TUSTIN, Calif., [OCT. 3, 2024] – Specright, the leader in Specification Management software, today announced it has been cited as a Representative Vendor in the 2024 Gartner® Market Guide for Packaging and Product Specification Management. We believe this acknowledgment underscores Specright's commitment to revolutionizing how brands manage their specifications to create profitable and sustainable products and packaging.
“As global legislation evolves and sustainability becomes paramount, Specright remains committed to empowering organizations with cutting-edge, yet easy to use technology that streamlines operations while fostering innovation,” said Matthew Wright, Specright Founder and CEO. “With almost three million products on our platform globally, it’s incredibly rewarding to see the growth and adoption of the Specification Management software category.”
The 2024 Gartner® Market Guide highlights significant trends and challenges within the packaging and product specification management space, including:
- Regulatory Requirements and Legislation: “Regulatory requirements, legislation and costs of goods are exposing gaps and weaknesses in product and packaging specification data processes and practices.”
- Sustainability Legislation: “Growth in global sustainability legislation for manufacturers is exposing gaps in specification data management solutions, spec quality, completeness and accuracy that is forcing supply chain technology leaders and CIOs to seek solutions to meet compliance requirements.”
- Outdated Processes: “Organizations regardless of region, industry or size suffer from outdated or manual processes to manage specification data, resulting in growing strains on resources, cost overruns and risks of noncompliance.”
- Underfunded Specification Data Tools: “Spec data tools and applications have suffered from being deprioritized and underfunded, with a general lack of awareness of the new capabilities in this space. This has led to an overreliance on legacy tools, spreadsheets, manual processes and suppliers to maintain data.”
- Machine Learning (ML) & AI Utilization: “Inefficiencies in specification data quality and the lack of structured data management solutions impede organizations’ ability to utilize machine learning (ML) and AI to drive meaningful insights related to product development, optimization and forecasting regulatory impact on existing and future product portfolios.”
As per our understanding, this research showcases the risk of inaction. Companies must now act to upgrade outdated systems and improve processes. Supply chain complexities are only growing, and the need for accurate and comprehensive specification data is crucial.
With Specright’s patented, purpose-built Specification Data Management (SDM) Platform, companies can not only centralize and digitize their specification data, they can action it for improved efficiency, seamless supplier collaboration, faster product development, accelerated bidding processes, automated quality checks, and more. This innovative approach ensures all stakeholders have access to the latest accurate spec data in one integrated system.
“Mentions like this one from Gartner and other independent analyst firms reinforce the momentum around Specification Management for us,” said Wright. “We’re excited to continue partnering with customers to make amazing, sustainable products now and well into the future.”
In 2023, Specright was also cited as a Representative Vendor in the Gartner® Market Guide for Multienterprise Collaboration Networks for Specright Network, a tool that allows companies to seamlessly share specification data and collaborate across a community of brands, suppliers and retailers.
For more information about Specright’s inclusion in the 2024 Gartner® Market Guide read the full report here or request a demo.
Attributions and disclaimers:
Gartner, Market Guide for Packaging and Product Specification Management, 18 September 2024, John Blake, Marc Halpern
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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About Specright
Specright is the first purpose-built, patented platform for Specification Management. Whether it’s packaging, raw materials, formulas, products, or machines, Specright helps companies digitize, map, and take action across their supply chain to reduce costs, increase profitability, and drive sustainability. Specright serves customers across industries, including packaging, food and beverage, consumer packaged goods, pharmaceutical, retail, industrials, and more. Recognized as a leader in Specification Management, Specright was named one of Fast Company's Most Innovative Companies for 2023, had three executives honored as Supply & Demand Chain Executive Pros to Know in 2023 and won Food Logistics’ 2022 Top Software & Technology Provider award. For more information, visit: www.specright.com.
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