‘Good quality’ data implies complete, consistent, accurate master, time-stamped and industry based data. By improving the quality of data, trading partners reduce costs, improve productivity and accelerate speed to market. It is foundational to collaborative commerce and global data synchronisation.
GS1, along with AIM, CIES, ECR Europe, FMI, GCI and GMA has developed a comprehensive best practice guide for the improvement of data quality called the Data Quality Framework.
Master data management
Master data management is a set of processes that defines and manages the database of traded SKUs of an organisation. The ability to maintain high quality data is not only vital to reducing errors but fundamental to increasing efficiency, reducing costs and positively impacting customer satisfaction.
Effective management of product master data through a single, trusted, accurate, fully updated and complete product item master assess demand and efficiently move products along the Supply Chain.
GS1 Standards in master data management
Accurate product data is foundational to collaborative commerce and global data synchronisation. This information typically includes:
- Dimensional information such as height, width, length and depth;
- Weight information such as gross and net weight
- The GS1 standard used for identification of individual SKUs is the unique global identifier the Global Trade Item Number (GTIN).
Benefits of master data management
The GS1 India Data Crunch report reveals that the Indian Retail and CPG industry can save INR 40 to 50 billion in just 5 years by addressing the issue of poor data quality. An efficient Supply Chain relies on good quality data so having the tools to maintain high quality data is essential. It is estimated that 70% of all catalogue product information is incorrect. This leads to lost sales and additional cost. Over the next five years, the number of product attributes required to launch new products is expected to increase by threefold by 2014 to over 250 attributes. With master data management, companies can easily manage the huge increase in demand for retail product information and improve the consumer experience.Typical benefits include:
- Introduce new products to market faster
- Understand the customer better for sales purposes
- Have product origin and environmental data to hand
- Support sales with extensive nutritional and ingredient data
- Quickly reconcile invoices and payments
- Prevent returns and delays
- Deliver a better service with enhanced product training and information
- Influence sales with more marketing information and cross-selling opportunities
- Reduce returns
- Prevent running out of stock of a product
- Have accurate shelf labelling
- Achieve 100% scans at the checkout
- Produce accurate receipts
The GS1 standards based product introduction solution helps trading partners in the value chain manage the product listing process as well as product data (including core Global Data Synchronisation Network, supplier proprietary and retailer specific data) in a customizable and workflow-based solution. This, in turn, reduces the time required to introduce a new product to market.