CIMdata PLM Industry Summary Online Archive
18 October 2004
Product News
Prescient Powers New Product Introductions, Promotions and Lifecycle Management for Consumer Products Industry
Prescient, a provider of retailer-centric software and services for consumer products companies, announced the launch of Product Profiling.
Now available in Prescient 6, Product Profiling is a specialized demand analysis software tool that facilitates new product introductions, promotion analysis and product lifecycle management. Prescient 6 is the latest version of Prescient's supply chain planning suite, providing increased integration and functionality that supports retailer-centric collaboration between consumer products suppliers and their retailer partners.
Between 35 and 50 percent of a product's potential for revenue generation occurs in the first two years following its introduction. Because new products account for such a significant percentage of revenue, it is critical for organizations to manage the profitability of these products throughout their entire lifecycle. Product Profiling is designed specifically for consumer products companies looking to drive demand for their products while increasing their profitability.
Churchill China, a United Kingdom-based manufacturer of ceramic tableware, serves both the restaurant and household tableware markets. A greater eye toward fashion and lower costs has created a shorter lifespan for household tableware, averaging one to two years. The company implemented Prescient's demand planning solutions more than a year ago, and turned to the company once again to help with the new product introduction process.
"New product introductions account for 45 percent of our annual revenue, so we can't afford to miss on our forecasts," said Alistair Henderson, network manager, Churchill China. "With close to 3,000 SKUs being introduced each year, we knew we needed sophisticated planning and forecasting capabilities. Prescient's Product Profiling enables us to forecast the demand for, and profitability of, new product launches."
Churchill China enlisted Product Profiling to predict the profitability of new products in the household tableware category throughout their lifecycles. The solution's functionality ensures that the products ultimately designed and delivered to market accurately reflect current purchasing trends.
In addition to facilitating new product introduction, Product Profiling provides insight into how other events, like the discontinuation of a particular product or a two-for-one promotional deal, will impact demand forecasts and revenue streams. Users can determine the profitability of these events in advance through an analysis of past demand patterns and pricing of similar products. They can also plan inventory pipeline-fill requirements because of increased visibility into consumer demand.
"The success of new product introductions and efficient and profitable promotions management differentiate the best consumer products companies," said Jane Hoffer, president and CEO of Prescient. "Product Profiling enables them to take advantage of their product innovations and introductions and deliver new goods to market more quickly and more in tune with consumer demand. This product is another example of Prescient's unparalleled commitment to delivering the right technology solutions to consumer goods makers to solve their most pressing business challenges."
Product Profiling is available today as part of the Prescient 6 suite. For more information visit Prescient at http://www.prescientsystems.com .
Prescient's supply chain software and services incorporate greater visibility into real-time demand and point-of-sale information, delivering more accurate demand, replenishment and production plans to ensure higher service levels without the financial burden of excess inventory. Household brand names like The Dial Corporation, Domino's Pizza, Binney & Smith (Crayola Brand), AAi.FosterGrant and Wyeth Consumer Healthcare rely on Prescient.
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