NEMA Board Vice Chairman Timothy Powers, chairman, president, and chief executive officer of Hubbell Incorporated
, recently highlighted significant accomplishments by the Industry Data Exchange Association (IDEA) as it brings the industry closer to a fully integrated data exchange for manufacturers and distributors. Speaking to electroindustry leaders at the NEMA Annual Meeting in Chicago this November, Powers said that IDEA has reached its strongest financial position in the past three years.
Several factors are contributing to this success, said Powers. IDX2, IDEA’s new internet-based document exchange that enables customers to exchange business documents securely and error free with their trading partners worldwide, has more than 220 customers, and its traffic volume is rising 11 percent per month. He said that IDEA’s Industry Retail Database, a central repository of retail product and pricing data for manufacturers that sell directly to retail hardware and consumer packaged goods chains, is based on a profitable business model. He said that many NEMA member companies now participate in the program and are gaining efficiencies that will ultimately give them a competitive edge.
Powers urged member companies to participate in IDEA programs to take advantage of lower operating costs for manufacturers and distributors, and to realize a reduction in errors and improved customer service. He also praised the Data Audit Certification program, which helps companies ensure that data submitted to the Industry Data Warehouse meets business specifications. He said he expects 100 percent participation in this program by the end of 2004.
To view Powers’ slide presentation, click here ( 541k).