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