You know how quickly your business environment changes, and you certainly know how each month seems to bring news of yet another requirement for how you share and manage product data, from your trading partners or from Government regulations.
What isn’t so clear is how to meet these increasing demands, without the associated costs also heading skywards.
The food and beverage industry has seen data requirements escalating year on year, including County of Original Labelling (CoOL) and labelling for allergens and specific nutrients – while in the health industry, there is mounting public and regulatory pressure for more efficient and precise data management. In the retail industry, out-of-stock events and counterfeiting represent a multi-billion dollar problem requiring constant vigilance and better tools to track and trace data throughout the supply chain.
Master data is the broad range of critical business information that provides a foundation for the transactional and analytical operations of a business.
Keeping this data up to date, error-free and comprehensive is essential to operational efficiency. Ensuring it is managed in accordance with industry standards and national regulations is critical for compliance. And having it ready to share with your trading partners – or to be published to multiple output media such as web sites, print catalogues and ERP systems – is vital for profitability.
Master Data Management enables organisations to:
- integrate data from disparate sources into a single, secure and fully searchable system
- streamline GDSN and NPC publishing and management of product data with distributors and customers
- eliminate fragmented and inconsistent product data due to business unit and product line segmentation, multiple sources and formats
- ensure consistency, reduce data complexity, speed up time-to-market, create supply chain efficiencies, maximise sales opportunities and drive down the cost of compliance.
That’s a comprehensive list. Luckily, it’s all covered within one solution. Bizcaps’ PIM ticks all these Master Data Management boxes, and supports your business’s commitment to operational transparency and drive for continual improvement. This ensures that all your data complies fully with integrity specifications and industry data quality requirements, and is validated in real time according to business rules and industry standards rules.
With further requirements for data transparency and accessibility on the horizon, it’s essential to be ready to meet the challenges of mastering data management head on.