Management (PPSM).
“With two million products on our platform globally, Specright is helping companies make the products and packaging that we use every day in an efficient, sustainable way – from Tide Pods, to Carmex chapstick, and even the packaging for COVID-19 vaccines,” said Matthew Wright, CEO and founder at Specright. “It’s rewarding for the entire Specright team to reap the recognition of our industry-leading position in the market.”
Digitized Specification Management is vital for businesses in packaging, product development, supply chain, manufacturing, and more that need to easily create, share, and track product and packaging specifications while working closely with suppliers to bring their product to market while ensuring sustainability. Specifications are constantly changing, and managing this data with Excel spreadsheets, PDFs, and email can result in product recalls, waste, and production delays when outdated specs are used. Specright not only digitizes this data with a patented, spec-first platform but introduces a new way for companies to make amazing, sustainable things by developing them from the ground-up.
Specright’s approach has led to year-over-year doubling of revenue and the number of active platform users since the company’s first funding round. Multiple companies in the Fortune 500 as well as challenger brands choose Specright as the foundation for digitizing their supply chains, including Colgate-Palmolive, Taylor Farms, and Johnson & Johnson, and the platform boasts 99 percent customer retention.
Multiple factors contributed to Specright’s success thus far in its journey, from developing a unique spec-first approach to building a partnership ecosystem and investing in academia that supports its customers’ goals. Additional milestones from 2022 that cement Specright’s position as the trusted provider in the packaging and product specification management category include:
- Patent secured: With technology patents today having to meet a higher standard to prove uniqueness, securing a patent for its platform and Specright Network, which enables brands, suppliers, retailers, and manufacturers to share live, digital specifications with one another, is a significant achievement for validating Specright’s approach.
- Expanded partnership ecosystem: New notable partnerships in 2022 include an integration with SAP after participating in the SAP.iO accelerator program and with Trayak and Lorax EPI to streamline sustainability reporting, Life Cycle Assessment calculations, and Extended Producer Responsibility compliance.
- Investment in industry education: Specright introduced the Specification Management Summit, the first industry event, and launched the Spec Management Foundations Course that has already helped more than 500 people become Specification Management certified.
Specright has amassed hundreds of customer fans globally who use the platform to accelerate the entire product development life cycle, from ideation to production:
“Specright is a huge time and sanity saver. We now have one version of the truth that is far more reliable than the old way of doing things. It outperformed all the other systems we considered because it provided complete transparency down to the individual component level,” said Andrew Kessler, Corporate Director, Supplier Compliance at Taylor Farms, the world's largest processor of fresh-cut vegetables.
“In today’s world, supply chain professionals need specification data at their fingertips to navigate disruptions, find ways to reduce costs during economic downturns, and report on sustainability goals – all at the same time,” said Bridget Grewal, Packaging Continuous Improvement Director at Magna International, a Canadian parts manufacturer for automakers and one of the largest companies in Canada. “By digitizing and centralizing packaging specifications, we’ll have the visibility and searchability we need to optimize packaging to save money, reduce waste, and find more sustainable packaging solutions for our customers.”
To learn more, join Specright in Nashville in January 2023 at its Specification Management Summit. Registration is free and open now.
Attributions and disclaimers:
Gartner, Market Guide for Packaging and Product Specification Management, 22 September 2022, John Blake, Marc Halpern
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Specright is the first cloud-based platform for Specification Management. Whether it's packaging, raw materials, formulas, products, or machines, Specright helps companies manage data to increase speed to market, reduce costs, and better collaborate with suppliers and partners across their supply chain. For more information, visit: https://specright.com/
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