For retailers bringing new products to market, there is a tendency to put less emphasis on product data. Comarch explains why it should be among your top priorities.
Once a product is ready to be brought to market, retailers need to provide distributors with accurate product data. This includes information regarding the product’s weight, size, category, packaging, composition and other properties – basically, everything which makes that item what it is.
But keeping such detailed product information up to date is easier said than done. This is because of all the different ways of performing data exchange, the wide range of possible product attributes, and a variety of data management systems that, more often than not, aren’t interoperable.
“Using incorrect product information can increase labour costs by up to 25%”
Retailers that fail to provide partners and suppliers with high-quality product data on time are taking a huge risk – one that could lead to major financial setbacks.
Material published by GS1, a non-profit organisation responsible for developing and overseeing global standards for business communication, reveals that using incorrect product information can increase labour costs by up to 25%.
GS1 also found that inventory inaccuracy can result in an approximate 9% loss in sales.
For retailers that aren’t investing in product information management systems, the list of “could go wrongs” can have severe repercussions for business performance.
So, what does it take to synchronise your product data effectively?
Some retailers may consider this situation an impasse but, fortunately, the number of IT systems and services which retailers can use to improve data efficiency is snowballing.
Helping you identify data challenges and find the right solutions, the new modern Master Data Management (MDM) and Electronic Data Interchange (EDI) platforms, as well as the GDSN (Global Data Synchronisation Network) developed by GS1, have turned out to be the most practical and successful at getting the job done.
Implementing an MDM or an EDI system within your business is far from difficult, but the difficulty comes with leveraging these platforms to their full potential.
Maximising the data available
For instance, retailers may need to redefine their business strategy first and then follow best practices to turn their efforts into successful product data management projects.
Appointing the right staff, who can manage all product data operations, is essential. And finding a way to convince partners to use the same type of technology you use is just as significant. Then there’s the matter of onboarding – how are you going to connect your partners?
These are a few of the challenges that retailers need to address to gain a competitive advantage. Fortunately, there are global technology providers that can offer advanced IT tools and the right support to help you.
Allowing you to outsource your product data management operations and automate your business processes, some of these companies act as more than just providers – they are more like business partners.
Therefore, for any retailer looking to synchronise their product data, it all comes down to one crucial factor – finding the right technological partner.
Want to find out more about improving your product data management?
The material covers the latest technological advancements and market predictions concerning IT solutions for sharing product information across the entire distribution network.