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Accelerating Industry Data

Product data today is rarely accurate, complete or timely. Many surveys suggest that product data accuracy is less than 50%. Some of the causes for this are:

– Internally within some companies, accountability for product data remains diffuse, spread across different organisational silos. This is more true for manufacturers than for retailers.
– A lack of  accurate product identifiers. Decades ago, the industry developed a system of unique product identifiers (GTINs) but many SKUs have fictitious, absent or duplicated GTINs.
– We are hampered by massive investment in legacy systems and processes that inhibit us from moving to new technologies (unlike our start-up competitors)
– We have a centralised approach to data sharing (e.g. GDSN) that tends to inhibit speed of response and innovation

Why it’s Important

The industry’s need for accurate, complete and timely product data increases almost daily:

  • On the digital shelf, a product only exists through data. Without such data, consumers simply cannot buy our products
  • Consumers want us to provide them with more and more information on our products – such as product origins, ingredients and the reasons for them, safety and supply chain sustainability. Without data – on hundreds of different product attributes – consumers will not trust our products
  • Data have more value to us as an industry than ever before. For example, looking for patterns between product attributes, consumers profiles and shopping occasions can give us unique insights into consumer needs.